IFSC Code: Find IFSC, MICR Codes
IFSC Code: IFSC stands for Indian Financial System Code, it is made up of 11-digit alpha-numeric code, it identifies a bank branch which participates in any RBI regulated funds transfer system. The IFSC code helps to transfer money using RTGS , NEFT or IMPS method. The First 4 digits of the IFSC represent the bank and last 6 characters represent the branch. The fifth character is zero. Why is an IFSC code required? The IFSC code is used to perform electronic fund transfers across various banks in India. Most major bank branches involved in bank-to-bank electronic payments have a unique IFSC number. The IFSC code is used by banks to identify the source and target bank branches for fund transfer. It is also used to exchange messages and information across the banks. What is MICR Code? The MICR Code is an older code introduced by RBI in early 1980 to simplify funds transfer via cheques or DD . MICR stands for Magnetic Ink Character Recognition which is a technology used in the banking