What is an Bank IFSC Code in India?
IFSC (Indian Financial System Code) is a special eleven (11) digit code given by RBI (Reserve Bank of India) for verifying individual bank branches along with their address in India. This code is generally used by RTGS and NEFT transactions.
Bank IFSC Code is of 11 characters from which the first 4 alphabet characters represent banks, next character is 0 which is reserved for future purpose and the last 6 characters are branch code.
What is a MICR Code in India ?
MICR (Magnetic Ink Character Recognition) is a kind of a printing technology which is used to print alpha-numeric details of an bank account. MICR Code is seen on cheques and it makes cheque processing, easy.
What is RTGS in India?
RTGS (Real Time Gross Settlement) is a online system used to transfer money from one bank account to another bank account. RTGS is an instant money transfer system. It comes with a one time fees with all transactions.
What is NEFT in India?
NEFT (National Electronic Fund Transfer) is an online fund transfer system supported by RBI. NEFT is used for small and medium amount transfer between banks and accounts. No minimum amount limit for NEFT.
What is IMPS?
IMPS (Immediate Payment Service) is one of the immediate and instant inter-bank electronic fund transfer system supported by Reserver Bank of India (RBI). IMPS is usually a mobile based system however many Banks in India do offer IMPS facility via ATM and net-banking as well. IMPS is 24x7 service and it's available on all days including holidays.