I'll probably compile a list of banks supporting common IFSC code. These days, even if we use a wrong branch code (IFSC), some banks settle correctly, though.
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Mr. Bean
RishiKiDev
Separate IFSC was required as a safety measure to prevent transfers to wrong accounts by typing mistakes. Don't know what are they aiming for by bypassing a safety check.
Mr. Bean
Good point @RishiKiDev . As per recent RBI guideline, Slice still fetches the "name of the account holder" before adding the beneficiary. So, there is still some safety in it (with name verification).
Raavan
Even if there's typing mistake in IFSC, the txn will be processed because account number is correct.
Tried this with multiple banks, account number should be correct, enter any IFSC and txn works normally.
Tried this with multiple banks, account number should be correct, enter any IFSC and txn works normally.
Aniket
Why are you being surprised? It's not a new and unique thing practiced by one exclusive bank.
Bro, there are other banks as well, I remember, Kotak, Canara, etc.
Usually, they fetch IFSC of an another branch, especially for renowned banks which are in their list, that usually handles/process (NEFT/RTGS) txns or main branch. These banks shows which IFSC is fetched by default and gives option to modify if we wish whereas NE doesn't because of its limitations or may be because there's name look-up facility reflects after entering A/c No. Itself, which is why, might not felt important to show which IFSC is fetched or doesn't show even after adding. That doesn't mean, while adding beneficiary/ making instant payment without adding beneficiary, bank name is not being asked to be choosen/entered.
@RishiKiDev A/c No. is unique in nature. Two banks can not have a same account number, not possible at all and hence can't be transferred to wrong account, solely because of IFSC of other branch of same bank. Any IFSC will work but intended bank must correct.
Banks are required to put a mechanism for name lookup facility by April 1 without any add. charge, due to RBI direction. This too will gonna help to make negligible wrong transfer even if wrong account number is entered twice.
CC: @Mr. Bean
Bro, there are other banks as well, I remember, Kotak, Canara, etc.
Usually, they fetch IFSC of an another branch, especially for renowned banks which are in their list, that usually handles/process (NEFT/RTGS) txns or main branch. These banks shows which IFSC is fetched by default and gives option to modify if we wish whereas NE doesn't because of its limitations or may be because there's name look-up facility reflects after entering A/c No. Itself, which is why, might not felt important to show which IFSC is fetched or doesn't show even after adding. That doesn't mean, while adding beneficiary/ making instant payment without adding beneficiary, bank name is not being asked to be choosen/entered.
@RishiKiDev A/c No. is unique in nature. Two banks can not have a same account number, not possible at all and hence can't be transferred to wrong account, solely because of IFSC of other branch of same bank. Any IFSC will work but intended bank must correct.
Banks are required to put a mechanism for name lookup facility by April 1 without any add. charge, due to RBI direction. This too will gonna help to make negligible wrong transfer even if wrong account number is entered twice.
CC: @Mr. Bean
RishiKiDev
@Aniket thanks for the detailed info.