The Indian Financial System Code (IFSC) is an 11-digit alpha-numeric code assigned by the Reserve Bank of India (RBI) that uniquely identifies a bank branch participating in any RBI regulated funds transfer system.
The first 4 digits represent the bank, and the last 6 characters represent the branch. The 5th character is zero. The IFSC code facilitates electronic or online fund transfers via RTGS, NEFT, and IMPS. Both the IFSC code and the CIF number have 11-digit characters, but they serve different functions.
The IFSC code is used to facilitate electronic or online fund transfers via RTGS, NEFT, and IMPS.2 The MICR code along with the branch name, address, and contact number can be found on the chequebook provided by the bank
Indian Financial System Code (IFSC). It is used for electronic payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service, an interbank electronic instant mobile money transfer service (IMPS), and Centralised Funds Management System (CFMS) developed by Reserve Bank of India (RBI). Code has eleven characters "Alpha Numeric" in nature. First four characters represent bank, fifth character is default "0" left for future use and last six characters represent branch.
MICR Code: Magnetic Ink Character Recognition as printed on cheque book to facilitate the processing of cheques.