IFSC (Indian Financial System Code) is an 11-character alphanumeric code assigned by the Reserve Bank of India to every bank branch in India. This code is essential for electronic fund transfers via NEFT, RTGS, and IMPS.
The first 4 characters represent the bank code, the 5th character is always 0 (reserved for future use), and the last 6 characters identify the specific branch. For example, in SBIN0001234: SBIN = State Bank of India, 0 = reserved, 001234 = branch code.
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IFSC stands for Indian Financial System Code. It is an 11-character alphanumeric code that uniquely identifies every bank branch participating in the two main Electronic Fund Settlement Systems in India - the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) systems.
The IFSC code is assigned by the Reserve Bank of India (RBI) and can be found on your cheque book, bank passbook, or on the RBI website. It is essential for facilitating electronic payments and settlements.