IFSC Demystified: Your Ultimate Guide to Understanding it.

IFSC stands for Indian Financial System Code

The right way of saying it is IFSC or IFS Code. It shouldn’t be referred to as “IFSC Code”

• It is an alphanumeric code that helps in identifying a specific bank branch within the country.
• IFSC is always a 15-digit Code. The first 4 letters of IFS Code is the Bank Name, followed by a “0” (Zero) [This is always a Zero, and not English Alphabet O], followed by 6 Alphanumeric Code which is the Branch Code.

[Image showing the breakdown of each letter in the IFS Code]

• It is issued by the Reserve Bank of India (RBI).
• Every bank branch in India has its own unique IFSC.
• Whenever banks merge, their IFS Codes also change.

Some small banks in India do not have their own infrastructure, so they utilize the “Digital Infrastructure” of larger banks. In such cases, the IFSC of those small banks starts with the name of the larger bank. For example, Newada Small Cooperative Bank utilizes services from YES Bank, their IFSC (YESB0NCCB01) begin with the name of YES Bank.

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