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IFSC code is a unique code representing the bank and its branch in India. IFSC stands for Indian Financial System Code. It consists of an alphanumeric combination of 11 characters. The English alphabets represent the name of the bank and numbers represent the branch. The 5th character is always 0 and the last six characters represent the branch.
Taking an example, HDFC Bank IFSC code for Delhi MG road branch is HDFC022556. The first four letters denote the bank, followed by the fifth character which is zero and the remaining six characters which denote the exact branch address.
The Reserve Bank of India issues IFSC codes to all banks for several banking purposes especially for transferring funds online and offline. The IFSC code is used to identify banks and their branches that are involved in Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT) or Immediate payment service (IMPS).
Transferring funds from one bank to another using online or offline methods require IFSC code. A person transferring funds will have to add bank details of the receiver including the name of the bank, account number, type of account and IFSC Code.
On entering all the bank details, IFSC code is verified and the sender can send transfer funds to the receiver. HDFC Bank IFSC code can be found either online or offline. The HDFC Bank IFSC code is printed on cheques issued by HDFC Bank and the account holders passbook. One can also contact HDFC customer care to enquire about particular branch IFSC codes.
The following Information is required for Transferring Funds Using Any Mode of Payment
The Housing Development Finance Corporation Limited (HDFC) was incorporated in August 1994 and was amongst the first few banks to receive Reserve Bank of India (RBI) approval to set up a bank in the private sector. This was part of RBI’s liberalisation strategies of the Indian Banking Industry in 1994.
HDFC Bank had its registered office in Mumbai and commenced operations as a Scheduled Commercial Bank in January 1995. Since its establishment, HDFC has developed considerable expertise in retail mortgage loans catering to various market segments and it also has a large corporate client base for its housing-related credit operations. HDFC Bank’s business philosophy is based on five core values:
The following are HDFC rates:
People can open various types of bank accounts with HDFC for business and personal purposes to transact, save and earn interest on deposits and be secured financially. To be eligible to open an account with HDFC Bank, customers need to meet the eligibility as mentioned below.
The following documents are required for account opening:
Steps to open a savings account with HDFC To open an account at any HDFC Bank branch, customers will have to follow the steps mentioned below.
The starter kit consists of
Be cautious and ensure that the welcome kit is completely sealed and not tampered with on receiving. The Government of India has made it mandatory for all savings account holders to nominate a beneficiary; preferably a blood relations who can operate the account on their behalf, in an untoward scenario. This process of nominating a beneficiary takes place at the time of filling in the application form for account opening, applicants will be required to choose a nominee/beneficiary and if in case the nominee is a minor, he/she will be allowed to operate the account only once they turn 18 years old. In the situation of the untimely death of the account holder, the nominee can operate the account on behalf of the customer.
In case of any assistance, grievance, or information pertaining to HDFC Bank and in particular relating to the opening of a savings bank account, customers can contact the helpline at – 1800 22 1006
The below picture portrays the structural hierarchy of HDFC Bank
|SBI||HDFC||Axis Bank||Indian Bank||Bank of Baroda|
|Canara Bank||Andhra Bank||PNB||Allahabad Bank||Union Bank|
|IDBI Bank||United Bank of India||Citibank||Dena Bank||Vijaya Bank|