One of the most common terms used when one transfers money via bank. Ever wondered what the full form of IFSC is. Well, if you haven’t then, the full form of IFSC is Indian Financial System Code.
IFSC Full Form – What is IFCS?
It is basically an 11-character alphanumeric code that is used by banks. Each branch across India has its own unique IFSC code. Using the IFSC code, anyone can identify the bank and where the branch is located.
The code can be found on the checkbook and is necessary when one transfers money via RTGS or NEFT. Using the IFSC code one can find the following information,
- Branch name and branch address
- Banks name
- State where the bank is located
- District name
The IFSC code is given by the RBI in order to identify the various banks and its branches across India in order to provide the various facilities of RTGS, IMPS, and NEFT. The major reason why RBI provides the IfSc code is it lets RBI to Monitor the various transactions across India in a very easy manner. By IFSC code, the RBI can manage all the online payments made via IMPS, NEFT and RTGS.
Format of the IFSC code
In total there are 11 characters in IFSC code.
- The first four letters tell us the bank name
- The next seven letters tell us about the branch
Let’s understand this better by taking an example,
The IFSC code of ICICI bank in Manipal is ICIC00000072.
The ICIC part shows the name of the bank which is ICICI, and the numeric part “0000072” tells us about the branch.