Find IFSC Codes By Bank or City Name
WHAT IS AN IFSC CODE?
The Indian Financial System Code (IFSC) is an 11 letter code assigned by RBI. The IFS code identifies every bank branch uniquely, which are participants of National Electronic Fund Transfer (NEFT) system in India. It facilitates inter-bank electronic fund transfer by identifying the source and station bank.
The IFSC code is used by the Real Time Gross Settlement (RTGS) and National Electronic Funds Settlement Systems (NEFT) to find the destination bank or branch. A list of IFSC's are available according to the banks and branches partaking in Inter Bank Electronic Funds Transfer.
Banking DB has a list of all the bank-branches participating in RTGS/NEFT.
DECODING AN IFSC CODE
The IFSC Code comprises of 11 Characters. For example, BBBB0010596
- Initial 4 characters depicts the entity (BBBBxxxxxxx)
- The 5th character is by default “0” (for future use)
- The characters after the 5th character depicts the branch number(xxxxx010596)
HOW IS AN IFSC CODE GENRATED?
IFSC code for a bank is assigned by RBI, which is unique for every bank-branch. Basically, this code is used to identify the bank branches participating for online fund transfer.
HOW CAN I USE AN IFSC CODE OF A BANK FOR RTGS AND NEFT FUND TRANSFER?
IFSC code is required for online fund transfer. The code has a bank branch number, which is a unique identification number mandatory for doing online fund transfers and payments such as mobile bill payment, loan EMI payments, Insurance Premium Payments, train or flight tickets booking, online shopping, online share/equity trading, A/C Fund Transfer and much more...