The Indian Financial System Code, better known as the IFSC code, is an alphanumeric code. This code innovatively identifies a bank branch that participates in two of the major electronic funds settlement in the country, RTGS and NEFT. This 11 character code has its first four letters representing the bank and the last 6 letters representing a particular branch. IFSC codes are really important in today’s time as they aid in making and receiving payments through several methods including IMPS, NEFT and RTGS. IMPS or Immediate Payment Service is one of the fastest inter branch money transferring service through mobiles which makes use of the IFSC code to ensure that the funds are transferred/received by the right person. IFSC codes are used in a similar way in the case of NEFT and RTGS transfer. IFSC codes are one of the most essential aspects of validating banking transactions. With the right knowledge of the IFSC code, you’re able to make transactions or receive payments online. A number of banking institutions in India use the IFSC code to carry out RTGS and NEFT transfer for streamlining and identifying monetary transactions between different bank branches and accounts.
MICR basically stands for Magnetic Ink Character Recognition technology. This modern technology is utilized for verifying the originality or legitimacy of paper documents like cheques in banks. The MICR technology is as useful as IFSC codes that secure NEFT and IMPS transfer methods.
NEFT or the National Electronic Fund Transfer system is a popular money transfer system in India. It is known to facilitate the corporate houses and individuals to electronically transfer funds from any particular bank branch. The IFSC code of the bank’s branch is required to carry out an NEFT transfer just like in the case of IMPS and RTGS transfer.
LoanADDa allows you to search IFSC code of a particular bank branch easily. All it takes are a few simple steps. Use the Search Box to find any bank’s IFSC code in a hassle-free manner. You just have to enter the bank, state, district and branch for getting specified results. Also it allows you to find an IFSC code from dropdown fields by selecting bank name, state name, district/city name and branch name wise and therefore you’re able to save a lot of your time.
IFSC stands for Indian Financial System Code.
RTGS stands for Real Time Gross Settlement, which is an online system meant for settling financial transactions. Most of the financial systems use the RTGS method for making payments in a simplified manner. You need to enter the IFSC code of your bank’s branch to initiate an RTGS payment just like you do in NEFT and IMPS payments.
Immediate Payment Service or IMPS is a relatively new service in India. Here, the customers can transfer money quickly from one account to another within the same bank. Similar to NEFT and RTGS transfer, IMPS does not have any upper limit for the maximum amount of money which can be transferred.