The full form of IFSC code is Indian Financial System Code. Developed by Reserve Bank of India (RBI), IFSC codes are widely used by banks for RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer), and Centralised Funds Management System (CFMS) finance transfer systems.
What Is IFSC Code
IFSC code is a 11 digit alpha-numeric code which is used by banks for identifying the bank and branch. The first four characters of the eleven digit IFSC code represents the bank name, fifth digit will be a default “0” (the Zero digit is for future use) and the remaining 6 characters denotes the branch name. Every bank has a single identifiable unique IFSC code.
How to find IFSC Code?
Nowadays, everyone should be aware of the Indian Financial System Code (IFSC code) as it is used as a norm for electronic payment, inter-bank transfers, as well as international bank transactions. India Online Blog will be posting the list of IFSC codes of the major banks in India in the next few postings.Check out the Indiaonlineblog.com website to find the IFSC Code of your bank's branch.
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