Encyclopedia of Datawww.Datapedia.co

Encyclopedia of Datawww.Datapedia.co

What Is IFSC Code?

IFSC stands for Indian Financial System Code.It is an alphanumeric code that uniquely identifies

a bank-branch participating in the two mainElectronic Funds Settlement Systems in India:

The Real Time Gross Settlement (RTGS)And

The National Electronic Funds Transfer (NEFT) Systems.

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What are the uses of IFSC code?

It is used to transfer funds electronically in India among various banks and their branches.

Without IFSC code, electronic fund transfer is not possible in India.

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Format of IFSC code?

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Sample IFSC Code

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Some Facts to Remember

Bank-wise lists of IFSCs are available with all the bank-branches participating in inter bank

electronic funds transfer.A list of bank-branches participating in

NEFT/RTGS and their IFSCs is available on the website of Reserve Bank of India.

All the banks have also been advised to print the IFSC of the branch on cheques issued by

branches to their customers.

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