What is IFSC Code?
The Indian Financial System Code (IFSC) is a distinctive alphanumeric code comprising 11 characters each of which is both digit and letter. This IFSC is used to identify all the banks in India’s electronic payment ecosystem and digital banking system. The RBI allocates this code to all the bank branches that work with payment gateways including:-
- RTGS (Real-Time Gross Settlement)
- NEFT (National Electronic Funds Transfer)
- IMPS (Immediate Payment Service)
- CFMS (Centralised Funds Management System)
- The IFSC code has a total of 11 characters, and each section has its own importance:
- Structure of the IFSC code:-
- First 4 characters: Represent the bank name (e.g., SBIN for State Bank of India)
- 5th character: Always a ‘0’ (zero) – reserved for future use
- Last 6 characters: Identify the specific branch of the bank
- For example, in the IFSC code SBIN0000123
- SBIN = State Bank of India
- 0 = Reserved character
- 000123 = Branch code
Why is IFSC Code Important?
The IFSC code assists in:-
- The prompt and secure electronic funds transfer
- The correct routing of payments between the different banks.
- The transactions through NEFT, RTGS, IMPS, and CFMS are smooth and easy.
In India, with the use of a valid IFSC code, online money transfers are not feasible.
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IFSC code finder
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