IFSC Abbreviation

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Popular abbreviations of IFSC:

Searching for IFSC abbreviation / IFSC full form leads to different results in different categories. The below table illustrates the popular acronyms among them.

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What does IFSC mean?

IFSC is the short form for the term, Indian Financial System Code which is an alphanumeric code assigned by the Reserve Bank of India to every bank and its branch in India. The code is used to facilitate the transfer of funds across the region of India.

The code is an 11-digit sequence of characters and is used by the RBI for identifying the various transactions taking place. It can verify the fund’s transfer and find from where the funds are coming and where they are going.

Format of an IFSC code

The first four characters of the 11-digit sequence specify the bank code and represent the bank name. The fifth digit is zero and is reserved for future purposes while the last six characters of the code specify the bank branch. As a whole, the IFSC code specifies the bank and bank branch.

Uses of IFSC

The Indian Financial System Code is very crucial in the Indian financial system since it identifies the bank taking part in the major settlement and payment systems in India namely:

National Electronic Funds Transfer (NEFT)

The funds transferred under this mode do not occur on a real-time basis. The funds are cleared in 48 batches of half-hours irrespective of the time of the day. There are no maximum or minimum limits on the transfer of funds through NEFT.

Real-Time Gross Settlement (RTGS)

These are special transaction systems where fund transfers take place on a real-time basis or gross basis. The transactions are cleared as soon as they are processed and are done on a one-to-one basis and are irrevocable in nature.

Immediate Payment Service (IMPS)

It is an instant payment method for inter-bank electronic funds transfer. Inter-bank funds through this way can be sent any time of the day through mobile phones even on bank holidays.

Where is IFSC found?

The simplest way of finding the IFSC for your bank and branch is to check the checkbook or passbook. The code is clearly mentioned in both these documents. One can even check a particular branch’s IFSC through RBI’s website or through numerous third-party websites.