IFSC Full Form: Indian financial System Code or an application of electronic payment system is popularly known to the common people as IFSC which is an 11-character alphanumeric code issued by RBI.
It represents the bank along with its branch of any account within that bank and facilitates electronic fund transfer across India like Real Time Gross Settlement (RTGS), the National Electronic Fund Transfer (NEFT), and Immediate Payment Service System (IMPS).
With the help of this code, one can easily track a bank with its branch from which it is being provided. One can easily avail IFSC from their cheque book which is necessary for transaction from one account to another through NEFT and RTGS. If you provide wrong IFSC, then you will not be able to transfer funds through NEFT, RTGS and IMPS.
Related Post: Full Form of Banking Related Terms
Format of IFSC code
The IFSC consists of 11-characters out of which first four characters are alphabet that denotes the name of the bank so we can say that same bank uses the same code for each branch, after that in the fifth place of the character is denoted with zero (0) which will be used in future if required, and the rest six characters are used for branch code which can generally be numbers or alphabet.
Where someone can found the IFSC code
It is very easy to get IFSC through the passbook and cheque issued by the bank, if someone lost their passbook or cheques one can also follow some simple methods to get it:
- In the official website of the respective bank.
- By visiting RBI’s official website.
- By simply visiting any website which help us to know IFSC by providing name of the Bank, State, District, and Branch name.
Importance of IFSC
Though IFSC mainly helps to identify the bank branch and its location but it also takes part in digitalization of India that are as follows:
- It is used for paperless money transfer.
- Easy quick and error free NEFT and RTGS transfer are being operated using IFSC for this type of transactions.
- Quick transactions can be done across India to any receiver or beneficiaries.
- Saves valuable times of customers with less chance of fraud during the transaction of money.
So, having the facility of NEFT, RTGS, now money can be transferred using IFSC in just few clicks.
Different mode of money transfer using IFSC code
Here we have discussed briefly about the modes of money transfer using IFSC code.
National electronic funds transfer is the most secure service that allows money transfer electronically.
Timing: Monday to Friday 8AM-6.30PM and Saturday 8AM – 12PM
Limit: No minimum or maximum limit of amount.
- Upto 10,000: Rs. 2.50
- Between 10,000 to 1 lakh: Rs. 5.00
- Between 1 lakh to 2 lakhs: Rs. 15.00
- Between 2 lakhs to 10 lakhs: Rs. 25.00
Also Read: Full Form of NEFT
RTGS stands for Real Time Gross settlement.
Timing: Monday to Friday 9AM-4.30PM and Saturday 9AM -2PM
Limit: Minimum 2 lakhs with no upper limit
- Between 2-5 lakhs: Rs. 30.00
- Above 5 lakhs: Rs. 55.00
Immediate Payment Service enables anywhere and anytime fund transfer.
Timing: Can be used 24X7
Limit: No limit.
- Up to 1 lakh: Rs. 5.00
- Between 1 lakh to 2 lakhs: Rs. 15.00
Be cautious while filling the IFSC
It is very necessary to be careful while entering the IFSC for any transaction. Having same account number of two banks is rare but not impossible.
So, the fund transfer will be successful despite of providing wrong IFSC and someone can lose money and it’s very difficult to reverse once the transaction is done successfully.
Recent news about IFSC
Last year the second largest bank of India, PNB merged with Oriental Bank of Commerce and United Bank of India. Recently PNB announced existing Bank IFSC code will not work from 30th June 2021.
So, the account holder of those Banks including PNB will get new passbooks, cheque books containing new IFSC code.
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FAQs Regarding IFSC Full Form
Q1. What is the full form of IFSC?
Ans: The full form of IFSC is Indian Financial System Code.
Q2. How will I know my IFSC code?
Ans: From the passbook, cheques or by visiting the website of respective bank.
Q3. Can I transfer money without IFSC?
Ans: You are able to do domestic money transfer without IFSC. But in case of online transfer, it is necessary.
Q4. Is IFSC code is required for international transfer?
Ans: No, IFSC is needed in money transfer within Our country (India). SWIFT code is necessary while transferring internationally.
Q5. Is MICR and IFSC same?
Ans: No, IFSC is an 11-character alphanumeric code found in passbook as well as in cheques while MICR is a 9-digit code found in cheques only.
Q6. Is it safe transferring money through IFSC?
Ans: Yes, it is completely safe and secure.
Q7. Is it safe to share IFSC code with someone?
Ans: IFSC is different of each bank and it is needed while transferring money online. It is impossible to misuse it. So not be worried about it.