IFSC Code

When one uses online banking, identifying the branch to which fund is to be transferred, is needed. The branches of standard chartered banks supporting electronic funds settlements are identified by 11-character code called Indian Financial System Code (IFSC). It is an alphanumeric code uniquely identifying a bank's locale branch. First four characters identify the bank followed by a zero as fifth character reserved for future use. The last six characters identify a specific branch of that bank. This character combination is similar to MICR numbers printed on cheques for the recognition of a particular bank branch.

Online banking users require submitting the account number, name of the account holder and type of account in addition to IFSC for processing the transactions. The funds are transferred within 48 hours depending upon the banks involved in the inter-bank transaction. Several transactions may complete immediately.

There are two electronic fund settlement systems in India – Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT). The banks use Electronic Clearance System (ECS) for processing repetitive transactions such as salaries, SIPs, dividends and bill payments.

Net banking allows transferring funds anytime and from anywhere. It is fast, secure and convenient. All that one need is access to the internet and a bank account with net banking enabled.