IFSC Code- Indian Financial System Code
Importance of IFSC code in Banking Sector:
Friends may ask you about your account number and IFSC(Indian Financial System Code) code. whenever someone transfer money into your bank account then they also ask you for your IFSC code along with your bank account number, thereafter you may think that what is the IFSC code? ifsc code
We are going to talk about what is the IFSC code and how does it work in the banking system in this post today. Why is it necessary for IFSC code to transfer money from one account to another account? ifsc code
‘IFSC’ Code Full Form
Indian Financial System Code
What is IFSC code?
It is 11 digit Alpha-Numeric code.
SBIN – It shows Bank name (First four characters)
0(Zero) – It is a Natural number/ Control key/ Reserve number (5th Character)
123456 – It shows the Branch name code. (Last six characters)
- Every RTGS & NEFT branch is issued a particular IFSC Code by RBI.
- Both RTGS & NEFT are used for interbank fund transfer.
How to get IFSC Code:
You can get the information of the IFSC Code of your Bank Branch from your Bank Account checkbook. Usually, your Bank Branch’s IFSC Code is written on your checkbook. If you do not have a Check Book, you can get it from your bank passbook. ifsc code
Q: What is the full form for IFSC Code?
- Indian Financial System Code
- Indian Financial Security Code
- International Financial System Code
- International Financial Security Code
Q: What is the 5th character in the IFSC Code?
- Natural number
- Control key
- Reserve number
- All of the above
Q: How many digits are there in IFSC Code?