IFSC code is also known as Indian Financial Code, is a unique code which is used for the identification of different banks and every bank is given a unique IFSC code. The code contains eleven alpha- numeric characters in which the initial characters are alphabetical and the rest are numerical, this code is provided to all banks and its branches and it is governed by the Apex Bank, commonly known as Reserve Bank of India. As the IFSC code is unique to each and every bank branch, thus, the exact location of the bank and the other details of the bank can also be identified through it.
As the IFSC code is of eleven characters, the first four characters uniquely represent the name of the bank and just by looking at it, one can know the details of the Bank it belongs to. The rest of the characters are numeric though in some cases they are in the combination of letters and numbers. The last seven characters are used to identify the branch of a bank and one common thing in all the IFSC code is, the fifth character is always zero of all the codes and the last six characters are the identifiers of the bank branches. Here is an example of an IFSC code CITI000005:
This means that the above mentioned code is of the Citibank, India, as it states “CITI” in the first four characters. We can also see that the fifth character in this given code is also zero. This code has six zeroes and ends with a number, which is 5 in the above case. There are many websites, from where you can get the IFSC codes of different banks and their branches.
The IFSC code is an integral part of the banking services. The IFSC code enables us to make transactions virtually and receive payments from different banks. Banks and other financial service providers use the IFSC code to conduct real –Time Gross Settlement and National Electronic Funds Transfer transactions to identify and help the streamline process of transactions between the different banks, accounts and bank branches.
Here are some steps to find the IFSC Code:
There are many ways to search the IFSC code of a particular bank. The official website of the Reserve Bank of India has the list of all banks, their branches and their IFSC codes. The list on the website is the list of the banks, which participate in the electronic funds transfer in India, and as per the rules of the RBI, the IFSC code is also printed on all the cheques. The IFSC code helps in identifying the branch location but to find the code, you also need to know the location of bank, for which you need the IFSC code.
To obtain the IFSC code, you can check any website, which has the list of all IFSC codes, by putting the name and location of the bank; you can get the IFSC code easily.
Hope this article will prove helpful to give you the information regarding the IFSC code.