IFSC it is the abbrevation for Indian Financial System Code.IFSC code is mainly used to transfer funds.IFSC is a unique code for banks to identify particular bank branches.Indian Financial System Code is an 11-digit code in alpha numeric format the first four characters will represents bank name/bank code,the fifth character will represent 0 (zero and reserved for future use) and the next six characters represents the branch code.
IFSC is used by RBI to find all bank branches with in the NEFT(National Electronic Funds Transfer) & RTGS systems to route the messages to banks.The IFSC system is only for domestic transactions so every branch of bank in India regardless of whether they are public sector, private sector or foreign banks will have an IFSC code that acts as a unique identifier for the bank branch.
Here are the few IFSC codes for branches listed below:
Bank : STATE BANK OF INDIA
|Branch Names||IFSC Code|
|ADILABAD||SBIN0006644 (used for RTGS, IMPS & NEFT transactions)|
IFSC code acts as a unique identifier for the bank branch. Abroad, the international standard continues to be the SWIFT code, which is often not branch specific.