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IFSC means Indian Financial System Code.
It is an eleven digit unique code assigned by Reserve Bank of India to every branch of every bank that participates in electronic fund transfer process. It helps in the easy and safe electronic transfer of funds through the help of internet. It follows the sending or routing messages from sender bank branch to the receiver bank branch.
IFSC Code is very important tool for modern banking transaction. It facilitates the quick and hassle free processing of transaction. Now the people need not to go to their banks and stand in queue to deposit or receive the money through Cheque, they can make online fund transfer. This code is used while carrying out any of the NEFT, RTGS and CFMS transactions.
It is a 11 character alphanumeric code. First 4 character represents bank name, 5th character will always be 0 and rest of the characters will be branch code.
How to find the IFSC code of bank?
- Online – RBI Website or any other trusted source. To Find the IFSC Code, fill the bank name, state, district and select the branch.
- Offline – Bank Cheque book, Bank Passbook, Bank Statement, Bank Branch.
What is the Difference between IFSC code and MICR code?
| IFSC CODE | MICR CODE |
|---|---|
| This is a unique 9-digit alphanumeric number | This is an 11-digit numeric code |
| This code is used to facilitate online money transfers | This code is used in cheque clearing process |
| The first four digits of the IFSC code represent the bank | The first fourth, fifth and six digits denote the bank |
| The last six digits denote the bank branch code | The last three digits represent the bank branch code |
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