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 Code Full Form: 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.
- Bank’s name
- State’s name where the bank is located
- District’s name
- Branch’s name or address
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 Full Form:- Indian Financial System Code
- MICR Full Form:- Magnetic Ink Character Recognition
- RTGS Full Form:- Real Time Gross Settlement
- NEFT Full Form:- National Electronic Fund Transfer
- SFMS Full Form:- Structured Financial Messaging System
- DNS Full Form:- Deferred Net Settlement
The format of the IFSC Code
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.
What is IFSC?
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.
How to Find IFSC Code?
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.
2nd way is to find the IFSC Code of your Bank Branch here. At this site, it shows a complete list of all banks in India with their branches list. You can search for the IFSC of your Bank Branch easily by clicking at the above link.
Lists of IFS Codes
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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