BANKING AFFAIRS

Detailed explanation-1: -It is a 11-digit alpha-numeric code that uniquely identifies a bank branch participating in any RBI regulated funds transfer system. The IFSC code helps to transfer money using RTGS, NEFT or IMPS method. The first 4 digits of the IFSC represent the bank and last 6 characters represent the branch.

Detailed explanation-2: -What is Indian Financial System Code? Ans: Indian Financial System Code (IFSC) is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. It is a 11-digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch.

Detailed explanation-3: -IFSC Code or Indian Financial System Code is an alphanumeric code of 11-digits length. It is used to identify the branches of the bank within the NEFT (National Electronic Funds Transfer) network by the central bank.

Detailed explanation-4: -In this 11 digit code, the first four characters disclose the bank name; the fifth character is a zero to have room for expansion of the bank branch and the last 6 define the bank location. It is easier to find the IFS code on the cheque-book and even on the cheque slip.