IFSC Full Form | What Is The Full Form Of IFSC Code

By | May 3, 2020

What Is The Full Form Of IFSC Code

IFSC Full Form: All you need to know about some basic banking terms and their full forms like NEFT, RTGS, IFSC, MICR before making a career in the banking field. Than You Are Right Place To Know Full form of IFSC Code, NEFT, RTGS, MICR. In This Article, We are going to discuss the meanings of some daily usefully banking Codes.

ifsc full form

IFSC Full Form 

IFSC Stands For Indian Financial System Code. It is a unique 11-character code that signifies the bank and branch in which an account is held used to identify each branch of every bank in India. You can easily identify a bank and its branch from the given IFSC code. This code is specified on the checkbook and required to transfer money through NEFT or RTGS. You must have the following information to obtain the IFSC code of any bank.

IFS Code is a unique 11-character code with its—

  • The first four characters representing the name of the bank
  • The fifth character is always 0 and reserved for future use.
  • The last six characters indicating the branch code

What is the full form of IFSC Code In Banking Terms 

 IFSC Full form In Banking Term is the Indian Financial Code. 

NEFT Full Form 

National Electronic Fund Transfer is the Full form of NEFT. NEFT is an electronic money/funds transfer system from one bank to another. It was introduced by Reserve Bank of India and to take part in NEFT fund transfer, a bank branch must be NEFT-enabled.

What is required before using NEFT

A bank’s customer must have the following information before using NEFT.

  • Name and full Bank account number of the beneficiary to whom, you want to transfer money).
  •  Indian Financial System Code (IFSC) of the beneficiary Bank/Branch

NEFT Full Form In Banking

National Electronic Fund Transfer. it is done in batches so it is slower. 

RTGS full form 

RTGS stands for Real-Time Gross Settlement, which is a continuous (real-time) settlement of funds on an individual or orderly basis. ‘Real Time’ means the processing of instructions at the time they are received rather than at a later time. ‘Gross Settlement’ means the settlement of the transfer of funds shall take place on an instructional basis. Through RTGS, fund settlement takes place through Reserve Bank of India’s books, so the payments are final and irreversible.

IMPS Full Form

IMPS Stand For Immediate Mobile Payment Services (IMPS) is a real-time instant inter-bank funds transfer system managed by the National payment corporation of India. IMPS is available 24/7 throughout the year, including bank holidays other than NEFT and RTGS.

Difference Between NEFT, RTGS, and IMPS

Category NEFT RTGS IMPS
Settlement Type It is done in Half hourly batches so it is slower. It works in real-time so it is faster.  Real-time
Limit If Minimum Amount Transfer Rs, 1 Rupee RS, 2 Lakh Rs, 1 Rupee
Limit If Maximum Amount Transfer No Limit No Limit  RS, 2 Lakh
Timings on Mon – Fri 8:00 am – 6:30 pm 9:00 am – 4:30 pm  Available 365 days 24/7
Timings on Saturday 8:00 am – 12:30 pm 9:00 am – 1:30 pm
Charges  Upto 10,000 – Rs. 2.5
from 10,001 – 1 lac – Rs. 5
from 1 – 2 lacs – Rs. 15
Above 2 lacs – Rs. 25
Rs. 25-30 (Upto 2 – 5 lacs)
Rs. 50-55 (Above 5 lacs)
(Lower charges for the first half of day)
Charges for remittance through IMPS are decided by the individual member banks and PPIs. The taxes are included.

MICR Full Form

MICR stands for Magnetic Ink Character Recognition. MICR technology is generally used by banks to ease the process that involves the clearance of cheques and other documents. The MICR encoding is found at the bottom of the checks and other important vouchers. It includes indicators such as bank code, cheque number, bank account number, cheque amount, and other control indicators. Unlike barcodes, MICR technology is easily readable by humans. MICR E-13B has been adopted as the international standard of ISO 1004:1995.

Final Thoughts 

In this post, I explain the IFSC Full Form, MICR Full Form, RTGS Full Form, And NEFT Full Form if you have any suggestions or quires Regarding This post feel free to drop your comment on the Comment Box Below.

Also Read: Http Full Form

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