The IFSC code or the Indian Financial System Code is a unique alpha-numeric code assigned by the Reserve Bank of India to identify bank branch in India. It is an eleven digit code used for various banking transaction within the country. The IFSC code varies from branch to branch with adequate similarities for a bank. This code allows you operate your account from any part of the world to transfer funds. It is used by the electronic payment system applications like National Electronic Fund Transfer, Real Time Gross Settlement and CFMS.
The first four characters of the IFSC code represent the bank code while the last six characters are used to identify the bank branch. The fifth character, which is a zero, is used as control character. An example of the IFSC code for ICICI bank is ICIC0001206.
As a customer, the knowledge of the IFSC code is necessary for adding beneficiaries. The list of banks participating in NEFT/RTGS systems and their IFSC codes is available on the website of the RBI. The code is also printed on the cheque books of the NEFT enabled banks. Finding the IFSC code has become much easy now. In just a few simple steps you can find you the IFSC code of your desired bank-branch. Just select the name and the location of the bank you want to get the code of and with just one click the IFSC code will be displayed before you.