Yesterday I got an email from one abhisays reader. He was looking looking for IFSC codes for various Indian Banks & Branches. He needed the IFSC code for adding his bank account in his paypal account so that he could transfer money from paypal to his bank account. So do you know what is IFSC code? Let me tell you. Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch.
The MICR code has 9 digits to identify the bank-branch. I have read somewhere that people saying to change only the last 3 digit of the common IFSC codes prefix with their own branch codes etc. But this is not always true. So in my opinion, it is better for users who want to withdraw their PayPal fund to the listed Indian banks, download the whole database of all Indian branches which have NEFT (National Electronic Fund Transfer) facility. This file is available on RBI official website so you can always trust this data. You have any other query regarding IFSC codes then contact your branch or write to me.