IFSC stands for Indian Financial System Code. It is a 11-digit alpha-numeric code that uniquely identifies a bank branch participating in any RBI regulated funds transfer system.
The IFSC code helps to transfer money using RTGS(Real Time Gross Settlement), NEFT(National Electronic Funds Transfer) or IMPS(Immediate Payment Services) method.
Format of IFSC :
The first 4 digits of the IFSC represent the bank and last 6 characters represent the branch.
The fifth character is 0 (zero) and reserved for future use.
For Example :
The first 4 characters ‘SBIN’ represent the bank code of SBI, the 5th character is a ‘0’ and the last 6 characters ‘001707’ represent the branch code of Azadpur, Delhi.
Features of IFSC Code:
- Smooth online funds transfer
- Monitoring transactions
- Unique identification
- Eliminating Errors
The IFSC code helps the respective bank with IFSC Code as well as the RBI to track and seamlessly maintain all financial transactions which are carried out using online payment services.
The IFSC code is required to make an online payment to another bank so it can recognize the specific beneficiary's branch where the amount has to be credited.
IFSC helps in the unique identification of all banks and their respective branches enabling customers to avoid any fraudulent activity while facilitating online fund transfer.
The users can also look for the IFSC codes on the official website of the RBI (Reserve Bank of India).
The link is mentioned below to click and check your IFSC code.
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