Indian Financial System Code (or IFSC code) is a 11-digit alpha-numeric code which contains, first 4 characters for bank name, 5th as 0 and last 6 representing the bank branch office identity. This code is used for electronic transfer of money between the accounts via modes like RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer), IMPS (instant mobile money transfer service).
Magnetic Ink Character Recognition Technology (MICR) Code is a 9 digit code printed on cheques. This is unique identification given by the bank to their relesed checks for fast processing of authentication and transfer of money.
What is NEFT transfer
National Electronic Funds Transfer (NEFT) is a nation-wide system that facilitates individuals, firms and corporates to electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country.
What is RTGS transfer?
'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).