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What is IFSC Code?
It is a unique 11-digit alphanumeric code used to identify bank branches participating in electronic funds transfers in India. It is one of the codes used by various electronic payment systems such as NEFT (National Electronic Fund Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service) for fund transfers between bank accounts in India.
What is the Full Form of IFSC?
IFSC stands for Indian Financial System Code. It is an alphanumeric code that uniquely identifies a bank branch participating in the Reserve Bank of India’s (RBI) payment and settlement system. It is used to facilitate electronic money transfers between banks in India.
Examples and Information
The IFSC code has a unique 11-digit alphanumeric code to identify the bank branches. For Example, it looks like “SBIN0001234”, “SBIN” represents State Bank of India (bank code), “0” illustrates a control character, and “001234” represents the branch code.
Uses of IFSC Code
Here are some common uses of the IFSC code:
Electronic Fund Transfer (EFT): IFSC code is used to transfer funds electronically between bank accounts. It ensures that the funds are transferred to the correct branch and account.
Online Transactions: IFSC code is required when making online transactions, such as purchasing goods or services from e-commerce websites.
NEFT and RTGS Transactions: IFSC code is necessary for National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS) transactions. The IFSC code helps identify the bank and the specific branch where the funds need to be transferred.
Bill Payments: IFSC code is required to make online bill payments, such as electricity bills, water bills, and telephone bills.
Mobile Banking: IFSC code is also used for mobile banking transactions, which enable customers to transfer funds using their mobile phones.