IFSC Full Form
IFS Code or IFSC stands for Indian Financial System Code. This alphanumeric code makes the transfer of electronic funds in an easier and efficient way in India. Each bank has its own unique IFS Code. Through this code, Reserve Bank of India can get complete information about any branch. Apart from IFSC Full Form, read more details about Indian Financial System Code such as its meaning, format, use of IFS Code in banking, benefits etc from the beneath section of this page.
IFSC Full Form
IFSC is an 11-character code:
- The first four alphabetic characters represent the bank name.
- The last six characters that are usually numeric, but it can be alphabetic represents the branch name.
- The fifth character is zero and is reserved for future use.
The format of the IFS Code is shown below:
|Bank Code||0||Branch Code|
Get details on: CGST Full Form
Why is IFSC Code required?
The use of IFSC Code is to transfer money from one account to another. RBI has provided an IFS code to every bank in India in order to make the electronic funds’ transfer process more efficient. Using the IFSC code, payment can be done through NEFT, RTGS and IMPS Payment and settlement systems in India.
बैंक का IFSC कोड क्या होता है ?
Through IFSC, identification of bank branches can be done that are participating in electronic money transactions, such as NEFT or RTGS. IFS Code is printed on the bank passbook or checkbook. If you don’t know about your IFSC Code, then you can check out the first page of your bank passbook, it’s printed there.
You can also get the IFSC Code from official website of Reserve Bank of India where list of participating banks in the RTGS / NEFT network is mentioned. If you have a checkbook, then IFSC code of the bank branch is there on it.
Example of IFSC Code of State Bank of India, Delhi branch:
We are providing here an example of IFSC Code, so that you can easily get to know about it:
|State Bank of India Code||Zero||State Bank of India Branch Code|
In this example, SBIN0001707 is a 11-digit alphanumeric IFSC Code.
- The first 4 characters ‘SBIN’ represent the bank code of SBI,
- The 5th character is a ‘0’
- The last 6 characters ‘001707’ represent the branch code of Azadpur, Delhi.
Also Know About: ICICI Bank Full Form
How to use IFSC Code?
IFSC Code can be used in two different ways:
- Electronic Funds Transfer: In this one can transfer funds online by mentioning the beneficiary’s bank account number, bank branch, and IFSC code.
- Credit Card Bill Payments: IFSC code is also used to make credit card bill payments.
Methods to transfer money by using IFSC Code:
In NEFT, RTGS and IMPS electronic fund transfer system, use of IFSC Code is mandatory. NEFT and RTGS payment services were introduced by RBI whereas IMPS was introduced by NPCI (National Payments Corporation of India).
- NEFT (National Electronic Funds Transfer): Money transfer by NEFT from one account to another can be done in a one-on-one transfer basis. In this fund, does not transfer at the same time but in every half an hour, fund transfer batch of NEFT is releases.
- RTGS(Real Time Gross Settlement): RTGS is used by mostly business owners when they need to transfer large amounts of funds instantly.
- IMPS (Immediate Payment Service): Using IMPS, funds of comparatively lower amounts instantly can be transferred at the same time.
Know its meaning and full form: What is ECGC?
Benefits of IFSC Code:
- Using IFSC Code, money can be transferred very quickly. You just need to provide the IFSC code of the recipient bank branch.
- It facilitates communication as sender will get a message about the deduction of money from his account and the receiver will also get a message of credit of money in their account.
- USE of NEFT and RTGS can be done by mentioning IFSC Code. If small amount is to be transferred per day then NEFT (National Electronic Funds Transfer) is used. If transaction has to be done in bulk, then RTGS (Real Time Gross Settlement) online fund transfer mechanism is used.
- The transfer of money will be paperless and can be done very quickly using electronic gadgets.
- Frauds are avoided by using IFSC Code. Funds are transferred in a secured manner.
We the team of recruitmentresult.com has written complete details about Indian Financial System Code such as IFSC Full Form, its use, format, benefits, method of transferring money using IFSC Code in a detailed way. Candidates can also bookmark our site for more similar updates.
Something That You Should Put an Eye On
|What is the full form CAG||What is the Full Form of GAIL|
|FSSAI Full Form||What is the Full Form of CTET|
|SSB Full Form||NEET Full Form|
|CPMT Full Form||TDS Full Form|