What is IFSC code?

IFSC (Indian Financial System Code) is a unique 11-digit alphanumeric code assigned by the Reserve Bank of India (RBI) to every bank and its branches. This code is essential for processing online money transfers like NEFT, RTGS, and IMPS. You can usually find the IFSC code on your bank passbook, cheque leaf, or on the RBI’s official website.

Benefits of IFSC Code

1. Helps to identify a Bank and its respective branch
2. Eliminates errors in the process of fund transfer
3. Transfers done with IFSC such as NEFT, RTGS and IMPS are accurate

How to transfer money with IFSC code?

IFSC Code makes money transfers quick, easy, and smooth. The Reserve Bank of India (RBI) assigns a unique IFSC code to every bank and its branch. You can transfer funds using NEFT, RTGS, or IMPS with a valid IFSC code.

Let’s see how an IFSC code works using an example:
For the ICICI Bank branch in Erode, Tamil Nadu, the IFSC code is ICIC0000025.

Here’s how to understand it:

• The first 4 characters (ICIC) represent the bank name — ICICI Bank.
• The 5th character is always 0 (reserved for future use).
• The last 6 characters (000025) represent the specific branch code.

This structure helps identify the bank and branch during fund transfers.

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