Skip to main content

What is IFSC Code? (Full Form Of IFSC)

Full Form of IFSC.

IFSC Full Form:  IFSC stands for Indian Financial System Code.


What is IFSC Code?

IFSC stands for Indian Financial System Code. It is a unique alphanumeric code that is used to identify a bank and its branch in India. The code is used in electronic fund transfer (EFT) transactions such as NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service) in India.

The IFSC code consists of 11 characters, the first four characters represent the bank's name, the fifth character is always a zero and the last six characters represent the branch code. For example, the IFSC code of the State Bank of India branch in Connaught Place, New Delhi is SBIN0000691. Here, "SBIN" represents State Bank of India, "0" is a reserved character, and "000691" is the branch code.


How can I know my IFSC code by account number?

Unfortunately, it is not possible to know the IFSC code of a bank by just knowing the account number. However, there are a few ways to find out the IFSC code of a bank:

Check the bank's website: Most banks have their IFSC codes listed on their official websites. You can visit the bank's website and search for the IFSC code using your branch's name, location, or account number.

Use the Reserve Bank of India's website: The Reserve Bank of India (RBI) maintains a database of all bank branches in India along with their IFSC codes. You can visit the RBI's website and use their IFSC code search tool to find the code by entering your bank's name, location, or account number.

Check your bank account statement or passbook: The IFSC code of your bank branch is usually printed on your account statement or passbook. You can look for it there.

Contact your bank: If none of the above methods work, you can contact your bank's customer care or visit the nearest bank branch and ask for the IFSC code of your branch. They will be able to provide you with the correct code.


IFSC Code related important 10 questions and answers?

Here are Ten IFSC Code-related questions:

Question 1 - What is the full form of IFSC?

Answer: IFSC Stands For Indian Financial System Code.

Question 2 - How many digits are there in an IFSC code?

Answer: An IFSC code consists of 11 characters.

Question 3 - Is the IFSC code the same for all branches of a bank?

Answer: No, the IFSC code is unique for each branch of a bank.

Question 4 - What is the purpose of an IFSC code?

Answer: The purpose of an IFSC code is to identify a bank and its branch in electronic fund transfer transactions such as NEFT, RTGS, and IMPS.

Question 5 - How can I find the IFSC code of a bank?

Answer: You can find the IFSC code of a bank by checking the bank's website, using the Reserve Bank of India's website, checking your bank account statement or passbook, or contacting your bank's customer care.

Question 6 - Can an IFSC code be changed?

Answer: Yes, an IFSC code can be changed if a bank changes the location or name of its branch. In such cases, the bank will inform its customers of the new code.

Question 7 - Is it necessary to provide an IFSC code for all electronic fund transfer transactions?

Answer: Yes, it is necessary to provide an IFSC code for NEFT, RTGS, and IMPS transactions. Without an IFSC code, the transaction may be rejected or delayed.

Question 8 - How is the IFSC code different from the MICR code?

Answer: The IFSC code is used for electronic fund transfer transactions while the MICR (Magnetic Ink Character Recognition) code is used for processing cheques.

Question 9 - Can an IFSC code be used to withdraw money from an ATM?

Answer: No, an IFSC code cannot be used to withdraw money from an ATM. It is only used for electronic fund transfer transactions.

Question 10 - Can an IFSC code be used for international fund transfers?

Answer: No, an IFSC code is used only for domestic fund transfers within India. For international fund transfers, a different code such as the SWIFT code is used.


Labels:

Comments

Post a Comment

Popular posts from this blog

Top 10 Job Oriented Certificate Courses

Hello Friends and students. Life is very fast these days and we want some shortcut to become successful in our life. Maximum students want to get a job as soon as possible after completing their studies. Here we will suggest the top 10 job-oriented certificate courses. 1 - Project Management Professional (PMP) Certification: Globally, industries greatly value project management professional certification. It gives you the ability to manage projects successfully, including team leadership, planning, execution, and monitoring. After this course, you can handle big projects or you can assist the senior also. For All Details Click Here 2 - Certified Data Scientist: Making informed business decisions requires data science. This certification prepares you to analyze and interpret complicated data by covering statistics, machine learning, data visualization, and programming abilities. Data scientist is the most demanding course during this period. If you are good to play with huge databases a...
Post a Comment
Read more

How To Use "LEFT" & “ RIGHT" Formulas in MS Excel.

Uses and explanation of "LEFT" & “ RIGHT Formulas. MS Excel formulas: Easiest way to understand Syntax and usage : Formula:  A: "RIGHT”     B:   “LEFT” =RIGHT(Text,[num_chars]) Explanation:    RIGHT formula is used to split the value inside the cell. In a cell we have a name like "John Abraham", but we don't need the full name, as per client requirement, we want only last name from the tab. In this case, we can use Right formula in MS Excel. Example:   Let suppose we have the name “Mark Henry” in a cell A:1. We would like to take only “Henry” from the cell. See below, how can we pull the last name by the RIGHT formula.  =RIGHT ( E9 , 6 ) You can see in the above table that we can separate Hanery name with using RIGHT formula. Name: Mark Hanery. Query:  We want to separate the last name only.  Formula = Right(E9,6)  Result: Hanery E9 is the cell reference and 6 is the number of...
Post a Comment
Read more

What is Project Management Professional Certification

The Project Management Professional (PMP) certification is one of the most widely recognized and respected credentials in the field of project management. It is offered by the Project Management Institute (PMI), a globally recognized professional organization for project management practitioners. The PMP certification signifies a high level of expertise and proficiency in project management principles and practices. Below are the full details about the PMP certification: Eligibility Requirements: To be eligible for the PMP certification, candidates must meet certain educational and professional experience criteria: 1 - Educational Background: A four-year degree (bachelor's degree) or global equivalent. Minimum a high school diploma, associate's degree, or global equivalent) in conjunction with additional project management experience. 2 - Project Management Experience: With a four-year degree: A minimum of three years of unique non-overlapping professional project management ex...
Post a Comment
Read more