IFSC
Business & Finance abbreviation · Banking
| Stands for | Indian Financial System Code |
|---|---|
| Categories | Business & Finance |
IFSC stands for Indian Financial System Code, a banking abbreviation.
Eleven-character alphanumeric code assigned by the Reserve Bank of India to identify each bank branch that takes part in electronic payments such as NEFT, RTGS and IMPS. The first four letters identify the bank, the fifth character is a zero and the last six identify the branch.
Example: Branches of State Bank of India have an IFSC beginning with the letters SBIN.
Usage notes
IFSCs are printed on cheque leaves and passbooks and are needed only for domestic Indian transfers; international payments use SWIFT codes. In Indian business news, IFSC can also refer to the International Financial Services Centre at GIFT City in Gujarat.
Related abbreviations
More banking abbreviations
- EMV – Europay, Mastercard and Visa
- FD – Fixed deposit
- FI – Financial institution
- FPS – Faster Payments Service
- G-SIB – Global systemically important bank
- IBAN – International Bank Account Number
- IMPS – Immediate Payment Service
- KYC – Know your customer
- LCR – Liquidity coverage ratio
- LDR – Loan-to-deposit ratio
- LLP – Loan loss provision
- LOC – Line of credit