What is an IFSC and Where to find one

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What is an IFSC Where to find one?
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What is an IFSC

• An IFSC or the Indian Financial System Code is an
  11 digit code in alpha-numeric format used by the
  Reserve Bank of India to identify all the Bank
  branches within the NEFT (National Electronic
  Funds Transfer) network uniquely.
• The code facilitates inter-bank electronic funds
  transfer by way of identifying the source and
  destination banks.

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Importance of IFSC

• The IFSC 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.

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Decoding the IFSC

• The 11 digit IFS code varies from branch to
  branch of all the participating banks. An IFS
  Code has certain characteristics about how it is
  generated.
• The first four characters are alphabets
  suggesting the name of a particular bank.
• For example, the IFSC for a particular branch of
  Axis Bank is UTIB0000242. In this case the first
  four characters denote the bank name i.e. UTIB.
  Similarly, the IFSC of a branch of Citibank is
  CITI0000029.

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Decoding the IFSC
2. The last seven characters are usually digits
and represent a particular bank branch. These 7
digits are unique to every branch. As in the case
above, the last 7 digits identify a particular
branch i.e. 0000242. Another branch of the same
bank in the same city would have a different
code, say UTIB0000002. 3. The 5th character is
standard and marked a 0, as a control character.
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Where one can find IFSC
Finding out the IFSC code of different banks is a
simple task these days. You can easily find out
the IFSC codes if you know the name of the bank
and the branch
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THANK YOU
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