Indian Financial System Code (IFSC or IFSC Code) is an alphanumeric code that facilitates the transfer of electronic funds in India. The unique code identifies each branch of the participating bank in two major payments and settlement systems in India: Real Time Settlement (RTGS) and National Electronic Funds Transfer system (NEFT).
Video Indian Financial System Code
Format
IFSC is an 11-character code with the first four alphabetical characters representing the bank name, and the last six characters (usually numerical, but alphabetic) represent branches. The fifth character is 0 (zero) and is reserved for future use. IFS Bank Code used by NEFT & amp; RTGS system to route messages to destination/branch banks. The IFS Code format is shown below.
Maps Indian Financial System Code
IFS Code List
Bank-wise list of IFS Code is available with all branches of banks participating in interbank electronic funds transfer. List of branch banks participating in NEFT/RTGS and their IFS Code are available on the Reserve Bank of India website. All banks have also been suggested to print branch IFS codes on checks issued by the branch to their customers.
References
Source of the article : Wikipedia
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