IFSC stands for Indian Financial System Code. It is an 11 digit alpha numeric code that uniquely identifies any bank branch participating in the Reserve Bank of India regulated fund transfer system. The IFSC code helps in transferring funds using RT...
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IFSC stands for Indian Financial System Code. It is an 11 digit alpha numeric code that uniquely identifies any bank branch participating in the Reserve Bank of India regulated fund transfer system. The IFSC code helps in transferring funds using RTGS, NEFT or IMPS method. The first 4 digits of the IFSC represent the bank and the last 6 characters represent the branch. The 5th character is zero. Example: PUNB0123456Why is IFS Codes important?Internet banking enables- IFSC code is very important for online banking. Banking users are required to submit certain key codes, including the IFSC code of the beneficiary's bank branch, to complete the fund transfer transaction smoothly.Easy and quick transfer of funds- Quick transfer of funds is a relief especially for those who want to transact in emergencies as it takes only minutes to transact using the IFSC code.Source and Know More... https://einhindi.com/blog/what-is-ifsc-what-are-the-benefits-of-ifsc
