What is IFSC code?
The Indian Financial System Code (also known as IFSC) is an unique 11 character code for identifying the bank and branch which an account is held. The IFSC code is used by the NEFT, RTGS and IMPS finance transfer systems.
The IFSC is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch.
The fifth character is 0 (zero) and reserved for future use. Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches. The format of the IFS Code is shown below.
Why is IFSC code important?
The IFSC code is an essential feature to validate banking transactions. The knowledge of IFS Code enables you to receive payments or make transactions virtually. Banks and organizations use the IFSC to conduct National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) transactions to identify and help in streamlining the transactions between different accounts, bank branches and banks.
Types of IFSC transfer?
* IFSC NEFT transfer
* IFSC RTGS transfer
* IFSC IMPS transfer
What is IFSC NEFT transfer?
National Electronic Funds Transfer (NEFT) is a nation-wide system that facilitates individuals, firms and corporates to electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country. NEFT transfers are also referred as e-cheques as the funds are not transferred in real-time and the funds are settled in batches.
What is IFSC RTGS transfer?
'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). You need the IFSC Code to identify the Branch for which you will want to transfer funds using RTGS. Note all branches don't have IFSC Codes.
What is IFSC IMPS transfer?
'IMPS' is Immediate Payment Service and it is commonly known as Interbank Mobile Payment Service. IMPS uses IFSC codes to offer a number of fund transfer services instantly in a round the clock environment.
Required Bank Details For Bank Transfer?
In order to make transfer funds through the NEFT/RTGS systems the following details are required.
1. Beneficiary’s Name:
2. Beneficiary’s Branch Name:
3. Beneficiary’s Bank Name:
4. Beneficiary’s Account Type:
5. Beneficiary’s Account No:
6. Beneficiary’s Branch IFSC: