What is the full form of IFSC?
IFSC stands for Indian Financial System Code (IFSC full form). It is a unique 11 character alphanumeric code assigned by RBI to identify each branch of every bank in India. IFSC code of each bank branch is used to facilitate electronic payment systems applications through National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS).
Format of IFSC code
IFSC code contains 11 character which is a combination of alphabets and numerals assigned by Reserve Bank of India to each bank branch.
- The first four characters of IFSC code represent or tell about the name of the bank.
- The fifth character is Zero for most of the banks which are reserved for future use.
- The last six digits remain unique for each branch which specifies branch code.
Importance of IFSC code
The Points mentioned below highlights the significance of IFSC code:
- Unique identification: It helps in identifying a bank and particular bank brank.
- Elimination errors: It helps in easy fund transfer and removes the discrepancy in the fund transfer process.
- Electronic payment applications: It is done with electronic payment tools or transfers done with IFSC code such as RTGS, NEFT, and IMPS.
How can I find the IFSC code?
Indian Financial System Code is an Eleven digit code allocated by RBI which is printed on cheque or NEFT enabled banks. Also, you can easily find out the basic bank details like address, code, etc. By using the below steps, you can search an IFSC code:
- You can search through or check for the IFSC code of your bank either in your passbook or chequebook.
- You can check for your IFSC code in the bank’s mobile applications after you log in your credentials.
- Reserve bank of India (RBI) official website also mentions a list of banks with respective IFSC code who are engaged in NEFT/RTGS transactions.
With the online IFSC code finder, you can find the IFSC code of the bank branch according to the location you need. Once you put the basic details like the name of the bank, state, and district where the bank is situated. Your IFSC code will appear along with basic information.
Details of funds transfer using IFSC
The below-mentioned charges are suggestive in nature. Each bank has its own charges for transferring funds. Check charges from the official bank website.
|Amount In Rs||NEFT||RTGS||IMPS|
|Up to Rs 10000||Rs- 2.50||Minimum 2 lakhs||Rs – 5.00|
|RS 10000-2 lakh||Rs – 15||Rs – 26||Rs – 10|
|Above 2 lakhs||Rs – 25||Rs – 51||Rs – 15|
Transfers funds through SMS:
You can easily transfer money through SMS on mobile with the help of IFSC code.
- You need to link your mobile no. to your bank account by registering for mobile banking services.
- To take the benefit of SMS transfer, you need to fill an application requesting mobile services, after registering you will receive a unique 7 digit number which is known as mPIn and MMID.
- Once you are registered, you are required to create an SMS and type IMPS along with the payee details like name, bank, branch, account number and IFSC code of the recipient bank along with the sum amount you want to transfer.
- Confirm the transaction and send the SMS, you will receive the confirmation message where you will have to enter your mPIn.
- Enter the mPIn and select ok. The fund will be transferred to the recipient’s account.
Hope you got the understanding of IFSC full form and its details. For more details leave us a comment.