IFSC code (short for Indian Financial System Code) is a unique 11-digit alphanumeric system used to identify various bank branches that operate within the country, specifically all the branches that operate and participate in various electronic and digital transactions that take place around the country, pertaining to that specific bank branch.
Does IFSC code change for every branch?
IFSC code is used in transaction modes like NEFT, RTGS, etc. Each bank branch has its own unique IFSC code, which is mandatory for all electronic or digital transactions.
The first four characters of the IFSC code represent the bank, and the next six characters represent the specific branch of the bank.
IFSC codes were introduced to segregate between different branches of banks for enhanced security. IFSC code is unique for every branch and is regulated by RBI for any sort of transaction in and out of the bank.
FAQs
What happens when two branches of a bank merge?
In case of a merger, the IFSC code of the newer bank branch is regulated by RBI.
Where do I find the IFSC code for my bank branch?
The IFSC code for your bank branch will be printed in your account passbook, along with some other important details.
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