Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates the electronic transfer of funds in India provided by RBI. A code uniquely identifies each bank branch participating in the three principal Payment and settlement systems in India:
- The Real-Time Gross Settlement (RTGS)
- National Electronic Fund Transfer (NEFT)
- Immediate Payment Service (IMPS)
The 11-character code of IFSC is as follows: First 4 alphabetic characters- Bank name The 5th character is 0 (zero) – Reserved for future use. Last 6 characters (usually numeric, but can be alphabetic) – Branch name. NEFT & RTGS systems use IFSC code to route the messages to the destination banks/branches. The format of the IFS Code is as below.
|1 ||2 ||3 ||4 ||5 ||6 ||7 ||8 ||9 ||10 ||11 |
|Bank Code ||0 ||Branch Code |