IFSC codes

What is IFSC ?
IFSC stands for Indian Financial System Code . The Payment System Applications such as RTGS, NEFT and Centralised Funds CFMS developed by the Reserve Bank of India use these codes.
The IFSC code consists of 11 Characters : (e.g SYNB0005320)
  • First 4 characters represent the entity (SYNB0005320 )
  • Fifth position has been defaulted with a '0' (Zero) for future use (SYNB0005320)
  • Last 6 character denotes the branch identity (SYNB0005320 )
What is RTGS ?
RTGSstands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
What is NEFT ?
NEFT stands for National Electronic Funds Transfer which is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.
What is difference between NEFT and RTGS ?
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually.
For example, currently, NEFT operates in hourly batches - NEFT operates in hourly batches - there are twelve settlements from 8 am to 7 pm on week days (Monday through Friday) and six settlements from 8 am to 1 pm on Saturdays. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time Contrary to this, in the RTGS transactions are processed continuously throughout the RTGS business hours.

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