If you are someone who knows how online banking works, then you know that you need the IFSC code for making the transaction done. Every bank and a branch has their own IFSC code and without using that, you can not make any transaction online.
And if you enter the wrong IFSC code, the money will go to someone’s else account and this transaction can not be undone.
On this, the CEO of BankBaazar.com, Aadhil Shetty said-
“If the incorrect IFSC code refers to a wrong branch of the same bank, then the fund transfer could still be possible. This is because the next reference point is the account number and the name of the account holder. The account number maps back to the branch and enables a transfer if the name of the account holder matches,”
“If the bank has an account with the account number in the branch identified by IFSC, then the transfer will go through. If there is no such account number, then the transaction will be returned,” said Shetty.
The chances of two banks having the same account number are rare but not impossible.
“Account numbers are a combination of numbers, therefore it is possible that two banks have the same account number,
Hence, it is recommended to check the IFSC code once before you make the transaction online as the money will not return to you and you can lose a lot of money by making a wrong transaction even though if the bank account number, bank account holder’s name and other details are accurate.