The main use of IFSC is in electronic funds transfers. The alpha-numeric IFSC exclusively recognises each bank branch which participates in the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS). The first portion of the eleven-character IFSC code is composed of four letters representing the bank, the next character is zero that is reserved for future use, and the last 6 characters are the identification code of the branch.