What is IFSC Code : Explained
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What is IFSC Code : Explained
Indian Financial System Code (IFSC)
The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the two main Payment and settlement systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Fund Transfer (NEFT) systems.
The IFSC is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use.
For ex: SBIN0000602
First 4 character SBIN– refers to State Bank of India, fifth character is zero and last six characters (000602) represents the SBI Park Street Branch, Kolkata.
