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Home > Ifsc Code

Few words about IFSC Code of Banks in India:

The implementation of the IFSC or the Indian Financial System code has been India’s step forward in matching up to the international banking operations standards. This code (IFSC) has been developed so that Electronic Transfer of Funds is possible across all banks that operate within the purview of the Reserve Bank of India. Such banks are in the nation-wide network or National Electronic Fund Transfer system or NEFT.

The banks that operate in the NEFT network can allow its users; individuals, firms, companies from the corporate sector, trusts etc. that hold an account with the bank to transfer funds vide the internet to any account in any other branch of the same or another bank in India that is also in the network. The transfers are carried out on an hourly basis during office hours of the bank on working days. People who do not have bank accounts can also avail this facility up to a maximum limit of Rs. 50000 and they also must have a proof of identification. The NEFT scheme is further extended to Nepal vide the Indo-Nepal Remittance Facility Scheme wherein funds can be transferred from India to Nepal but not vice versa. This system allows transfer to a bank account or to an individual, the maximum limit for which is also Rs. 50000.

What is IFSC or Indian Financial System Code?

IFSC or Indian Financial System Code is the 11 digit code that is printed on each the leaf of each cheque book that is used by the account holders of the bank. This code identifies the bank and the branch that is part of the NEFT network. It is an alpha-numeric code which means that both digits and alphabets are used in the code. The first four characters are alphabetic and denote the bank, the fifth character is zero (0) and the last six characters are usually numeric (could be alphabetic also) and represent the branch of the bank. Once the bank and the branch are identified, messages and transfers can be easily routed to them or accepted from them. 

The account holder who wishes to transfer the funds fills in a form with the information of the recipient or beneficiary such as the name, account number, Bank, IFSC etc. and the amount to be transferred. A message is sent by the account holder’s bank to the central Service Center of the NEFT. This Clearing Center sorts the funds bank and branch-wise and keeps a record of all the transactions of the banks involved. The recipient’s bank then gets a message about the transaction and the amount can be credited to the beneficiary’s account. The funds are debited from the originator’s account and credited to the beneficiary’s account.

Since there is no physical dispatch of cheques between the Clearing House and the banks involved, as per the old banking systems, there is a considerable saving of time and effort in the whole process.  

All the branches of the banks participating in the NEFT network have the complete list of the IFSC. The branch-specific code is printed on each cheque that are issued to their account holders. For users of the internet banking facility, the bank website carries this information through online search or a pop-up screen.

Advantages of the IFSC Code

  • The need to use a negotiable instrument such as a demand draft (D.D.) or a bank cheque to transfer funds from the Remitter’s account to the Beneficiary’s account is eliminated.
  •  The beneficiary gets the funds directly in his account hence time and effort is saved.
  • The system has not added any extra expense to either the bank or the users, in fact there is saving of effort and time across all users.
  • The possibility of fraud, loss or theft is greatly diminished.
  • The remitter and the beneficiary are informed about the transaction via SMS or E-Mail.
  • Since IFSC code is fundamental to Internet Banking, it has been instrumental to make Banking easier for the users.


IFSC Code of Banks In India



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