IFSC (Indian Financial System Code) is a 11 digit code provided by RBI(Reserve Bank of India) for identifying individual bank branch in India. This code is used by RTGS and NEFT.
The IFSC is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use. Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches.
The format of the IFS Code is shown below.
| 1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
| Bank Code |
0 |
Branch Code |
Lists of IFS Codes
Bank-wise lists of IFS Codes are available with all the bank-branches participating in inter bank
electronic funds transfer. A list of bank-branches participating in NEFT/RTGS and their IFS Code is available on the
website of Reserve Bank of India. All the banks have also been advised to print the IFS code of the branch on cheques issued by branches to their customers.
What is a MICR Code?
MICR (Magnetic Ink Character Recognition) is a printing technology used to print alpha-numeric details. MICR Code is printed
on cheques and they let cheque processing, easy.
What is RTGS?
RTGS (Real Time Gross Settlement) is a fund transfer system used to transfer money from one bank to another. This gross basis transfer is a real time transfer system. Minimum amount can be transferred is Rs.2,00,000. Fees are applicable.
What is NEFT?
NEFT (National Electronic Fund Transfer) is an online fund transfer system supported by RBI. NEFT is used for small and medium amount transfer between banks and accounts. No minimum amount limit for NEFT.
