To identify the bank and its specific branch that is a part of an inter bank money transfer, the IFSC code was introduced by the Reserve Bank of India. This eleven digit code is different for each branch, even if the branches are of the same bank. Though the IFSC code is extensively used in electronic fund transfers, it is right for a customer of a bank to know the IFSC code assigned to his particular branch. This will aid in fund transfers apart from helping you manage your account.
Be it an RBL Bank IFSC code or any other IFSC code; it is used for Real Time Gross Settlement (RTGS) transfer. This method of electronic transfer helps a person transfer a large amount of money from one bank to another. There is no maximum limit on fund transfer. With an IFSC code of any branch like RBL Bank Chennai IFSC code, a real-time and a gross basis transfer can be initiated. The customer who remits the funds can get an acknowledgment from the RBI when the funds are transferred. With an RTGS transfer, all the transactions are settled on a real-time basis, and a possible credit risk can be eliminated. However, if you want to know the code without creating an account, you can do so via the internet. There is an official website of IFSC code where you can know all about this code.