The Indian Financial System Code or IFSC code is the lifeline of modern day banking operations. An IFSC code is a unique identification code defining each bank branch that helps in coordination and successful transfer of funds between the sender and recipient bank. All swift electronic fund settlements including the national electronic funds transfer (NEFT) and real time gross settlement (RTGS) and other online funds transfer variants like net banking, online purchase and transfer of funds to third party accounts all use IFSC codes for their successful execution. IFSC Codes work and operate under the guidelines and rules developed by the Reserve Bank of India.
The Working Mechanism of IFSC Code:
Indian Financial System Code or IFSC code is a series of eleven character code specially formulated and controlled by the Reserve Bank of India. The eleven characters can be a combination of alphabets and numerical corresponding to each designated bank branch assigned for the respective IFSC code. Each bank branch gets its own unique IFSC code which is used to identify the bank and its exact branch to allow quick online transaction of funds.
Example of IFSC Codes:
Let us consider the IFSC code for State Bank of India located in Rangarajapuram in Chennai.
Similarly let us find the IFSC code for Yes Bank located in Vashi, Navi Mumbai in Maharashtra.
Finding IFSC Codes for Various Banks:
IFSC Code for each bank is listed on the official website of Reserve Bank of India. As per RBI Guidelines each bank branch has listed its IFSC Code inside the bank branch which is visible to each visitor. For those users who do not know the IFSC code of their bank branch and cannot plan a physical visit for their branch, BankBazaar.com, India's biggest financial portal has developed a state of the art IFSC code finder tool. For instance, if you want to search the IFSC Code of Thrissur branch of Axis Bank, all you have to do is simply go to BankBazaar.com, then select resources from the menu and choose IFSC Codes and then bank name and branch. The IFSC code finder tool has an extensive database of over 80,000 bank branches including urban, rural and semi urban areas.
The Working Mechanism of IFSC Code:
Indian Financial System Code or IFSC code is a series of eleven character code specially formulated and controlled by the Reserve Bank of India. The eleven characters can be a combination of alphabets and numerical corresponding to each designated bank branch assigned for the respective IFSC code. Each bank branch gets its own unique IFSC code which is used to identify the bank and its exact branch to allow quick online transaction of funds.
- The first four characters of an IFSC code are always alphabetic and correspond to the name of the bank.
- The fifth character is reserved for future use and is always numeric zero as of now.
- The last six characters can be a combination of numeric and alphabets and correspond to the exact bank branch concerned.
Example of IFSC Codes:
Let us consider the IFSC code for State Bank of India located in Rangarajapuram in Chennai.
- The IFSC code for the bank is SBIN0011605.
- First 4 characters are SBIN representing the name of the bank i.e. State Bank of India.
- The last six characters are 011605 which correspond to the Rangarajapuram branch of the SBI in Chennai City.
- The fifth character from the front is o and reserved for future use.
Similarly let us find the IFSC code for Yes Bank located in Vashi, Navi Mumbai in Maharashtra.
- The IFSC code of the corresponding branch is YESB0000062.
- First 4 characters are YESB representing the name of the bank i.e. Yes Bank.
- The fifth character from the front is o and reserved for future use as per RBI guidelines.
- The last six characters are 000062 correspond to the Vashi, Navi Mumbai branch of Yes Bank.
Finding IFSC Codes for Various Banks:
IFSC Code for each bank is listed on the official website of Reserve Bank of India. As per RBI Guidelines each bank branch has listed its IFSC Code inside the bank branch which is visible to each visitor. For those users who do not know the IFSC code of their bank branch and cannot plan a physical visit for their branch, BankBazaar.com, India's biggest financial portal has developed a state of the art IFSC code finder tool. For instance, if you want to search the IFSC Code of Thrissur branch of Axis Bank, all you have to do is simply go to BankBazaar.com, then select resources from the menu and choose IFSC Codes and then bank name and branch. The IFSC code finder tool has an extensive database of over 80,000 bank branches including urban, rural and semi urban areas.