What is the full form of IFSC?
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What is the full form of IFSC?
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The full form of IFSC is Indian Financial System Code.
IFSC Code helps Customers to transfer online money by using RTGS, NEFT & IMPS. IFSC code is a Special 11-digit alpha-numeric code issued by Reserve Bank of India (RBI)that especially represents each bank branch of India.
IFSC code is generally written on cheque book & First page of passbook issued by the bank.
Customers can easily check IFSC code on the banks' website.
The first four Alphabets represent Bank name (Bank NameHDFC) therefore IFSC code of every branch of the same bank will start with the same four letters.
The Firth character is zero, and the last six characters mostly numeric but in some banks, IFSC code can be Alphabetic representing the bank Branch.
IFSC code is very important because most online fund transfer cannot begin unless the IFSC code of the beneficiary is provided along with the account number.
Example- (HDFC0- Bank Name)( 000088- Bank Branch)
HDFC Bank Noida Sec -29 Uttar Pradesh
IFSC Code HDFC0000088
Use of IFSC code
• It helps to find a Specific branch of Bank
• It eliminates errors in the process of money transfer
• It helps in instant money Transfer upto 2 lakhs.
• It helps to access net banking account anytime anywhere.
