IFSC Code
From WikiRuz
Indian Financial System Code is the addressing code in user-to-user message transmission through Structured Financial Messaging System (SFMS). It is an alpha numeric code designed to uniquely identify the bank-branches in India.
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What is the Code like?
This is an 11 digit code with
- first 4 characters representing the banks code,
- the next character reserved as control character (Presently 0 appears in the fifth position) and
- remaining 6 characters to identify the branch.
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How is it different from the MICR Code?
The MICR code has 9 digits to identify the bank-branch.
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Who uses the IFSC Code?
Various payment system applications like RTGS, NEFT, etc., use the IFSC for routing purposes.
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How would one know the IFSC code of the receiving branch?
The beneficiary customer can obtain the IFSC code from his branch. The IFSC code is also available in the cheque leaf. This code number and bank branch details can be communicated by the beneficiary to the remitting customer.
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Related Links for Banking in India
- Non-Banking Financial Company
- Electronic Fund Transfer
- NEFT
- Automated Teller Machine
- Real Time Gross Settlement (RTGS)
- EFT
- IFSC Code
- MICR Number
- Parts of a cheque
- Making a Debit Card Payment
- Making a Credit Card Payment
