Full form of IFSC
IFSC stands for Indian Financial System Code.
IFSC is 11 digits alphanumeric code which is used to identify the particular branch of every bank in India. The first 4 alphabetic char represents the bank and last 6 char (generally numeric, but can be alphabetic) represents the branch. The person can identify easily the bank and its branch through the IFSC code. The code is specified on the cheque book and it is required for transferring money though RTGS (Real Time Gross Settlement) and NEFT (National Electronic Fund Transfer).
The IFSC code easily identifies and categorized every branch of banks and it involved in two Settlement and Payment systems in India:
- RTGS (Real Time Gross Settlement)
- NEFT (National Electronic Fund Transfer)
What kind of details needed to get IFSC code?
The following types of details is required to obtain the IFSC code of any specific bank,
- Name of branch or address
- Name of bank
- Name of state where bank is located
- Name of the District
Applications of IFSC code
IFSC code helps RBI for examining and checking the transactions without any mistakes.
All the online financial transactions are administered and managed by RBI, specially RTGS, NEFT, IMPS through the code.
To identify and distributes banks and their branches, RBI has given the IFSC code which provides the services like, RTGS, NEFT and IMPS.
IFSC Code Format
The IFSC code has 11 digits.
The first 4 digits specify the name of bank and last 7 digits specifies the branch number.
For example, IFSC code is SBIN0022778, in which “SBIN” specifies the bank name and “0022778” specifies the branch number.
The IFSC code makes possible to transfer money from one branch to the other branch of bank through NEFT or RTGS.
It is also used for online and electronic transfer for money.