The IFSC Code or the Indian Financial System Code is an 11 character code that is used by the Reserve Bank of India for identifying all the bank branches which are part of the NEFT system in India. It is used for the electronic payment system applications like the NEFT (National Electronic Fund Transfer, RTGS and CFMS.
The Code itself is of 11 characters, with the first 4 characters being alphabets. They represent the bank. The 5th code is zero and the last 6 characters represent the branch code.
Use the following methods for getting the IFSC code of a bank's branch:
Most of the time the code is printed on the passbook or the cheque book of the bank. Otherwise you can search for the code on the bank's website or online by proving the bank name, state, district and the branch name. Usually, the location of the bank is the branch name.
Each bank will have its unique IFSC code for each branch. The initial 4 codes will give an idea of the name of the bank itself. These codes are essential for making funds transfers to banks accounts with India. It is required when you have to add a beneficiary for transferring money into their account. Without these codes, it is not possible to carry out online funds transfers.
The IFSC code of a bank's branch can accompanies complete information about the branch. When you lookup for the code, you will also get information about the branch's address and contact info. All the bank branches which participate in inter bank electronic funds transfer will have the lists of IFSC codes of all the banks. Even the Reserve Bank of India provides the list of all the bank branches which participate in the RTGS/NEFT. Every bank is required to print and display their IFSC code on their bank premises and on their cheques/passbooks.
Indian banks are also being integrated with the IBAN system for smoother financial transactions. It is currently under process, and Indian banks will be integrated with the system in the near future. The IFSC code is currently one of the most crucial factors for carrying out financial transactions between bank branches within India.
The IFSC Code is different from the SWIFT Code because the latter is used for carrying out international financial transfers. The IFSC is used only for domestic financial transfers. The IFSC is developed and maintained by the Reserve Bank of India while the SWIFT is created and managed by the International Standard Organization. Besides, the SWIFT can be of 8 or 11 characters, while the IFSC must have 11 characters only. If someone has to carry out payment transfers from beyond the international borders, they will need the SWIFT code and not the IFSC code. A basic difference is that the SWIFT can also be used for exchanging other messages between banks.
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The IFSC Code or the Indian Financial System Code is an 11 character code that is used by the Reserve Bank of India for identifying all the bank branches which are part of the NEFT system in India. It is used for the electronic payment system applications like the NEFT (National Electronic Fund Transfer, RTGS and CFMS.Read More
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