IFSC - Indian Financial System Code.
IFSC Code is an alphanumeric code that uniquely identifies a bank-branch participating
in the two main Electronic Funds Settlement Systems in India: the Real Time Gross
Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) Systems.
This is an 11-character code with the first four alphabetic characters representing
the bank name, and the last six characters (usually numeric, but can be alphabetic)
representing the branch. The fifth character is 0 (zero) and reserved for future
use. IFSC Code is used by the NEFT & RTGS systems to route the messages to the destination
banks/branches.
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RTGS (Real Time Gross Settlement)
Real time gross settlement systems (RTGS) are specialist funds transfer systems
where transfer of money or securities takes place from one bank to another on a
"real time" and on "gross" basis.
How Indian financial system code works?
The Indian Financial System Code (IFSC Code) is an alphanumeric code that uniquely
identifies a bank-branch participating in the two main Electronic Funds Settlement
Systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic
Funds Transfer (NEFT) Systems.
This is an 11-character code with the first four alphabetic characters representing
the bank name, and the last six characters (usually numeric, but can be alphabetic)
representing the branch. The fifth character is 0 (zero) and reserved for future
use. IFSC Code is used by the NEFT & RTGS systems to route the messages to the destination
banks/branches. Format of IFSC Code is mentioned below
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1
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2
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3
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4
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5
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6
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7
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8
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9
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10
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11
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BANK CODE
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0
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BRANCH CODE
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MICR - Magnetic Ink Character Recognition Code.
MICR Code is a character-recognition technology used mainly by the banking industry
to ease the processing and clearance of cheques and other documents. The MICR encoding,
called the MICR line, is at the bottom of cheques and other vouchers and typically
includes the document-type indicator, bank code, bank account number, cheque number,
cheque amount, and a control indicator.