IFSC Code Full Form | Full Form of IFSC | Full Form of IFSC Code:- IFSC (Indian Financial System Code) is an alphanumeric code that facilitates electronic funds transfer in India. IFSC code uniquely identifies each bank branch participating in the two main Payment and settlement systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Fund Transfer (NEFT) systems. Full form of IFSC is Indian Financial System Code.
IFSC means Indian Financial System Code. IFSC is an 11 character alphanumeric code used to identify each branch of every bank in India. You can easily identify a bank and its branch from the given IFSC code. IFSC code is specified on the cheque book and required to transfer money through NEFT or RTGS. To get the IFSC of any bank, you must have the following details.
The IFSC is assigned by RBI to identify banks and their branches that provide the facility of NEFT, RTGS, and IMPS. IFSC allows RBI to monitor banking transactions without any hassle and blunders.
IFSC code is an 11-character code with the first 4 alphabetic characters representing the bank name, and the last 6 characters (usually numeric, but can be alphabetic) representing the branch. The 5th character is 0 (zero) and reserved for future use. The format of the IFSC code is shown below.
|Bank Code||0||Branch Code|
The IFSC system was implemented by the Reserve Bank of India to simplify the process of Internet Banking in India previously for internet banking Swift Codes were used but seeing the benefits of IFSC over Swift, IFSC were introduced. The IFSC Code is used to ensure safe and secure transfer of funds over internet or any electronic device. The main purpose of IFSC is to uniquely identify the beneficiary in whose Bank Account the funds need to be transferred.
In India, there are hundreds of different bank and these banks have hundred-thousands of branches across India now to simplify the process of Identification of any Account holder in any of the thousands Bank Branches IFSC Code came into being. Every Bank and its Branch has its own IFSC Code which is used by the Bank Authorities to identify and verify the identity of an Account Holder or beneficiary whenever some transaction is to take relating to that beneficiary’s account.
1st way to find IFSC Code of your Bank is, if you have access to your bank accounts documents like Account Passbook or Account’s Cheque Book then you can find the IFSC Code of your Account of them.
Bank-wise lists of IFSC Codes are available with all the bank-branches participating in interbank electronic funds transfer. A list of bank-branches participating in NEFT/RTGS and their IFSC Code is available on the website of Reserve Bank of India. All the banks have also been advised to print the IFSC Code of the branch on cheques issued by branches to their customers. Many third-party web portals now allow lookup of IFSC Code online. Customers can search for the IFSC Code of their bank-branch with a single or a combination of criteria like bank name, state, district, city, branch etc. Full Form Of FMCG |
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