IFSC Codes

What is the meaning of IFSC code?

An IFSC or the Indian Financial System Code is an 11 digit code in alpha-numeric format used by the Reserve Bank of India to identify all the Bank branches within the NEFT (National Electronic Funds Transfer) network uniquely. The first four characters representing the bank’s name, the fifth character is Zero and is reserved for future use, with the final six alphanumeric characters represent the branch of the bank. IFSC is present on the top left corner of a typical cheque leaf.

What is the use of MICR code?

MICR stands for Magnetic Ink Character Recognition. It is a technology which allows machines to read and process cheques enabling thousands of cheque transactions in a short time. MICR code is usually a nine digit code comprising of some important information about the transaction and the bank.It is present on the bottom strip of the cheque leaf, on the right side of your cheque number.

How is IFSC used for NEFT/RTGS/IMPS ?

The Indian Financial System Code (IFS 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), National Electronic Funds Transfer (NEFT) Systems and IMPS.
Here is a link to the Browsable IFSC and MICR Code Directory