The Indian Financial System Code (IFSC) is an 11-character alphanumeric code used to uniquely identify bank branches participating in online fund transfer systems in India.
Structure of an IFSC Code
- First 4 characters: Alphabetic code representing the bank name (e.g., 'SBIN' for SBI).
- 5th character: Always '0' (zero), reserved for future use.
- Last 6 characters: Numeric or alphabetic code representing the specific branch.
Used For
IFSC codes are mandatory for electronic fund transfers such as NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service).
