Indian Financial System Code (IFSC) is Utilized for Electronic Payment Applications like
Real Time Gross Settlement (RTGS),
National Electronic Funds Transfer (NEFT),
Immediate Payment Service (IPM),
Bank-to-bank electronic Instant Mobile Money Transfer service (IMPS),
Centralized Funds Management System (CFMS)

IFSC Codes are Alphanumeric, 11-Digit Codes, which are unique to a single branch and do not ever repeat.

Money transfers can be done to a particular branch by compulsorily entering IFSC codes or MICR codes.

Given below is an example of a Union Bank IFSC Code:

“UBIN0567434” - IFSC Code for a Union Bank of India branch

First four alphabets – UBIN denotes the name of the bank i.e. Union Bank of India
0 - For future use

567434 - Indicates a particular branch of Union Bank of India (Indira Nagar branch)