India Utilities Banking Utilities

What is an IFSC code and why is it needed?

QUICK ANSWER

IFSC (Indian Financial System Code) is an 11-character alphanumeric code that uniquely identifies bank branches participating in online funds transfers.

Detailed Explanation

The first 4 characters represent the bank name (e.g., SBIN for State Bank of India). The 5th character is always '0' reserved for future use. The remaining 6 characters uniquely identify the specific bank branch. IFSC is required for NEFT, RTGS, and IMPS electronic money transfers in India.

Data Attribution & Rights

Source: Reserve Bank of India (RBI) (Open Data License)