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What is IFSC Code
Indian Financial System Code (IFSC) is an eleven-character alphanumeric code that helps in transferring funds online. This 11-character code helps in identifying the bank branches where people have their bank accounts that participate in the various online money transfer options like National Electronic Funds Transfer (NEFT), Real-Time Gross Settlements (RTGS), IMPS and Unified Payment Interfaces (UPI).
You can find them usually on your bank’s cheque book, or other bank documents such as bank passbooks. You can also find them on your bank’s Internet banking website when you log in to your respective internet banking account.
Every bank branch operating in the country is identified by its own unique IFSC code. The first four characters are alphabets and tell the name of the bank. They remain the same for every bank branch. The fifth character is zero. The last 6 characters represent the bank branch and they are usually numeric. The code is assigned by the Reserve Bank of India. Any transfer system that’s regulated by the RBI will require the use of an IFSC code.
The IFSC code plays a crucial role in transferring funds online. The code helps in identifying the bank and its branch easily without any discrepancy in the money transfer process. The code also makes the process of transferring money easier and faster.
But this code is only useful if you are receiving or sending funds within India. But to send or receive money internationally like Wire Transfers, a SWIFT (Society for Worldwide Interbank Financial Telecommunication) code comes in the picture instead of the IFSC code.
Where to find IFSC code?
You can find the IFSC code on your chequebook, passbook. You can also find it on RBI’s official website. You can also directly call the bank branch and ask for the code. Many third-party websites are also providing IFSC code information.
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