What is an IFSC Code? IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.
Indian Financial System Code (IFSC), a unique code, assigned to each bank in India, if you are a ustomer of any bank, you should know IFSC code assigned to your bank for your own benefits.. IFSC code is required for many banking transactions. With the IFSC code you can easily manage your account from any corner of the globe to transfer fund through various sources. You need to know the IFSC Code for adding beneficiaries to your account. IFSC code is must to have online fund transfer.
What is a MICR Code? MICR (Magnetic Ink Character Recognition) is a printing technology used to print alpha-numeric details. MICR Code is printed on cheques and they let cheque processing,easy. The strip is basically bottom strip of cheque where information about chq no, city cide, bank code and branch code is given . This MICR code is used in RBI clearing process to identify the branch and bank for clearing processes.
What is RTGS? RTGS (Real Time Gross Settlement) is a fund transfer system used to transfer money from one bank to another. This gross basis transfer is a real time transfer system. Minimum amount can be transferred is Rs.2,00,000. Transaction fees are applicable.
What is NEFT? 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.
Could not search your State Bank of India(SBI) IFSC Code ? Please check the district spelling with variations.