Indian Financial System Code
The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code used to record and process electronic payments in India. This means that every bank branch that participates in the two payment transaction systems in India is clearly recorded: Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT).
format
The IFSC consists of 11 characters: the first four alphabetic characters stand for the bank name. The fifth character is currently permanently assigned a 0 (zero) and is followed by six alphanumeric characters that uniquely identify the branch of the bank. The IFSC is also used for communication between banks as part of the NEFT and RTGS systems. The format of the IFSC is presented as follows:
| 1 | 2 | 3 | 4th | 5 | 6th | 7th | 8th | 9 | 10 | 11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Bank identification | 0 | Branch identification | ||||||||
IFSC lists
All bank branches participating in the payment system provide lists of the assigned IFSC. In addition, the Indian central bank Reserve Bank of India provides a search function on its website. In addition, all participating banks are required to print the IFSC on check forms .
The IFSC system is only used for domestic transactions within all bank branches in India, whether state-owned, private or a branch of a foreign bank. For international payments, the standard is still the SWIFT code, which is often not specified for individual branches.
Introduction of the IBAN in India
As the introduction is difficult due to the different lengths of account numbers at the various banks, it will take some time before the International Bank Account Number (IBAN) is introduced in India . The launch date published so far at the end of 2016 has already passed. But there is a working group that deals with a uniform length of the IBAN for India.
Individual evidence
- ↑ RTGS / NEFT - FAQ . State Bank of India. Archived from the original on April 16, 2012. Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. Retrieved August 2, 2012.
- ↑ FAQs: NEFT system . Reserve Bank of India. January 31, 2012. Retrieved August 2, 2012.
- ^ [1] Reserve Bank of India
- ↑ Archive link ( Memento of the original from October 21, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Instruction from the Reserve Bank of India
- ↑ [2] Information about the status of the discussion about the introduction of IBAN in India
