Full form of IFSC-IFSC is a banking code. It is used for the transaction of money from a bank to another bank. Every branch of a bank is a deferent IFSC code.
The full form of IFSC is the Indian Financial System Code.
full form of IFSC
The full form of IFSC is the Indian Financial System Code. It is called the Indian Financial System Code. The IFSC Code is an 11-letter alphanumeric code that is used to identify each branch of every bank in India. This code has been specified on the chequebook and it is necessary to transfer money through NEFT or RTGS. It monitors RBI Banking transactions without any hassle and mistakes. RBI can make an overview and maintain all online financial transactions, through IFSC Code.
The IFSC code is the unique code of each Bank Branch. As you know IFSC code is of 11 characters, Friends Reserve Bank Of India has given the same IFSC Code to each branch. Because of which RBI can easily get the address of any branch of India. The IFSC Code is given to the same branch which facilitates the bank’s NEFT Transaction System.
What is the use of IFSC?
IFSC Code is used in electronic payment very easily like some electronic payment names are NEFT, RTGS, and CFMS and friends. One thing you should know is that most people have the wrong impression that it is called IFSC Code.
The first 4 words of the IFSC Code are of Alphabet, as you know the name of Alphabet Bank, and the 5th Word of this Code is always 0, and the 6 digit of Last also denotes the Branch Code. Using the IFSC Code, you can transfer direct money from one account to another.
IFSC Code is also used for the convenience of NEFT, RTGS, IMPS, there are other uses like – Fast Payment, Internet Banking, Online Payment, Foreign Money Transaction All these transactions cannot be done without this code.