BANKING AFFAIRS

Detailed explanation-1: -The IFSC is an 11 digit alpha numeric code, with the first four digits identifying the bank, fifth is numeric (kept 0) and the last six digits represent the bank branch.

Detailed explanation-2: -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-3: -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-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.

Detailed explanation-5: -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.