What is IFSC and MICR Code of Banks

In this era of Digital India, All the services are made available to citizens electronically over the high-speed internet networks. IFSC and MICR Code used to transfer funds online for NEFT, IMPS and RTGS.

What is IFSC Code ?

IFSC – Indian Financial System Code is a unique identifier of each bank branch that required to facilitates electronic funds transfer in India. IFSC is an alphanumeric 11-character code where first four characters representing the bank name and last six representing the branch.

What is MICR Code ?

MICR – Magnetic ink character recognition code printed at the bottom of cheques. The 9-digit code represent the city, bank and branch for faster processing of funds.

Cheque Number is a 6-digit number at the bottom of the cheque before MICR code, uniquely assigned to each cheque for record of transaction.

IMPS – Immediate Payment Service is the best funds transfer system in India, available 24×7 throughout the year including bank holidays.

NEFT – National Electronic Funds Transfer is one of the most secure way of transferring funds electronically and settled the found round-the-clock.

RTGS – Real Time Gross Settlement is instantaneous transfer of money or securities from one bank to any other bank in real time and settle the payments on instant basis to the recipient.