Indian Financial System Code: Difference between revisions

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{{short description|Unique identifier for a branch of a financial institution in India}}

{{unreferenced|date=April 2010}}

The '''Indian Financial System Code''' ('''IFS Code''' or '''IFSC''') is an [[alphanumeric code]] that facilitates [[electronic funds transfer]] in India. A code uniquely identifies each bank branch participating in the three main [[Payment and settlement systems in India]]: the [[National Electronic Funds Transfer]] (NEFT), [[Real Time Gross Settlement]] (RTGS) and [[Immediate Payment Service]] (IMPS) systems.<ref>{{cite web|title=RTGS/NEFT - FAQ|url=https://www.onlinesbi.com/osbi_rtgs_faq.html|website=onlinesbi.com|publisher=[[State Bank of India]]|access-date=2 August 2012|page=question 9|url-status=dead|archive-url=https://web.archive.org/web/20120416231117/https://www.onlinesbi.com/osbi_rtgs_faq.html|archive-date=16 April 2012}}</ref>

The '''Indian Financial System Code''' (also known as '''IFSC''') is a 11 digit code for identifying the bank and branch which an account is held. The IFSC code is used both by the [[Indian Settlement Systems#Real Time Gross Settlement|RTGS]] and [[National Electronic Fund Transfer|NEFT]] finance transfer systems.

==Format==

The code consists of 11 characters - first 4 characters (4!A) represent the entity; fifth position has been defaulted with a '0' (Zero) for future use; and the last 6 characters (6!X) denote the branch identity.

The IFSC is an 11-character code with the first four [[alphabetic]] characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use. Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches.<ref>{{cite web |title= FAQs : NEFT system |url= http://www.rbi.org.in/scripts/FAQView.aspx?Id=60 |publisher= Reserve Bank of India |access-date= 2 August 2012 |date= 31 January 2012 |archive-date= 4 August 2012 |archive-url= https://web.archive.org/web/20120804063153/http://www.rbi.org.in/scripts/FAQView.aspx?Id=60 |url-status= dead }}</ref>

The format of the IFS Code is shown below.

{| width="90%" class="wikitable" style="text-align:center;"

|-฿

! 1 !! 2 !! 3 !! 4 !! 5 !! 6 !! 7 !! 8 !! 9 !! 10 !! 11

|-

| colspan="4" | Bank Code

| 0

| colspan="6" | Branch Code

|}

==Lists of IFS Codes==

IFSC is being identified by the RBI as the code to be used for various payment system projects within the country, and it would, in due course, cover all networked branches in the country. In due course, when all bank branches participate in [[electronic payment system]]s, they would need to have a single identifiable unique code and IFSC would serve the purpose effectively.

Bank-wise lists of IFS Codes are available with all the bank-branches participating in inter bank electronic funds transfer. A list of bank-branches participating in NEFT/RTGS and their IFS Code is available on the website of the [[Reserve Bank of India]].<ref>[http://www.rbi.org.in/scripts/neft.aspx National Electronic Funds Transfer] {{Webarchive|url=https://web.archive.org/web/20110622122603/http://www.rbi.org.in/Scripts/neft.aspx |date=2011-06-22 }} Reserve Bank of India</ref> All the banks have also been advised to print the IFS code of the branch on [[cheque]]s issued by branches to their customers.

==See also ==

* [[List of financial regulatory authorities by country]]

==References==

{{reflist}}

[http://www.antya.com/searchifsc.php Find IFSC Codes and MICR Codes of Indian Banks]

* <small>https://www.npci.org.in/national-automated-clearing-live-members-1</small>

[[Category:Banking in India]]

* <small>https://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB0815.xlsx</small>

[[Category:Real Time Gross Settlement]]

* <small>https://rbidocs.rbi.org.in/rdocs/content/docs/68774.xlsx</small>

[[Category:Electronic commerce]]

== External links ==

*[https://www.rbi.org.in/Scripts/IFSCMICRDetails.aspx Find IFSC of Banks' Branches] on Reserve Bank of India's Website

*[https://m.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2009 List of NEFT Enabled Bank Branches] (with IFSC) on Reserve Bank of India's Website

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*[http://www.bankifsccode.com Find IFSC Code of all branches in India, or Branch Details by IFSC Code]

{{Banking in India}}

[[Category:Banking in India]]

[[Category:Real-time Timegross Gross Settlementsettlement]]

[[Category:Electronic E-commerce in India]]

[[Category:Financial routing standards]]

[[Category:Standards of India]]