What is the full form of IFSC?
- on Jul 06, 2022
IFSC stands for Indian Financial System Code.
|Full Form||Indian Financial System Code|
|Category||Business » Banking|
What is IFSC?
IFSC stands for Indian Financial System Code. It is an 11-digit alphanumeric code that is used to identify a particular bank branch in India. The first four characters of the IFSC code are letters that represent the name of the bank, while the last six characters are numbers that represent the specific branch of the bank.
The IFSC code is used by people who want to make money transfers through the National Electronic Funds Transfer (NEFT) system or the Real Time Gross Settlement (RTGS) system. When making a money transfer, you will need to provide the recipient’s bank account number and IFSC code so that the funds can be transferred to their account.
The IFSC code is also used by businesses when making online payments. For example, if you want to pay your electricity bill online, you will need to provide your electricity company’s IFSC code so that the payment can be processed.
Overall, the IFSC code is an important part of the Indian financial system. It helps to identify a particular bank branch and makes it possible to process money transfers and online payments.