What is the mean of IFSC code in bank?

Answer 1

Indian Financial System Code (IFSC):

It is used for electronic payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralised Funds Management System (CFMS) developed by Reserve Bank of India (RBI). Code has eleven characters "Alpha Numeric" in nature. First four characters represent bank, fifth character is default "0" left for future use and last six characters represent branch.

Answer 2

IFSC Code is Indian Financial System Code, which is an eleven character code assigned by RBI (Reserve Bank of India) to identify every bank branches uniquely, that are participating in NEFT system in India. This code is used by electronic payment system applications, such as PayPal.

The code is of 11 characters. The first part is the first 4 alphabet characters representing the Bank. Next character is 0(zero), this is reserved for future use. The branch code is the last six characters.

Answer 3

IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.

Indian Financial System Code (IFSC), a unique code, assigned to each bank in India, if you are a customer of any bank, you should know IFSC code assigned to your bank for your own benefits.. IFSC code is required for many banking transactions. With the IFSC code you can easily manage your account from any corner of the globe to transfer fund through various sources. You need to know the IFSC Code for adding beneficiaries to your account. IFSC code is must to have online fund transfer.

First 4 characters represent bank code.

For Example: IFSC code of HDFC bank at Mumbai - Santacruz (West) is HDFC0000079. First 4 characters of IFSC code HDFC0000079 represents bank code i.e. "HDFC".

The 5th character is a '0' Zero and it's reserved as control character (HDFC0000079)

Remaining last 6 characters used to indentify the bank branch or branch code. (HDFC0000079)