The full form of IFSC is – Indian Financial System Code
There are 11 digits are contained in IFSC Code.
• The first four characters represent the bank code.
• The 5th character of a IFSC code is zero.
• The last 6 characters represent the bank branch code .
• The IFSC code facilitates uniquely identifies a bank branch participating in the NEFT system.
• The full form of KYC is Know Your Customer.
• KYC was introduced by RBI.
• RBI introduced KYC guidelines for all banks in the year 2002
• The components of KYC are Identity proof , address proof
and photographs .
• The objective of KYC guidelines is to prevent banks from criminal money laundering activities.
• KYC day is celebrated on First working day of august every year .
• The full form of NEFT is National Electronic Fund Transfer
• There is no minimum limit that could be transferred using NEFT .
• There is no maximum limit that could be transferred using NEFT.
• There is no remittances be sent abroad using NEFT
(except Nepal under the Indo-Nepal Remittance Facility Scheme)
• Can NEFT be used to transfer funds from / to NRE and NRO accounts – Yes
• Maximum amount per transaction for cash-based remittances to Nepal is limited to -Rs.50,000/-