What is an IFSC Code?

IFSC (Indian Financial System Code) is an 11-character alphanumeric code that uniquely identifies a bank branch participating in the NEFT, RTGS, and IMPS electronic funds transfer systems in India.

How do I find my bank's IFSC code?

You can find your bank's IFSC code printed on your cheque leaf or passbook. Alternatively, search on Bankonic by selecting your bank, state, and branch.

Can I apply for a personal loan using my IFSC code?

Yes! Banks use your IFSC code to verify your existing bank account during loan applications. Having an active account with verified IFSC speeds up loan processing.

Is my money safe during online transfers using IFSC?

Yes, NEFT/RTGS/IMPS transfers using IFSC codes are highly secure. All transactions are encrypted and monitored by RBI.

Banking Operations Guide

How to Add Beneficiary in Online Banking

Complete step-by-step guide to add beneficiaries in your bank's online banking portal for secure NEFT, RTGS, and IMPS transfers. Learn the process for major Indian banks.

7 min read

Updated Feb 24, 2026

Information Required to Add Beneficiary

Beneficiary Account Number

Complete 15-16 digit account number of the beneficiary

Beneficiary Name

Exact name as per bank records (match with bank account)

IFSC Code

11-digit IFSC code of beneficiary's bank branch

Your Mobile Number

Registered mobile number for OTP verification

General Process to Add Beneficiary

Login to Online Banking

Access your bank's net banking portal or mobile app using your credentials

Navigate to Beneficiary Section

Look for 'Add Payee', 'Manage Beneficiaries', or similar option under fund transfer

Enter Beneficiary Details

Fill in account number, name, IFSC code, and other required information

Verify with OTP

Enter OTP sent to your registered mobile number for authentication

Cooling Period

Wait for cooling period (usually 30 minutes) before making transfers

Start Transfers

Once activated, you can transfer funds to the beneficiary

Bank-Specific Instructions

State Bank of India

Cooling Period: 30 minutes

Go to Payments & Transfer

Click on Manage Beneficiaries

Add Beneficiary

Verify with OTP

Wait for 30 minutes cooling period

HDFC Bank

Cooling Period: Instant for same bank, 30 minutes for other banks

Go to Funds Transfer

Click on Add Payee

Enter Beneficiary Details

Verify with OTP

Instant activation for within-bank transfers

ICICI Bank

Cooling Period: 30 minutes

Go to Fund Transfer

Click on Manage Beneficiaries

Add New Beneficiary

Set Transfer Limits

Verify with OTP

Axis Bank

Cooling Period: 30 minutes

Go to Payments

Select Add Payee

Enter Account Details

Verify with OTP

Wait 30 minutes

Important Notes & Security Tips

Always verify beneficiary details before adding. Wrong details can lead to failed transactions or money going to wrong accounts.

Double-check account number and IFSC - even a single digit mistake can cause issues.

Never share OTP with anyone. Banks never ask for OTP over phone or email.

Wait for cooling period before making transfers to new beneficiaries for security.

Benefits of Adding Beneficiaries

🌐

Convenience

Transfer money anytime, anywhere without visiting bank branches

⚡

Time Saving

Quick transfers in seconds compared to traditional methods

💰

Cost Effective

Lower transaction charges compared to physical transfers

🕐

24/7 Access

Transfer funds even on holidays and non-banking hours

Related Guides

NEFT vs RTGS vs IMPS vs UPI

Compare different fund transfer methods and choose the best one

What is IFSC Code?

Complete guide to IFSC codes and their importance

Fund Transfer Security Tips

Essential security practices for safe online transfers

Frequently Asked Questions

How long does beneficiary activation take?

Most banks have a 30-minute cooling period for security. Some banks activate instantly for same-bank transfers.

Can I delete a beneficiary?

Yes, you can delete beneficiaries from the 'Manage Beneficiaries' section in your online banking portal.

What if I enter wrong beneficiary details?

If the transfer hasn't been initiated, you can edit the details. If money has been transferred, contact your bank immediately.

Is there any limit on number of beneficiaries?

Most banks allow adding 15-20 beneficiaries. Some banks may allow more based on your account type.

Do I need to pay to add beneficiaries?

No, adding beneficiaries is usually free. Charges apply only for actual fund transfers.

Need to Find IFSC Codes?

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