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http://prashantnepayments.blogspot.com/2009/08/use-of-rtgsneftnecsecs-for-credit-
to.html
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For more details of the meaning of IFSC’s and a brief history of IFSC’s in our
country, o visit
http://prashantnepayments.blogspot.com/2009/01/tips-for-instant-rtgs-credit.html
IFSC Code can be compared to the Pincode of Indian Posts. Mentioning the correct
Pincode will enable the letter to reach the correct destination faster. Mentioning
the correct IFSC Code in a NEFT Transaction will enable the NEFT Transaction to be
credited correctly and faster.
In a Core Banking Scenario, wherein all the Bank Branch Accounts are centralized,
ideally the IFSC Code is irrelevant. However, Banks advise the correct IFS Code to
be mentioned in the transaction, for easy resolution of disputes, if any.
At present, the IFSC Codes are printed on the below left corner of the beneficiary
cheque.
However, cheque books are not readily available for immediate reference.
As the excel data is Bank-wise, the download size is also low. The above data is
very useful, for executing NEFT Transactions.
Mention the Correct IFS Code and Account Number for immediate ePayment Credits