What is IFSC Code?
IFSC stands for Indian Financial System Code. It’s an 11-digit code written in an alphanumeric format, and it identifies the branches in the National Electronic Funds Transfer (NEFT) network. The Reserve Bank of India (RBI) uses IFSC for electronic money transfers between banks, as the code can quickly identify where the funds are coming from and where they’re going.
What Is Contained in an IFSC Code?
An IFSC will start with four letters that represent a bank’s name. These letters are followed by six characters that usually number but could also be letters, and they represent the specific branch of the bank. The last character is a 0.
Where Can You Find an IFSC?
Once you know the name of a bank and its branch, you can visit the RBI website and search through its list of banks and codes, or you can simply call the bank and ask for their IFSC. You can also find the IFS Code on your recipient’s bank statement and checks.
Will You Always Need to Use an IFSC Code?
IFSC is used by the RTGS (Real Time Gross Settlement) and NEFT (National Electronic Fund Transfer) systems in order to efficiently transfer funds between bank accounts in India.
Therefore, you’ll need an IFSC whenever you’re transferring money from one bank to another in India and when you’re transferring money from overseas into an account in India.
To send money, you’ll need to provide the recipient’s bank name and account number, along with the IFSC.
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