IFSC: Indian Financial System Code
IFSC stands for Indian Financial System Code. It is an 11 character alphanumeric code used to identify each branch of every bank in India. You can easily indentify a bank and its branch from the given IFSC code. This code is specified on the cheque book and required to transfer money through NEFT or RTGS. To get the IFSC code of any bank, you must have the following information.
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- Bank’s name
- State’s name where the bank is located
- District’s name
- Branch’s name or address
The IFSC Code is assigned by RBI to identify banks and their branches that provide the facility of NEFT, RTGS and IMPS. It allows RBI monitor banking transactions without any hassle and blunders. RBI can oversee and maintain all online financial transactions, namely, NEFT, RTGS and IMPS through IFSC code.
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Format of the IFSC Code
The IFSC code contains 11 characters. The first 4 letters tell about the name of the bank and the last 7 letters specify the branch number. For example:
The IFSC code of SBI Modinagar is SBIN0000738.
Here “SBIN” shows the name of the bank and “0000738” shows the branch number. IFSC Code is used to transfer money from one branch to another branch through RTGS or NEFT, i.e. to facilitate online and electronic transfer of money.