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Have you ever looked at your checkbook and noticed a long number given on the cheque. On your first try, you guess it's your account number but that’s not the answer. Fret not, it's the IFSC code. Now, you must be wondering what is IFSC code and what does it do. Read about it below.
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What is the meaning of IFSC code ?The full form of IFSC is Indian Financial System Code. It is an 11-digit number that is used by bank branches that are a part of the National Electronic Funds Transfer (NEFT) network set up by the Reserve Bank of India.
This alphanumeric number can be easily found on the cheque and passbook given to customers by the bank. You can also find this code on the official websites of banks. You can find it on the website of RBI as well.
The number is made up of 11 characters. The number is XXXX0YYYYYY. The first four numbers are (XXXX). It represents the bank. The zero (0) is reserved for future use. The last six numbers (YYYYYY) are a code that signifies an individual branch.
For NEFT transfers to occur, you will need to know the IFSC code. It is not possible to identify a bank account number from the IFSC code. Making it fraud-proof.
This is all from my end on what is ifsc code.
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What is IFSC code ?
Rahul
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3 Year
2022-04-21T09:39:12+00:00 2023-08-25T17:05:33+00:00Comment
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