What is the full form of IFSC?
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.
Also Read: INR Full Form – Indian Rupee (₹)
Importance of IFSC code?
- RBI issues the IFSC code to differentiate banks and their branches that provide online payment facilities like RTGS, NEFT and IMPS.
- Using the IFSC code, the Reserve Bank of India monitors and evaluates banking transactions without any hassle and error.
How to find the IFSC code of a specific branch?
- IFSC code can be found on the cheque leaf and front page of a bank passbook.
- List of IFSC codes of all banks and their branches is also available on the official website of the Reserve Bank of India.
- IFSC code of a particular bank can be viewed on the bank’s app and official website.
Format of IFSC code
| S | B | I | N | 0 | 0 | 0 | 5 | 4 | 7 | 8 |
IFSC code is structured in an 11-digit alphanumeric format where the first four digits represent the name of the bank, the fifth digit, usually zero (0), is reserved for future utilization, and the last six characters indicate the branch of the bank.
There are several financial abbreviations and acronyms used in daily life. If you have difficulty in comprehending these terms, we at SBNRI, are here to help you out. You can get in touch with our expert directly on WhatsApp using the button below to resolve your doubts and queries. Also visit our blog and YouTube Channel for more details.
