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.
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.
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.
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.