With the advent of technology in financial services, transferring funds online from one account to another has become very common, making transactions easier to carry out, record and verify. Most of all, they require lesser time compared to conventional methods.

However, such transactions are also exposed to certain risks which cheque based transactions for instance, are not exposed to. These include hacking, password theft and other online fraud.

With the emergence of e-currency Bitcoin, it becomes easier for online thieves and robbers to attack an average user. The recent attack on multiple business systems by a ransomware named WannaCry is testimony to this fact. To prevent and reduce such instances, security mechanisms are put in place.

These make the best use of the technology available and integrate it with the banking platform in order to provide a safe way to transfer funds online. One such safety feature is the Indian Financial System Code, better known by its acronym, IFSC.

What is the IFS Code?

The IFSC is an alphanumeric code which indicates the name of the bank and code of the branch. Thus, it is unique to each branch of every bank in the country. The first four letters indicate the bank’s name and the last six digits pertain to a particular branch.

The fifth character is 0. A bank branch that participates in online payments vide NEFT (National Electronics Funds Transfer) system or RTGS (Real Time Gross Settlement) or IMPS (Immediate Payment Service) will compulsorily have an IFS Code to facilitate the same.

This code is used only for domestic transactions (i.e. transfers within the borders of the country) whereas the SWIFT code is used for cross-border transactions. Whether the bank involved is a public sector, private sector or a foreign bank is immaterial.

As per industry practices, the IFS Code of all the participating bank branches is available on the website of the regulator, Reserve Bank of India (RBI). Alternatively, the IFSC can also be found on physical cheque books. An easy way to identify the code of a Singapore-origin multinational bank is elaborated below.

How to find the IFSC of United Overseas Bank:

After deciding to transact from this bank’s account, it is important to identify the name of the branch in which the user holds an account. This will usually indicate the locality which can then be used to identify the city.

Step 1: Visit the following website on any browser: bankifsccodes.com

Step 2: In the first box, select the bank name from the drop down list. In this case, it is United Overseas Bank. Since UOB has only one branch in India, there is only one option under the drop down lists of state, district and city. It is important to select these options in each box.

Step 3: Here I am going to find the IFSC Code of United Overseas Bank “Mumbai Branch”. For that I have selected the Bank Name “United Overseas Bank”, State “Maharastra”, District “Mumbai Suburban” and Branch Name as “Mumbai” as mentioned below.

Step 4: The bank name and branch named followed by the IFS Code of United Overseas bank of Mumbai branch will appear on the screen as shown below. Other information such as the MICR code and the complete address will also be available. The user can access and deploy this information according to his/her need.

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