The full form of IFSC is the Indian Financial System Code.
IFSC is one of the most common terms when transferring money via a bank, as you require the IFSC code of the recipient’s bank to transfer the money. Have you ever wondered what the full form of IFSC is? If you haven’t then, the full form of IFSC is the Indian Financial System Code.
IFSC Code Full-Form | Indian Financial System Code
IFSC is an 11-character alphanumeric code that banks use. Each branch of every bank across India has its own unique IFSC code. Using the IFSC code, anyone can identify the bank and where the branch is located.
The code can be found on the checkbook or internet banking website and is necessary when one transfers money via RTGS or NEFT. Using the IFSC code, one can find the following information:
- Name and address of the branch
- Banks’ name
- state where the bank is located.
- District name
The RBI gives the IFSC code to identify the various banks and their branches across India to provide the various facilities of RTGS, IMPS, and NEFT. The major reason why RBI provides the IFSC code is that it lets RBI monitor the various transactions across India easily. By using the IFSC code, the RBI can manage all the online payments made via IMPS, NEFT, and RTGS.
Format of the IFSC code
In total, there are 11 characters in the IFSC code.
- The first four letters tell us the bank name
- The next seven letters tell us about the branch location
Let’s understand this better by taking an example,
- The IFSC code of ICICI bank in Manipal is ICIC00000072.
- The ICIC part shows the bank’s name, which is ICICI, and the numeric part “0000072” tells us about the branch code /location.
Conclusion
In order to successfully transfer money to any bank account across the country through NEFT / RTGS, you require an IFSC code. If you do not have it handy, find it on your checkbook or bank site, or you can even Google it.
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