The Full Form Of IFSC

IFSC Full Form – The Full Form of IFSC in banking terms is the Indian Financial System Code, which is used in the three main payment and settlement systems. The IFSC is an alphanumeric 11-character code that is used to uniquely identify the branch of the bank participating in either RTGS (Real Time Gross Payment), NEFT (National Electronic Fund Transfer), or IMPS (Immediate Payment Service). The first four characters of this alphanumeric code are alphabets which represent the name of the bank, the fifth character is zero by default reserved to be used in the future and the last six characters represent the branch of the bank.

The IFSC is used by the banks to track the messages back and forth from the sender to the receiver’s account. IFSC is available with all the major banks which participate in inter-bank electronic fund transfer, and these are also printed on the cheques issued by the banks for their account holders. The IFSC is updated on the official website of the Reserve Bank of India, and it can be found online by following a combination of the bank’s name, state, city, and branch.

The IFSC enables an easy and swift online transaction between banks, making electronic fund transfer safe and hassle-free as it eliminates several errors. The IFSC is considered to be genuine because of the security that it provides and proves to be helpful in identifying and monitoring the transactions along with validating the process and in its reconciliation.

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