Doing online transactions? Know what will happen to money if IFSC code is wrong

The IFSC code is used in online banking systems such as NEFT, IMPS, and RTGS.

New Delhi: The popularity of online banking has risen in recent years. People transfer money from one account to another using the internet. This will necessitate the use of an IFSC code. Have you ever wondered what would happen if you entered the wrong IFSC code when making an online money transfer? Let's find out.

What is IFSC Code?

Indian Financial System Code is the complete version of the IFSC Code. RBI has assigned this 11-digit alpha-numeric code (Reserve Bank of India). Every bank's branch is assigned its own IFSC code, hence each branch has its own IFSC Code.