IFSC (Indian Financial System Code) is a unique code that helps banks identify the bank-branch that funds are directed to during an electronic transfer or electronic settlement of funds. It is made up of 11 alphabets and numbers arranged in a manner such that the first four characters are alphabetic and denote the bank and the last six characters are numeric (usually) and denote the branch of the bank. The two are divided by the fifth character, usually a zero (0), that can be used at a future date when required.
When is it used?
The IFSC code, or IFSC, is used for electronic settlement of funds through:
- NEFT (National Electronic Funds Transfer)
- RTGS (Real Time Gross Settlement)
- IMPS (Immediate Payment Service)
- CFMS (Centralised Funds Management System)
How do we get a bank's IFSC?
- Every bank-branch that uses an IFSC can provide information on its code.
- It is also printed on the cheque books issued by the bank-branch that uses the IFSC.
- Alternatively, it can be found online either at the bank's website or through the RBI's website at http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2009.
An online source for IFSC codes is Bankbazaar.com which has an online directory of IFSCs of all banks in India, besides related information like bank details and offerings. You can reach the appropriate page by navigating to the 'Resources' tab on the home page and choosing 'Bank IFSC Codes' from the drop-down menu. Here, you will be required to select the bank of your choice either from the drop-down list or from the list of banks provided, followed by the state and district in which the bank is located and finally the particular branch for which the code is required.
Let us look at the IFSC for two banks i.e. Standard Chartered Bank, Koramangala Branch and Yes Bank, Saket to get a better understanding.
Standard Chartered Bank
Standard Chartered Bank is the largest foreign-sector bank in India. It has been in operation in India for over 150 years and has about 99 branches all over the country. It is the first foreign bank to get listed in India in 2010.
As mentioned above, the IFSC code can be obtained either directly from the bank or online.
IFSC for Standard Chartered Bank - Koramangala
The IFSC code for Standard Chartered Bank, Koramangala is SCBL0036073 where Standard Chartered Bank is the bank, Karnataka is the state, Bangalore is the district and Koramangala is the branch.
SCBL - denotes the bank; 0 is the fifth character and 036073 - denotes the branch code.
Yes Bank
Yes Bank was started in 2004 and over the last decade has grown to be the fourth largest bank in the private-sector. Yes Bank provides services in various areas of corporate and retail banking. Yes Bank has an extensive reach with over 572 branches all over India.
IFSC for Yes Bank, Saket
The IFSC code for Yes Bank, Saket is YESB0000061 where Yes Bank is the bank, Delhi is the state, New Delhi is the district and Saket is the branch.
YESB - denotes the bank; 0 is the fifth character and 000061- denotes the branch code.
Please note, the information provided above is subject to change.