How to Verify Bank IFSC & Account Details Before Making a Wire Transfer
Avoid costly transfer errors: follow our 5-step verification checklist before submitting NEFT or RTGS payments.
Sending money to an incorrect bank account or using an invalid IFSC code can cause delayed refunds or misdirected funds. Here is how you can protect yourself:
1. Match the 5th character: Ensure the 5th character is numeral "0" (zero) and not the alphabetic letter "O". This is the most common typing error.
2. Cross-verify with Cheque Leaf or Passbook: Look at the top-left or top-center of a cancelled cheque or bank passbook where the branch IFSC is officially printed.
3. Confirm Merger Updates: If the recipient bank recently merged (such as OBC into PNB, or Syndicate Bank into Canara Bank), ensure you are using the new IFSC code assigned to the branch.
4. Perform a ₹1 Test Transfer: For significant financial transactions, always execute a small trial payment of ₹1 to verify beneficiary receipt before transferring the remaining sum.