ixambee

Full Form of IFSC with All Details

Full Form of IFSC With all details

Full Form of IFSC

What is IFSC?

IFSC is the acronym used for Indian Financial System Code. This is an 11-digit alphanumeric code used in the Indian banking system which ensures smooth electronic funds transfer in India. The IFSC is a distinctive code that combines the ‘bank code’ and the ‘branch code’. Thus, we can say that it functions as an identification code for the banks and their respective branches and considering the fact that all the banks these days facilitate the electronic funds transfer and involve the use of ‘payment & settlement systems’, all of them are allotted this ‘IFS Code’ by the Reserve Bank of India. Whenever an online transaction needs to be initiated, it will not be possible without an authentic IFSC of the respective bank branch.

Pattern of IFSC Indian Financial System Code

The IFSC is an 11- digit alphanumeric code, which means that it consists of both ‘numbers’ and ‘alphabets’ which makes it a unique combination. The first four characters represent the bank name followed by a zero (0) and the last six characters which generally are numeric represent the branch of that particular bank.

           Bank Code  0                 Branch Code
 1 2 3 4 5 6 7 8 9 10 11

E.g. An IFS Code for State Bank of India would look something like this: SBIN0005475

How / Where to find IFSC?

Any customer who needs to initiate an online funds transfer, or wants to transfer money to some other bank or to the same bank, he/she will need as IFS Code to make that possible. Where and how can you find an IFSC?

How does an IFSC work?

The IFSC or Indian Financial System Code is a code with a distinct combination which represents the bank and its respective branches. The bank code stays the same whereas the branches can be identified by their unique branch code, which forms the complete IFS Code. That’s how the online system/platform identifies the bank/s from/to which you need to make any online transaction and facilitates the online payment. These payments and transfers are usually done through online payment and settlement systems like NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement) and IMPS (Immediate Payment Service). A valid  code is required to make that payment happen.

Importance of IFSC

IFSC or Indian Financial System Code finds its place in all online transactions or electronic funds transfer. It forms the basis of all financial activities in the Indian banking system. IFSC is important due to the following reasons:

IFSC makes net banking easy and smooth. It helps in identifying any bank or branch and facilitates the payments in a safe, swift and secure manner. Till now, around 130,000 IFS Codes have been allotted by RBI to different banks and branches. Payments banks are also included in this list of these banks. IFSC ensures the funds are transferred from the right person to the right one.

Additional Information:

Apart from IFSC, there is another code that is relevant in Indian banking called MICR. MICR stands for Magnetic Ink Character Recognition. It is a 9-digit code that identifies bank branches that participate in Electronic Clearing System. It was established by RBI to make NEFT smooth. It indicates the serial number of a cheque. The first three digits in the MICR code represents the city, followed by the next three that represent the bank and the last three represent the branch. An MICR code is written with a special magnetic ink and printed on the bottom of the cheque,next to the cheque number and the magnetic ink can be scanned through a magnetic scanner and thus facilitates quick cheque clearance along with checking on the fraud cases.

Also Read:

Full Form of FSSAI

Full Form of UPI

Full Form of IMPS

Full Form of IBPS

Full Form of ATM

& Many More..

Get Free Online Test Series, Daily GK Update, PIB Current Affairs, Banking Awareness as well as latest updates for Bank PO, Bank Clerk, SSC, RBI, NABARD and Other Government Jobs.

  займ под залог паспорта спббыстрый займ тюменьяндекс кошелек займ

Exit mobile version