IFSC Full Form: Indian Financial System Code

 The full form of IFSC is the Indian Financial System Code. Commonly known as the IFSC code, it is an 11-digit alphanumeric code that facilitates the smooth progress of electronic payments in India. The IFSC code is issued by the Reserve Bank of India to identify and differentiate every branch of the bank participating in electronic payment systems like Real-Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), etc.

SBNRI Team

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INR Full Form – Indian Rupee (₹)

 The full form of INR is Indian Rupee. The Indian Rupee (INR) is the currency of India. The new currency symbol for the Indian Rupee - ‘₹’ - was introduced on 15 July 2010. Before the adoption of the new symbol, the most commonly used symbols for Rupee were Rs. and Re. in texts. INR is approved and monitored by the Reserve Bank of India (RBI). The Indian Rupee is divided into paise; a paise is 1/100th of a Rupee.

SBNRI Team

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NEFT Full Form: National Electronic Fund Transfer

 The full form of NEFT is the National Electronic Fund Transfer. NEFT is an electronic payment system that allows one-to-one fund transfers across the country. Using this facility, any account holder can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country that participates in the NEFT scheme. You can also transfer funds via NEFT using digital modes of internet banking and mobile banking.

SBNRI Team

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HDFC Full Form – Housing Development Finance Corporation

 The full form of HDFC is Housing Development Finance Corporation. HDFC is an Indian financial service company headquartered in Mumbai, India. It is a major housing financial institution, offering housing loans to individuals and corporates for the purchase and construction of residential houses. HDFC caters to its customers through a network of 396 outlets in approx 2,400 towns and cities spread across India. HDFC has offices in London, Singapore and Dubai and associates in Middle East countries to cater to NRI customers.

SBNRI Team

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RTGS Full Form: Real-Time Gross Settlement

 The full form of RTGS is Real-Time Gross Settlement. It is a simple payment system that allows instant transfer of money in real-time and without delays. To put it simply, it is the continuous settlement of funds on an order by order basis. In other words, your request to transfer or settle funds takes place immediately, rather than being lined up for later clearance as in the case of other modes of fund transfer.

SBNRI Team

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ICICI Full Form – Industrial Credit and Investment Corporation of India

 The full form of ICICI is Industrial Credit and Investment Corporation of India. Formed in 1955 as a joint-venture of the World Bank, the Government of India and representatives of Indian businesses, ICICI is the parent company of ICICI Bank. Primarily the company was established to provide medium-term and long-term project financing to Indian industries. After the liberalization of the financial market in India, ICICI transformed its business from a provider of only project finance to a diversified financial provider. After that, the bank was incorporated as the Industrial Credit and Investment Corporation of India Bank, later the name was changed to ICICI Bank.

SBNRI Team

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New Rules For OCI Cardholders In 2022 – SBNRI

 On 4th March, the Union Ministry of Home Affairs notified new rules for Overseas Citizens of India (OCI) under Section 7B of the Citizenship Act 1955. The new rules supersede three previous notifications issued in April 2005, January 2007 and January 2009. While the new rules extend some benefits for OCIs cardholders, they impose restrictions on them from undertaking certain activities without prior permission. Here is everything you need to know about new rules for OCI cardholders.

Manoj Negi

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