The Indian Financial System Code (IFSC) is an exclusive alpha-numeric code assigned by the Reserve Bank of India to recognize various bank branches in India. To make monetary transactions flexible and possible all over the country, an eleven digit code is used for all kinds of banking transaction done within the country. The IFSC code varies from bank to bank. It permits you to operate your bank account from anywhere to transfer online funds. It is used by the electronic payment system applications like NEFT, CFMS and Real Time Gross Settlement.
The first four characters of IFSC code stands for the bank code while the last six characters is used to identify the bank branch. The fifth character, which is a zero, is used as control character. An example of the IFSC code for HDFC bank is HDFC0001206.
As a creator, you will receive the money in your bank accounts through the IFSC code and account number provided by you. IFSC codes for all banks are accessible on the RBI website. The code is printed on all the NEFT enabled bank's cheque books.