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What is Indian Financial System Code-IFSC
IFSC, short form of Indian Financial System Code. The IFSC code is an 11-character code with the first four alphabetic characters represents the bank name, and the last six characters are branch code which represents the branch. The fifth character is 0 (zero) and reserved for use in future. Bank IFS Code is used by the NEFT, RTGS electroncis money transfer systems use.
What Does IFSC-Indian Financial System Code Stand For?
What Does IFSC-Indian Financial System Code Stand For? IFSC is stand for Indian Financial System Code and represents the 11 digit character that usually appears on bank’s cheque. The 11 character code helps to identify the bank branches that uses the various online money transfer options like NEFT and RTGS in India.
What is IFSC NEFT-National Electronic Funds Transfer?
National Electronic Funds Transfer - NEFT is a nation-wide electronics money transfer system that facilitates individuals, firms and corporates to electronically transfer funds from any bank branch to any individual bank account, firm or corporate having an account with any other bank in India. NEFT money transfers are also known as e-cheques as the funds are not transferred in real-time and the funds are settled in batches between the bank accounts.
What is IFSC RTGS- Real Time Gross Settlement Transfer?
'RTGS' stands for Real Time Gross Settlement, which can be defined as the real-time settlement of funds transfers individually between bank accounts on an order by order basis without netting. IFSC Code is need to identify the Branch of a bank to which we want to transfer funds using RTGS.
What is IFSC IMPS transfer?
IMPS stand for Immediate Payment Service in India and it is also known as Interbank Mobile Payment Service. IMPS uses IFSC codes to transfer money between bank accounts and faciliate to transfer money instantly. And it is 24*7 hour facility enabled by the RBI in India for trasnfering the money.