IFSC,MICR,RTGS,NEFT & TIME INFORMATION

IFSC is an acronym for Indian Financial System Code. IFSC code is a unique eleven-digit number which is a combination of alphabets and numerals. It is used to transfer funds online for NEFT, IMPS and RTGS transactions. Usually, the IFSC code can be found on the cheque-book provided by the bank.

Parameters: RTGS

Transfer type: One-on-one settlement

Transfer speed: Nearly Instant

Minimum transfer amount: Rs 2 lakh

MICR Code: Magnetic Ink Character Recognition Code. Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps identify a particular bank branch that is part of the Electronic Clearing System (ECS) which is used to clear cheques on a routine basis.

NEFT is a nation-wide payment system that allows transfer of funds from one bank account to another. Individuals, firms and corporates can transfer the money from one bank branch to any other bank account held by individual, firm or corporate in the country

Real-time gross settlement (RTGS) is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank (e.g., bundling transactions). Once completed, real-time gross settlement payments are final and irrevocable.