IFSC means Indian Financial System Code. Eleven-character alphanumeric code that helps in transferring funds online.

The code is assigned by the Reserve Bank of India. Any transfer system that's regulated by the RBI will require the use of an IFSC code. 

The IFSC code plays a crucial role in transferring funds online.

IFSC code will available on your bank passbook, cheque book, visit your bank website, can also found on RBI website or contact your bank.

IFSC code is mandatory for every transaction like NEFT, RTGS and IMPS. IFSC code will help to regulate your transaction to specific branch. Without IFSC code it is not possible to identify bank accounts but in internal transfer within bank it will possible to transfer without IFSC code.

* What time will take to complete online transaction ?

1. In RTGS (Real Time Gross Settlement) - RTGS takes place in 30 minutes.

At present, the RTGS system is available for customer transactions from 8:00 am to 6:00 pm and for inter-bank transactions from 8:00 am to 7:45 pm.

2. In NEFT (National Electronic Funds Transfer ) - NEFT may take up to 72 hours as it is deposited in the beneficiary account on hourly slots.

NEFT timings for Monday to Friday are 8 am to 6:30 pm, and for Saturdays, it is 8 am to 12 pm.

3. In IMPS (Immediate Payment Service)  - IMPS will settle immediately but IMPS have charge by bank.

*ADVANTAGE OF IFSC CODE ?

1. Error free transactions.

2. Instant money transfer.

3. Paperless money transaction.

4. Time saver.

* What happens if use wrong IFSC code ?

If you Enter wrong information you will chances to loose money. So the banking system failed to transfer money and fund will be refunded to the bank account.

Adding beneficiary, before making any transaction like NEFT, RTGS or IMPS transaction is an important step.

* What is limit For transfer money thought online ?

If you add new beneficiary you can transfer only 50,000 in 1st 24 hours by NEFT or RTGS and In IMPS 25,000 only. 

After that, below limit for transfer

                                            Minimum                                             Maximum

RTGS                                   2,00,000                              10,00,000 (or limit provided by bank)

NEFT                                  No Minimum                        10.00,000

IMPS                                   No Minimum                        2,00,000(have charges of transaction)

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