The Indian Financial System Code (IFSC) is used for Real-Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Immediate Payment Service (IMPS) transactions. The IFSC for banks is assigned by the Reserve Bank of India (RBI). This code contains 11 characters.
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What is IFSC Code?
The Indian Financial System Code (IFSC) is a unique 11-character code with the first four alphabetic characters representing your bank name, and the last six characters (either numeric or alphabetic) representing the branch. This code is helpful in identifying the Bank and branch in which you hold your account. The IFSC is used by the NEFT, RTGS and IMPS finance transfer systems.
What is IFSC NEFT transfer?
The National Electronic Funds Transfer (NEFT) is an electronic payment system that facilitates direct one-to-one payments across the country. Using this facility, you can electronically transfer funds from any bank branch to any individual or establishment having an account with any other bank branch in the country that is part of the NEFT scheme. Providing your IFSC is mandatory when you initiate an NEFT fund transfer.
What is IFSC RTGS transfer?
The Real-Time Gross Settlement (RTGS) is an electronic payments system where an individual can transfer funds from one bank to another within India on a real-time basis. It is mandatory to provide the IFSC when you initiate an RTGS fund transfer in order to identify the branch from which you choose to make the payment.
What is IFSC IMPS transfer?
The Immediate Payment Service (IMPS) is an electronic funds transfer system that facilitates one-to-one instant payments within banks across the country. You can use the IMPS service to make payments 24x7 throughout the year including bank holidays. IFSC is mandatory to process all your IMPS transactions.