Saturday, August 3, 2013

What is IFSC (Indian Financial System Code)

What is IFSC (Indian Financial System Code)? Full form, Meaning and Details about IFSC 
The Indian Financial System Code (IFSC) is an alphanumeric code that uniquely identifies a bank-branch participating in the two main popular electronic funds settlement systems in India: the real time gross settlement (RTGS) and the national electronic funds transfer (NEFT) systems.
This is an 11-character code with the first 4 alphabetic characters representing the bank, and the last 6 characters (usually numeric, but can be alphabetic) representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT & RTGS systems to route the messages to the destination banks / branches

Bank-wise list of IFSCs is available with all the bank-branches participating in inter bank electronic funds transfer. All the banks have also been advised to print the IFSC of the branch on cheques issued by branches to their customers. For net banking customers many banks have enabled online search / pop-up of the IFSC CODE of the destination bank branch.


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