What will happen to your money if IFSC code is wrong in an online transaction?
Along with UPI, net banking or online banking is one of the most popular and fastest methods of transferring money. People can use these facilities to send or receive money over the internet via a bank’s website or mobile app.
However, online bank transfers to send money from one account to another requires the sender to input specific important details. Among these details is the Bank IFSC code. But what happens if a person inputs the wrong ISFC code while sending money through one of these methods online?
Wrong IFSC during online money transfer
IFSC stands for Indian Financial System Code. It is a 11-digit alpha-numeric code assigned to bank branches by the Reserve Bank of India (RBI). All branches of every bank registered and operating in India have their own unique IFSC codes.
The first four digits of the IFSC represent the bank followed by the digit zero. The last six digits represent the branch. A valid IFSC code is mandatory to proceed to transferring funds online via NEFT, IMPS and RTGS. At the same time, it is essential to be careful when filling in the IFSC.
A wrong IFSC during an online transfer is a cause of concern. In you fill in the IFSC number of a different branch of a bank, your money will still be debited. In cases of wrong IFSC, the transaction is generally cancelled due to the mismatch in details. However, the online transaction will proceed if any other client of the bank branch with the incorrectly input IFSC has the same account number.
This could make your money go into some other person’s account even if those details are correct and only a letter in the IFSC has changed as the account number is what the banks primarily look at. However, this is less likely.