IFSC is stands for Indian Financial System Code (IFSC). It is used for electronic payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service, an interbank electronic instant mobile money transfer service (IMPS), and Centralised Funds Management System (CFMS) developed by Reserve Bank of India (RBI). The code has eleven characters "Alpha Numeric" in nature. First four characters represent bank, fifth character is default "0" left for future use and last six characters represent branch.
MICR Code: Magnetic Ink Character Recognition as printed on cheque book to facilitate the processing of cheques.
- IFSC - Indian Financial System Code
- RTGS - Real Time Gross Settlement
- NEFT - National Electronic Funds Transfer
- IMPS - Immediate Payment Service
- CFMS - Centralized Funds Management System
- MICR - Magnetic Ink Character Recognition
- RBI - Reserve Bank of India