IFSC code is an 11-digit alphanumeric code that uniquely identifies an Indian bank branch participating in the NEFT system. The first 4 characters represent the bank, the last 6 characters represent the branch, and the 5th character is 0. IFSC codes are used by the NEFT system to identify originating and destination banks/branches and route messages appropriately. Customers need to know the IFSC code assigned to their bank branch for online fund transfers and adding beneficiaries.