Indian Financial System Code: Difference between revisions

Revision as of 08:52, 13 January 2023

Revision as of 09:38, 25 May 2023

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

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>

Validating the accuracy of an IFSC is essential to avoid any potential errors in financial transactions. Banks and various online resources provide tools to validate IFSC . Users can enter the IFSC they have and verify if it corresponds to the correct bank branch.<ref>{{Cite web |last=krishnan |first=anant |title=THE NO1 COMPLETE GUIDE TO IFSC CODE: UNDERSTANDING ITS SIGNIFICANCE AND USAGE |url=https://worldcodes.org/ifsc-code/ |url-status=live |access-date=2023-25-05 |website=World Codes}}</ref>

==Format==