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The acronym IFSC stands for Indian Financial System Code. It is an 11-digit alphanumeric code that identifies the branches in the National Electronic Funds Transfer (NEFT) network. The Reserve Bank of India (RBI) uses IFSC for electronic money transfers between banks because the code quickly identifies where the funds are coming from and going.
An IFSC will begin with four letters that represent the name of the bank. These letters are followed by six characters, which are usually numbers but could also be letters and represent the bank's specific branch. The final character is a zero.
If you know the name of a bank and the location of its branch, you can go to the RBI website and search through its list of banks and codes, or you can call the bank and ask for the IFSC. The IFS Code can also be found on your recipient's bank statement and checks.
The IFSC (International Financial Services Code) is used by the RTGS (Real Time Gross Settlement) and NEFT (National Electronic Fund Transfer) systems in India to efficiently transfer funds between bank accounts.
As a result, an IFSC will be required whenever you transfer money from one bank to another in India or when you transfer money from abroad into an account in India.
To send money, you’ll need to provide the recipient’s bank name and account number, along with the IFSC.
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