IFSC stands for Indian Financial System Code. It is an alphanumeric code used to identify specific bank branches participating in electronic funds transfer systems in India. The IFSC code is unique for each bank branch and is required for various online banking transactions such as NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service).
The IFSC code consists of 11 characters, which can be broken down as follows:
1. The first four characters represent the bank's name abbreviation.
2. The fifth character is always "0" (zero) and is reserved for future use.
3. The last six characters uniquely identify the branch.
For example, let's consider the IFSC code "SBIN0001234":
- "SBIN" represents the State Bank of India.
- "0" is a placeholder for future use.
- "001234" indicates a specific branch of the State Bank of India.
By using the IFSC code, you can ensure that your online transactions are accurately directed to the intended bank branch.
