List of All 225 digitalised Banks
Indian Payment System
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NEFT
NEFT is an electronic funds transfer system that transfers money from one India bank account to another bank account in India. Through NEFT you can transfer money below 2lakhs.The NEFT bank services are available 24x7.
Know moreRTGS
Real Time Gross Settlement, RTGS systems are specialist funds transfer systems to transfer funds above 2lakhs. These payment services are managed by the RBI.
Know moreIMPS
IMPS is an instant payment inter-bank electronic funds transfer method in India. IMPS offers electronic fund transfer within the Indian bank service through mobile banking and net banking. The service is available 24x7 throughout the year.
Know moreUPI
UPI is an instant real-time payment system developed and Design by National Payments Corporation of India for facilitating instant inter-bank transactions.
Know moreFAQ’s
IMPS is an instant payment inter-bank electronic funds transfer method in India. IMPS offers electronic fund transfer within the Indian bank service through mobile banking and net banking. The service is available 24x7 throughout the year.
NEFT is an electronic funds transfer system transfer money from one india bank account to another bank account in India. Through NEFT you can transfer money below 2lakhs.The NEFT bank services are available 24x7.
Real Time Gross Settlement, RTGS systems are specialist funds transfer systems to transfer funds above 2lakhs. These payment services are managed by the RBI.
MICR code is an alphanumeric number printed on cheques using MICR (Magnetic Ink Character Recognition technology). This helps in identification of the cheques and which in turns means faster processing for the payment. An MICR code is a 9-digit code that uniquely identifies the bank and branch participating in an Electronic Clearing System (ECS).
- Unique identification of the specific bank branch
- Helps to reduce errors in the fund transfer process
- For making the payment through NEFT, RTGS and IMPS IFSC code is required to make the payment.
You will find the six-digit number written at the bottom left-hand corner of the cheque is the cheque number.
MICR code is a code printed on cheques at the bottom left-hand corner of the cheque is the cheque number.
IFSC is a 11-digit alphanumeric number. | MICR is a 9-digit code. |
IFSC is used to facilitate electronic money transfer between banks that operate in the country. | MICR is used to make cheque processing simpler and faster. |
In an IFSC code, the first four characters indicate the name of the bank. | In the MICR code, a combination of the fourth, fifth and sixth digit indicate the bank code. |
In IFSC, the last six characters represent the branch code. | In the MICR code, the last three digits indicate the bank branch code. |
It is very easy to find the bank name using the IFSC code. The first four characters of the IFSC code represent the bank name. So, if the bank name is ICICI, then the IFSC code will look something like ICIC0001420.
MICR stands for Magnetic Ink Character Recognition. It is a special ink that is sensitive to magnetic fields. It is printed on the bottom of a cheque.
MICR is a technology that helps in verifying the originality of cheques or other paper documents. It is used mainly by banks to process cheques faster. The MICR code helps RBI in identifying the bank branch.
No, if the location of a bank’s branch is changed, then the IFSC code will not change. If the bank account is shifted from one branch of the bank to another, only then will the IFSC code be changed.
No, IFSC code is not the same as branch code.
IFSC code is generally present on the top part of every cheque leaf or near the bank branch address.
Yes, IFSC code is required for IMPS only if the individual is transferring money using bank account number. If the receiver’s MMID is not available, then he/she needs to add the receiver as a payee, for which details such as bank account number, name, and IFSC are required.
MICR code is printed on the bottom part of every cheque leaf provided by banks.
Yes, IFSC code is a unique alphanumeric code.
Yes, you can access the IFSC code from the bank passbook. As per a directive from the Reserve Bank of India, banks must print the IFSC and MICR codes prominently on the passbooks, account statements and cheques issued by them.
Disclaimer: - We have tried our best to keep the latest information updated as available from RBI, users are requested to confirm information with the respective bank before using the information provided. The author reserves the right not to be responsible for the topicality, correctness, completeness or quality of the information provided. Liability claims regarding damage caused by the use of any information provided, including any kind of information which is incomplete or incorrect, will therefore be rejected.