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What is the full form of IFSC?

Full form of IFSC: Here, we are going to learn about the IFSC, full form of IFSC, overview, format of the IFSC code, list of IFSC codes, etc.
Submitted by Anushree Goswami, on February 29, 2020

IFSC: Indian Financial System Code

IFSC is an abbreviation of the Indian Financial System Code. It is an 11 character alphanumeric code that smooths the progress of electronic funds transfer in India. It is used to identify and classify each branch of every bank in India. A person can simply identify a bank and its branch from the given IFSC code. This code is specifically stated in the checkbook.

An IFSC code exclusively identifies and classifies each bank branch, which participates in the two main Payment and settlement systems in India:

• The Real-Time Gross Settlement (RTGS).
• The National Electronic Fund Transfer (NEFT) systems.

The following information must be contained by the person, to obtain the IFSC code of any bank,

• Bank's name
• State's name where the bank is located
• District's name
• Branch's name or address

• The IFSC Code is given by RBI to identify and classify banks and their branches that offer the service of NEFT, RTGS, and IMPS.
• It enables RBI to check and examines banking transactions without any disturbance and mistakes.
• RBI can administer and manage all online financial transactions, specifically, NEFT, RTGS, and IMPS through IFSC code.

Format of the IFSC Code

• The IFSC code includes 11 characters.
• The first 4 letters let know about the name of the bank and the last 7 letters indicate the branch number. For example The IFSC code of SBI Sector 19, Noida is SBIN0011859.
• The IFSC code "SBIN" illustrates the name of the bank and "0000738" illustrates the branch number.
• IFSC Code is used to transfer money from one branch of bank to another branch through RTGS or NEFT, in other words, to make a possible online and electronic transfer of money.

Lists of IFSC codes

• The lists of IFS Codes according to Bank-wise listing are obtainable with all the bank-branches that participate in interbank electronic funds transfer.
• A list of bank-branches that participate in NEFT/RTGS and their IFS Code is accessible on the website of Reserve Bank of India.
• All the banks have also been counseled to print the IFS code of the branch on cheques issued by branches to their customers.
• On the internet, many third party web portals now enable search for IFS Codes online.
• Customers can seek out for the IFS Code of their bank-branch with a distinct or an amalgamation of criteria like bank name, state, district, city, branch, etc.