What Happens If IFSC Code is Wrong?

If you want to transfer money online through your bank account, then you have to make sure that you provide the correct account number as well as the correct IFSC. Have you ever wondered what is IFSC code and what happens if IFSC code is wrong but correct account number? Read below to know the answer: Pay Your Rent using Credit Card SAFELY through NoBroker! Pay Your Electricity, Water, or Gas Bills through NoBroker Timely and Hassle-free! What is IFSC Code IFSC (Indian Financial System Code) is an 11-digit alpha-numeric code assigned by the RBI to bank branches. Each branch of every bank registered and operating in India has its own unique IFSC code. What Happens If I Put Wrong IFSC Code If you choose IFSC of a different branch: Let’s say you need to transfer funds to the Uttam Nagar branch of SBI but you chose the IFSC code of the Noida branch. In such cases, the money transfer will most likely happen, given other info you provide is correct. You should know that all banks may not match the beneficiary name before they make the fund transfer, so the transaction will go through if the A/C number matches. If you choose IFSC of a different bank: Let’s say you have to transfer money to an SBI Bank account but you selected the IFSC of ICICI. In such cases, whether or not the fund transfer happens will depend on whether ICICI has an account with a matching account number. If the bank has an account with the A/c no. in the branch identified by IFSC, then the transfer will take place. If there isn’t such an A/c number, then the transaction will be returned. Transferring funds online is convenient but you should be careful because it’s generally hard to reverse the transaction or get the money back once the money is credited into the wrong bank account. You’ll need to reach out to your bank to see if anything can be done. Now you know what if IFSC code is wrong. Read more: What is ISFC code? What are the Charges for NEFT? What is the Difference Between NEFT and RTGS? Now you know what happens if IFSC code is wrong but correct account number.

The IFSC code, or Indian Financial System Code, is a unique alphanumeric code used to identify individual bank branches participating in the electronic funds transfer system in India. While transferring money, you will need to provide this code, but have you wondered what happens when you transfer money with wrong IFSC code? I didn't until I made a mistake. Your money can get transferred to the wrong bank or get cancelled. Let me tell you what if I enter wrong IFSC code.

What happens if account number is correct but IFSC code is wrong?

If an account number is correct but IFSC code is wrong, this is what can happen:

Non-Existent IFSC Code:

 

If the provided IFSC code corresponds to a non-existent bank branch or is incorrect, the transaction is likely to fail. The funds won't be transferred, and your bank will notify you about the failed transaction.

Different Bank Branch: 

If the wrong IFSC code corresponds to a different branch of the same bank, the transaction might still go through. However, the funds will be deposited into the account associated with that branch. The account holder may not be the intended recipient, and retrieving the funds can be challenging.

So it is important to verify all the details and then finalise the transaction. 

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Read More:

How To Check IFSC Code In SBI YONO App? Is SWIFT code and IFSC code same? Does IFSC code change after account transfer ? Is branch code and IFSC code same ?

When transferring money online through your bank account, you must enter the correct account number and Indian Financial System Code (IFSC) because if

IFSC

code wrong during payment it may cause quite some hassle for you. I have faced a situation like that and it is not pleasant at all. So, you must be careful. However, if unfortunately, this happens and you don’t know what happens if

IFSC

code is wrong and account number is correct, I will help you out.

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What will happen if IFSC code is wrong?

The IFSC code is unique to each bank branch. An 11-digit alphanumeric unique code called IFSC is used to identify each Indian bank branch. The bank is typically represented by the first four characters of the code, the fifth is typically a "0," and the last six digits are the branch code.

But what if I send money to wrong IFSC code?

The majority of banks require customers to select the name of the bank and the name of the branch from a drop-down menu in order to obtain the IFSC code; however, banks also provide the option to write the IFSC code, which reduces the likelihood of making a mistake.

I will tell you what happens if

IFSC

code is wrong in NEFT. The initial four digits of the IFSC address the bank followed by the digit zero. The last six digits address the branch. To proceed with NEFT, IMPS, and RTGS online fund transfers, you must have a valid IFSC code. The IFSC must also be filled out with caution at all times. 

If you are wondering will money get transferred if

IFSC

code is wrong in the event that an incorrect IFSC code is entered, then I should tell you that there are two outcomes:

• If you chose the IFSC of a different branch

If you select the IFSC code for the Bandra branch, the money will most likely be transferred, provided that the other information you enter is correct. You must transfer funds to the SBI branch in Andheri.

• If you chose the IFSC of a different bank

You needed to move cash to an HDFC Ledger however you picked the IFSC of Pivot Bank (the possibilities something like this are low). For this situation, whether the asset move happens will rely upon whether Hub Bank has a record with a matching record number.

It is rare, but not impossible, for two banks to have the same account number.

Once the money is credited to the wrong bank account, it is typically very difficult to get the money back or reverse the transaction. Online money transfers are simple and convenient, but you need to be careful not to make any mistakes and make sure the money you send goes to the right bank and branch.

I hope this helps you understand what happens if

IFSC

code wrong during payment.

Pay Your Rent using Credit Card SAFELY through NoBroker! Read More: Does IFSC Code Change After Account Transfer? How to Check IFSC Code in SBI Yono App?  Is SWIFT Code and IFSC Code Same: Explanation?