What is Indian Financial System Code (IFSC)?
by Admin
Posted on Jul 20, 2020
IFSC stands for Indian Financial System Code. It’s a unique eleven-digit alphanumeric code which is consist of alphabets and numbers. A code uniquely identifies each bank branch participating in the various online money transfer options
1. Real Time Gross Settlement (RTGS) - It is a real-time fund transfer method in which transaction is not subject to any waiting period.
2. National Electronic Fund Transfer (NEFT) - It is an electric fund transfer method by which customers can transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. Unlike real-time gross settlement fund transfers through the NEFT method do not occur in a real-time basis. It settles in hourly batches.
3. Immediate Payment Service (IMPS) - It is mostly used payment method where payment is processed inter-back. It offers an inter-bank electronic fund transfer service through mobile phones.
The IFSC code assigns by the Reserve bank of India (RBI) to each branch that participates in online money transfer. The IFSC code does not change often but recently RBI updated IFSC code of most the branches after the merger of few banks.
IFSC Format
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Bank Code | 0 | Branch Code | ||||||||
First 4 Digits represent the bank name like SBIN For STATE BANK OF INDIA, UCBA for UCO BANK, BKDN for DENA BANK.
The fifth digit is left as 0 (ZERO) for further use.
Last 6 Digits represent the specific branch of that particular branch, it should be mentioned that two branches of a different bank can have the same branch code (obviously last 6 digits).
Where can I search for IFSC Code?
You can search for the IFSC Code of a bank in multiple ways:
- You can search for the IFSC code on the cheque and passbook provided by the bank
- By visiting website of the respective bank
- Search for IFSC code at RBI’s website
- Find IFSC code easily at http://bankifsccodeinfo.com/ website. Select Bank, State, District and then branch.