IFSC Code is a unique identification of the bank's branch. This is mandatory for any online money transfer, particularly from one branch's account to any other branch's account with a different bank. Online transfers for NEFT(National Electronic Fund Transfer), IMPS(Immediate Payment System), and RTGS(Real Time Gross Settlement) transactions are not possible without IFSC Code.
What is IFSC?
IFSC is an acronym for Indian Financial System Code. It's an 11 character alphanumeric code that is unique for every branch of the bank. This unique code becomes the identification of the branch, which makes possible online fund transfer.
It's RBI which assigns this unique code to every branch and also monitors the online transactions.
IFSC is a combination of 3 components:
- First 4 characters represent the bank code
- 5th character is a ‘0’
- Last 6 characters represent a branch code
IFSC for ICICI bank's New Delhi branch at Chattarpur is ICIC0003543
What We Have?
IndianIFSCCodes.com's IFSC tool has a list of 154027 branches of 217 banks.
It's a compilation of data provided by RBI and was last updated on 31st May 2020.