What is an IFSC code?


IFSC (Indian Financial System Code) is a nine-digit code used in the payment systems of India. It consists of three digits that identify the city, another three identifies the bank and the last three are the branch code. For example, the IFSC code of the SBI branch in Kolkata is 700002021. This code is used by machines that process cheques. It eliminates human error in the clearing process and improves security. IFSC codes are a key element in the NEFT fund transfer process. Having the IFSC code is critical in reducing errors in fund transfers. The IFSC code is also used to purchase mutual funds and insurance. Using the IFSC code, the Reserve Bank of India's National Clearing Cell monitors all fund transfers and keeps track of the corresponding account number. A successful fund transfer is not possible without a valid IEIN, so the IFSC code is vital to the process.

What is a MICR code?
MICR Code: Magnetic Ink Character Recognition as printed on cheque book to facilitate the processing of cheques.

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The IFSC code is made up of 11 characters. The first four alphabetic characters represent the city, the next five represent the bank branch, and the final six represent the branch. IFSC codes are used in inter-bank money transfers in India, and they make them more secure. In addition, they help ensure the security of transactions. This information is vital for preventing fraud, ensuring the stability of the financial system and establishing the credibility of financial institutions.