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Indian Financial System Code (IFSC) is an alphanumerical code used to identify an individual branch of a financial institution in India. The number consists of 11 digits, and it is used for domestic bank transfer.
The code is used by two main electronic funds settlement systems in India namely Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) systems.
The format of IFSC Code is as follows;
- the first four character (AAAA) represents the bank.
- the fifth character (B) is normally zero (0).
- the last six character (CCCCCC) is the branch code identifier.
The code is maintaned and managed by Reserved Bank of India.
MICR stands for Magnetic Ink Character Recognition and it is a technology for cheques processing.