What is the full form of IFSC
IFSC: Indian Financial System Code
IFSC Full Form is Indian Financial System Code. It is an 11-character alphanumeric code that is used to identify each branch of each bank in India.
You can easily identify a bank and its branch with the given IFSC code. This code is specified on the checkbook and is required to transfer funds through NEFT or RTGS. To obtain the IFSC code of any bank, you must have the following information.
- Name of bank
- Name of the state where the bank is located
- Name of district
- IFSC Code Format
- NIC Full Form
The IFSC code has 11 characters. The first 4 letters indicate the name of the bank and the last 7 letters specify the branch number. for example:
The IFSC code of SBI Modinagar is SBIN0000738.
Here “SBIN” shows the bank name and “0000738” shows the branch number.
The IFSC code is used to transfer funds from one branch to another via RTGS or NEFT, namely to facilitate the transfer of funds online and electronically.
Branch Name or Address.
The IFSC code has been assigned by RBI to identify banks and their branches that provide NEFT, RTGS and IMPS facilities. This allows the RBI to monitor bank transactions without problems or errors. RBI can oversee and maintain all online financial transactions, namely, NEFT, RTGS, and IMPS through the IFSC code.