What is IFSC code ?
The Indian Financial System Code (also known as IFSC) is a 11 character code for
identifying the bank and branch which an account is held. The IFSC code is used
both by the NEFT, RTGS and IMPS finance transfer systems.
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
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. 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.