IFSC - Indian Financial System Code

IFSC or Indian Financial System Code is an alpha-numeric code that identifies branch of a bank. It is a 11 digit code where the first 4 alpha characters represents the bank.

The 5th character is 0 (zero).  

The last 6 characters represents the branch.

IFSC is unique for every branch.

BSBDA Account (BASIC SAVING BANK DEPOSIT)

Any individual, including poor or those from weaker section of the society, can open zero balance account in any bank. BSBDA guidelines are applicable to "all scheduled commercial banks in India, including foreign banks having branches in India". All the accounts opened earlier as 'no-frills' account should be renamed as BSBDA. Banks are required to convert the existing 'no-frills' accounts’ into 'Basic Savings Bank Deposit Accounts'. The 'Basic Savings Bank Deposit Account' should be considered as a normal banking service available to all customers, through branches. The aim of introducing 'Basic Savings Bank Deposit Account' is very much part of the efforts of RBI for furthering Financial Inclusion objectives.