Sage-Tips

Is account holder name necessary?

While it is compulsory to mention the name of the beneficiary and the IFSC code, the reliance for transferring money is only on the account number. So, if you accidentally put one digit wrong and it doesn’t correspond to the account holder’s name, the transaction can still go through and the money can be transferred.

When paying someone does the account name matter?

The account name is not used to transfer the payment. It is important to check (and double check) the account number when entering it in your internet banking system for the first time. If you are making a big payment, we recommend you transfer a small amount first and check that the payment has been received.

What happens if IFSC code is wrong and account number is correct?

“If the incorrect IFSC code refers to a wrong branch of the same bank, then the fund transfer could still be possible. Remember, all banks may not match the beneficiary name before making the fund transfer, so if the account number matches, the transaction will go through.

What happens if I transfer money to the wrong account name?

If you have made the wrong transaction then immediately inform the bank and its concerned manager. The bank may approach the recipient on your behalf in case the transfer is intra-bank. It may request for a reversal of transaction. If the beneficiary agrees, the transaction will be reversed back within 7 working days.

Is account name and payee name same?

It is the name of the bank account; this may not be the same as the payee name and is never the account type. If unsure check a bank statement or ask your bank.

Is beneficiary name important in Neft?

In terms of the extant Procedural Guidelines for RTGS / NEFT / NECS / ECS Credit, however, banks are generally expected to match the name and account number information of the beneficiary before affording credit to the account.

Can I find the IFSC code with the account number?

Yes, you can find the IFSC code with the account number. IFSC codes are allocated to bank branches and not to personal or other accounts. If you know the name of the bank and it is the code of the branch then you can find its IFSC code. If your account number has a branch code, it is often in the initial 5 figures of the account number.

Why do banks match beneficiary’s name to account number?

Some banks match the beneficiary’s name as a precautionary measure to ensure fund transfer happens to the correct account, but it’s not mandatory for banks to do so, according to Reserve Bank of India (RBI)’s regulations. Here is what happens if you enter wrong IFSC code. What is IFSC code?

Does the bank check the name of the a/C Holder?

The Name is not checked. And above case if when you are paying from X bank to Y bank. Like Axis bank to HDFC bank. But, when you are doing Internal Fund Transfer, like, paying someone who has a Axis bank account & yours too is the same, at the time of adding the A/c Number it will show you the correct name of the A/c Holder.

What is the IFSC Code of ICICI Bank?

First 4 characters of your account number denote branch of the bank. (0041) As last 6 characters of the IFSC code refer to branch of the bank so they will be (000041) Hence IFSC code of your bank will be ICIC0000041