Full Form of IFSC

Updated on March 19, 2024
Article byWallstreetmojo Team
Edited byWallstreetmojo Team
Reviewed byDheeraj Vaidya, CFA, FRM

Full Form of IFSC – Indian Financial System Code

The full form of IFSC stands for Indian Financial System Code. It refers to an 11-digit code that is alphanumeric and happens to facilitate the electronic fund transfer mechanism in India, wherein each code happens to identify the banks that would participate in the RTGS and NEFT systems which are commonly used in India.

Format

Indian Financial System Code is an 11-character code with the first four alphabetic characters representing the bank’s name and the last 6 (which can be numeric but can also be alphabetic) going to represent the branch.

The fifth character is often zero and would often be reserved for any future use. The IFSC code of banks is usually used by the NEFT and the RTGS systems, enabling the mechanism to channel and route the required messages to the banks’ destination branches.

Format of IFSC Code

Example: ICIC0000206

Given is an example of an IFSC code of ICIC Bank, Navsari branch in Gujarat.

IFSC Code

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Source: Full Form of IFSC (wallstreetmojo.com)

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How to Find the IFSC Code of any branch?

Should one possess the passbook of their account with the bank, the concerned IFSC code can be found in the account holder’s passbook. The same can also be found in the checkbook of the bank.

However, should one need details of the IFSC code of any other bank, the same can be done by visiting the official website of the concerned bank or even calling the bank’s helpline number.

Below is a summary of how the Indian Financial System Code of any branch or bank can be found.

  • Locate the same in the passbook, which every customer or account holder would possess.
  • Identify the IFSC code in the checkbook of the account holder. Every check leaf will have the same imprint on it.
  • This code can also be found on the official RBI website, wherein the same is mentioned in the banks that would participate in the NEFT network.
  • Additionally, there may also be third-party websites wherein sufficient input details like the name of a bank situated in the concerned state and district would help one extract the details of the IFSC code of the bank that one is looking for.
Full-Form-of-IFSC

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Source: Full Form of IFSC (wallstreetmojo.com)

Is IFSC Code the Same for all Branches of the Bank?

  • The IFSC code will not be the same for all branches of the bank. The first initial letters may be the same, referring to the bank’s name, usually the first four alphabetic characters. (Ex: HDFC0001756 referring to the bank in reference being HDFC).
  • If it holds more than one account with the same branch, the account holder may have the same code imprinted in all passbooks or checkbooks because the account is in the same branch.

How to Search Bank by IFSC Code?

  • The first four alphabetical characters would be about the bank’s name, so one can be certain which bank they are trying to locate. Ex: The IFSC code HDFC0001756 would strongly reference HDFC bank, as indicated by the code’s first four letters.
  • Further, with the advent of technology, numerous websites would indicate and help one find the concerned bank/branch that one is trying hard to find. With a simple click of a button, one can be sure to find the bank/branch he is trying to locate and identify.

Why is IFSC Code Required in Banking?

  • Whenever a person intends to undertake some transfer of money to another bank account of any other member, it becomes imperative that the person knows the code of the transfer where the account is held. It becomes an important part of the mechanism to have the money transferred. Hence, it becomes imperative to know the branch where the account is held so that the RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds Transfer) can be seamlessly undertaken. IFSC code becomes an imperative mandate in such cases. This alphanumeric code facilitates the online transfer system in India.
  • Further, thanks to IFSC codes, one need not waste a long time standing in queues and can have the same transferred across the globe. Owing to the IFSC code, one can have the luxury of sitting at home and transferring money at his fingertips due to technology’s advent.

Things to Remember

  • Allotment by RBI

Many are under the misconception that the banks themselves create the Indian Financial System Code; however, it becomes important to know that the RBI is the only authority that has the right to generate and then allocates the IFSC code to the various branches.

  • Unique

There would be no occurrence of such an instance where the IFSC code would be repeated between banks. It tends to be unique for each bank. NEFT and RTGS are just made based on the account number and the IFSC code.

  • Complete Authority by RBI

RBI has all the Indian Financial System code’s rights, from code generation to alteration to cancellation. It has the autonomy and the power to cancel the IFSC code or make any amendments wherever required. The customer should be vigilant in such cases and ask for extra checkbooks that are updated and reflect the desired change.

  • General Tips

It becomes imperative that the account holder make all efforts to double-check the IFSC codes, even from other third-party websites, to ensure accuracy in the same usage. It is always suggested to transfer a small amount before proceeding with a significant amount to ensure safety in the transactions undertaken.

Recommended Articles

This has been a guide to the Full Form of IFSC and its definition. Here we discuss the format, find the IFSC code of different branches, and search the bank. You may refer to the following articles to learn more about finance –

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