What is IFSC Code?

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The Indian Financial System Code or IFSC is an eleven-character alphanumeric code that helps in identifying the bank branches where people have their bank accounts that participate in the various online money transfer options like National Electronic Funds Transfer (NEFT), Real-time Gross Settlement (RTGS), Immediate Payment Service (IMPS) and Unified Payment Interface (UPI). You can find them usually on your bank chequebook or other bank documents such as bank passbooks, but you can also find them on your bank's Internet banking website when you log in to your respective internet banking account.

Every bank branch operating in the country is identified by its own unique IFSC code. The first four characters are alphabets and tell the name of the bank, but they remain the same for every bank branch. The fifth character is zero. The last 6 characters represent the bank branch and they are usually numeric. The code is assigned by the Reserve Bank of India, and any transfer system that is regulated by the RBI will require the use of an IFSC code.

The IFSC code plays a crucial role in transferring funds online. It helps in identifying the bank and its branch easily without any discrepancy in the money transfer process. The code also makes the process of transferring money easier and faster, but this code is only useful if you are receiving or sending funds within India. To send or receive money internationally like Wire Transfers, a SWIFT Society for Worldwide Interbank Financial Telecommunication code comes in the picture instead of the IFSC code.