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 RTGS and NEFT finance transfer systems.
The code consists of 11 characters - first 4 characters are alphabets that represent the entity; fifth position has been defaulted with a '0' (Zero) for future use; and the last 6 characters are numerals that denote the branch identity.
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 systems, they would need to have a single identifiable unique code and IFSC would serve the purpose effectively. At present total 101 Banks used IFSC Codes.