BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Indian Foreign Service code
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Indian Full Service carrier
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Instant Free space credit
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Indian Financial system code
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None of these
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Detailed explanation-1: -Definition: IFSC (Indian Financial System Code) is an 11-digit alphanumeric code that helps to identify different bank branches that deal with online fund transfers either via NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service) or RTGS (Real Time Gross Settlement).
Detailed explanation-2: -The full form of IFSC is the Indian Financial System Code. IFSC code is an alphanumeric code of 11 characters, which helps to smooth the progress of electronic payments in India. For every bank in India, it can be used to identify and classify each branch.
Detailed explanation-3: -IFSC stands for Indian Financial System Code. It’s an 11-digit code written in an alphanumeric format, and it identifies the branches in the National Electronic Funds Transfer (NEFT) network.
Detailed explanation-4: -The “Indian Financial System Code or IFSC” consists of 11 alphanumeric characters as the code, which is used as a unique identification code in the bank.