IFSC Code: What is IFSC code? Why is there an 11 digit number in it?

Banking services have played an important role in changing the world, shaping the economy and helping a person to set a budget in a planned manner. Not only this, it also has an important contribution in the development of the economy of countries. At present, banking has made essential financial services accessible to the common people. Today's digital age has also made banking digital. Now you can avail many banking services digitally with the help of your smartphone.

Most of us have a bank account today. After opening a bank account, you get an IFSC code. We especially need this code while transferring money. At the same time, have you ever thought about what is IFSC code? If not, then today we are going to tell you about this.

What is IFSC code?

IFSC (Indian Financial System Code) code means Indian Financial System Code. It is a special kind of 11 digit code. IFSC code is used to identify a specific branch of a bank.

If you are transacting money between two bank branches, then IFSC code is especially needed. At the same time, do you know the meaning of 11 digits of IFSC code? If not, then let's know about it.

What is the meaning of 11 digits of IFSC code?

The first four digits of IFSC code are alphabet letters. These four digits tell about the name of the bank.

The fifth digit is 0. This digit is reserved for future use.

The last six digits give information about the branch of the bank.

You can easily find out the IFSC code of your bank. You can get information about the IFSC code by looking at the bank passbook. Apart from this, you can also see it on the check book or can easily find out about the IFSC code by visiting the bank branch.