What is IFS Code?
Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic transfer of funds in India provided by RBI. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India:
- Real Time Gross Settlement (RTGS)
- National Electronic Fund Transfer (NEFT)
- Immediate Payment Service (IMPS)
IFSC is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use. Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches. The format of the IFS Code is shown below.
Search IFSC Code
|Select Your Bank|
|State In Which Bank Is Situated|
|District In Which bank Is Situated|
|Branch Of Bank Within District|
What is MICR?
Magnetic ink character recognition code (MICR) is a technology that enables faster processing of cheques by recognizing unique characters printed on the cheque. MICR consists of a 9 digit code. The first three digits of the MICR code represent the city, the next three give the bank code and the last three digits denote the branch of the bank. Similar to an IFSC code, every branch of a bank has a specific MICR code. While IFSC is used for online fund transactions, MICR is used for cheques.