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What is IFSC Code?

IFSC code, short for Indian Financial System Code, is 11 digit character or alphanumeric code used in electronic fund transfer within the different banks and their branches in India.

The IFSC or IFSC code, as its widely known, is used for the identification of different banks and branches. Out of the 11 characters, the first four are bank codes, and the last six are branch codes. This leaves out the fifth character, which is currently designated as zero and is reserved for any future use.

The three major electronic payment/settlement systems in India are as follows

NEFT

National Electronic Funds Transfer

IMPS

Immediate Payment Service

RTGS

Real-Time Gross Settlement

IFSC codes in India are used for these three primary services. IFSC also helps in the Unified Payments Interface or UPI payment system as well.

An example of an IFSC Code will be SBIN0000AABB. Where the first four denote the bank, in this instance, SBI, and the last would be the branch.

What are the major differences between a IFSC code and MICR code?

IFSC Code	MICR Code
The purpose of IFSC code is to help facilitate electronic transfer of funds	MICR code's purpose is to process cheques faster through ECR
IFSC codes has 11 alpha numeric characters	MICR has 9 digit code
The first 4 characters of IFSC is the Bank's code	The bank is signified by the 4th, 5th and 6th digits of the code

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Most Frequently Asked Questions?

Let's Explore the Most Frequently Asked Questions on IFSC & MICR

What is the full form of IFSC?

Indian Financial System Code is the expanded form of the IFSC code.

How to identify the bank in an IFSC code?

We can identify the Bank from the first 4 characters of the IFSC code.

What type of characters are there in an IFSC code?

An IFSC code contains alphanumeric characters.

How many characters are there in the IFSC code?

An IFSC code contains alphanumeric characters.

What are the major components signed in an IFSC code?

The major parts of the IFSC code are the bank code and branch code.

What is the SWIFT code?

A SWIFT code is used for transferring funds on an International level.

Which are the major electronic payment systems of India?

The major electronic payment systems in India are NEFT, RTGS, IMPS, and UPI.

Who are the creators of the IFSC code?

The Reserve Bank of India provides a unique 11-digit IFSC code to the banks.

What is the minimum amount you can transfer in NEFT?

There is no minimum amount you can transfer under NEFT under retail banking and corporate banking

What is the maximum amount you can transfer in NEFT?

The maximum amount you can transfer under NEFT under retail banking is INR 5 Lakhs and in corporate banking it is INR 50 lakhs for Vyapaar/trade and INR 500 crores under Vistaar.

What is the minimum amount you can transfer in RTGS?

INR 2 lakhs is the amount you can transfer under RTGS under retail banking.

What is the maximum amount you can transfer in RTGS?

The maximum amount you can transfer under RTGS under retail banking is INR 5 Lakhs and in corporate banking it is INR 50 lakhs for Vyapaar/trade and INR 500 crores under Vistaar.

Why do we require many IFSC codes?

In a vast country like India, there are numerous cities and towns with the same name, some of them even in the same district. Thus to correctly identify the right or the proper branch, IFSC codes can help out easily by dedicating a specific code for each branch.