IFSC stands for Indian Financial System Code.
IFSC code is a unique eleven-digit number used to transfer funds online for NEFT, IMPS and RTGS transactions. Details of your bank is available on the Cheque provided by the bank and the bank passbook.
The IFSC codes are the unique code assigned to each bank by the Reserve Bank of India. It means that no Two branches in India can have same IFSC Code even if they are branches of the same bank. For e.g. Two branches of the ICICI Bank will have different unique IFSC Code.
How to check the IFSC Code of your bank?
You can easily check the IFSC code of your bank/branch Cheque provided by the bank and the bank passbook. You can search for the IFSC Code here.
Generally IFSC codes are not changed but conditions like Bank Mergers can lead to change in the respective bank IFSC Codes.
The Importance of IFSC code
The points mentioned below highlight the importance of IFSC code.
- Unique Code – As the IFSC Code is unique, we can use it to identify a particular bank branch
- Fund Transfer Safety – It helps in ensuring the funds to the concerned party without any errors in the fund transfer process.
- Easy Fund Transfer – Funds can be easily transferred thogh mobile banking, netbanking or using apps with the help of IFSC Code. Internet banking transactions for transferring funds, using NEFT, IMPS and RTGS, can’t be initiated without a valid Indian Financial System Code.
Format for Bank IFSC Code
IFSC Code is a 11 digit code that consist of first four characters are alphabets which denote the bank name. Hence, the IFSC code of each branch of the same bank will begin with the same four letters. The fifth character is a zero.
The last six digits or numbers belongs to the branch code. This is the part which makes an IFSC code unique.
|Bank Code||0||Branch Code|