Question 1

What is an IFSC code?

Accepted Answer

IFSC (Indian Financial System Code) is an 11-character alphanumeric code that uniquely identifies every bank branch in India. It is mandatory for electronic fund transfers like NEFT, RTGS, IMPS, and UPI.

Question 2

How do I find my bank's IFSC code?

Accepted Answer

You can find your bank's IFSC code printed on your cheque book, passbook, or bank account statement. You can also enter the IFSC code on IFSC Lookup to instantly get full branch details including address and supported payment methods.

Question 3

What is the format of an IFSC code?

Accepted Answer

An IFSC code is 11 characters long. The first 4 characters represent the bank code (e.g., SBIN for State Bank of India), the 5th character is always '0' (reserved for future use), and the last 6 characters identify the specific branch.

Question 4

What is the difference between IFSC, MICR, and SWIFT codes?

Accepted Answer

IFSC is used for domestic electronic transfers within India (NEFT, RTGS, IMPS, UPI). MICR (Magnetic Ink Character Recognition) is a 9-digit code used for cheque processing at clearinghouses. SWIFT code is an international standard used for cross-border wire transfers between banks.

Question 5

What is the difference between NEFT and RTGS?

Accepted Answer

NEFT (National Electronic Funds Transfer) processes transactions in half-hourly batches with no minimum transfer amount. RTGS (Real Time Gross Settlement) settles transactions instantly on a one-to-one basis and is typically used for high-value transfers of ₹2 lakh and above.

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