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What is an IFSC Code?

The Indian Financial System Code (IFSC) is an 11-character alphanumeric code assigned by the Reserve Bank of India (RBI) to uniquely identify every bank branch participating in electronic fund transfers. IFSC is required for NEFT, RTGS, IMPS, and UPI transactions.

Structure of IFSC Code

An IFSC code follows a fixed structure: the first 4 characters represent the bank (e.g., SBIN for State Bank of India, UTIB for Axis Bank), the 5th character is always '0' (reserved for future use), and the last 6 characters identify the specific branch.

What is a MICR Code?

MICR stands for Magnetic Ink Character Recognition. It is a 9-digit code printed on cheque leaves to facilitate the processing and clearance of cheques. The first 3 digits represent the city, the next 3 represent the bank, and the last 3 represent the branch.

Electronic Payment Systems

NEFT (National Electronic Funds Transfer): A nation-wide payment system facilitating one-to-one funds transfer. Individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.

RTGS (Real Time Gross Settlement): The continuous (real-time) settlement of funds transfers individually on an order by order basis. This system is meant for large value transactions. The minimum amount to be remitted through RTGS is ₹ 2,00,000.

IMPS (Immediate Payment Service): An instant interbank electronic fund transfer service available 24x7, throughout the year including bank holidays.

UPI (Unified Payments Interface): An instant real-time payment system developed by National Payments Corporation of India (NPCI) that instantly transfers funds between two bank accounts on a mobile platform.

NACH / ECS (National Automated Clearing House): The modern, faster replacement for the older Electronic Clearing Service (ECS), used for high-volume, repetitive transactions like salary credits, dividends, or EMI payments. NACH mandates rely on IFSC codes for routing.