What is the IFSC Code?

The term might be unknown to most Indians, but its use has been going on for quite some time in the country and has revolutionized the money transfer process between banks. IFSC stands for Indian Financial System Code and is provided by the RBI (Reserve Bank of India – the governing body for the banking sector in India). The code consists of 11 characters that uniquely identify each individual bank branch.

Understanding the Code

Here is an example code: XXXX 0 YYYYYY

  • First four characters: The first four alphanumeric characters (XXXX) identify the bank.
  • Fifth character – 0: The fifth character is 0 by default for all IFSC codes and is reserved for future use.
  • Last six characters: The last six characters (YYYYYY) can be both numeric and alphabetic and form a unique code for every branch of this bank (that is identified with the first four characters).

How Is It Useful to You?

Any individual or company can wire money to any domestic bank account by using the Indian Financial System Code or IFSC code through NEFT or RTGS systems. The person sending the money would need to provide the IFSC, the name of the beneficiary as well as the account number to transfer the money to. The IFSC code is used for identifying the bank and the branch, and the other details identify the account where funds are to be transferred.

NEFT and RTGS Systems

NEFT as well as RTGS systems are used for transferring money to bank accounts within the country and both systems use the IFSC codes. In NEFT, there is no limit to the maximum, as well as, the minimum amount that can be transferred. The transfer is generally completed in 24 to 48 hours. RTGS, on the other hand, can be used for transferring the amount in as little as two hours, but the amount transferred must be at least INR 1, 00, 000.

How Can I Find the IFSC?

This is where www.ifsc-code.net comes into play. Instead of looking for the ifsc code on cheque books (that are printed by the different banks and are distributed in their branches on their cheque books' issues), or instead of calling “customer care”, that usually takes up too much time (waiting for the call to be answered), you can look for it here on www.ifsc-code.net. We have an accurate and up-to-date database with all this information, including bank and branch entity names, location data (state, district, city, address) and detailed contact information for all the branches.

How Can I Use www.ifsc-code.net?

There are multiple ways by which you can find an IFSC code on our site, including:

  • Searching with any of the bank's details (like IFSC number, MICR code, branch name, location data, etc) in the above search field.
  • Selecting the bank in the list of all the Indian banks, and then navigating in each bank's branches.
  • Selecting the state in the list of all the states or union territories of India, and then navigating in all banks' branches in this state.