Please note that while the information on this website is updated regularly, you must verify the IFSC/MICR/SWIFT code with your bank or recipient directly. An incorrect code may lead to payment cancellation or the funds transferred to the wrong destination.

IFSC stands for Indian Financial System Code. It is a unique 11-character alphanumeric code used to identify individual bank branches within the National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS), and Immediate Payment Service (IMPS) networks in India.

The Reserve Bank of India (RBI) assigns the IFSC code to each bank branch to ensure secure and efficient electronic fund transfer transactions across the country. The code is used in routing money accurately and preventing errors in the transfer process.

MICR stands for Magnetic Ink Character Recognition. It is a technology used mainly in the banking industry to process cheques and other paper-based documents. MICR encoding allows machines to read and process information from these documents efficiently and accurately.

The MICR system uses special ink that contains magnetic particles, which makes the characters machine-readable. The primary purpose of MICR is to automate the process of clearing cheques and reduce errors that can occur during manual processing. The MICR line on a cheque is present at the bottom.

The MICR code is specific to each bank branch, and every cheque issued by a bank branch will have the same MICR code. This coding system is prevalent in countries like India, where cheques are still widely used for various financial transactions.

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It is a messaging network, used by banks and other financial institutions worldwide to securely and efficiently send and receive information, particularly for international financial transactions.

Each financial institution connected to the SWIFT network is assigned a unique identifier known as the SWIFT code or Bank Identifier Code (BIC). These codes identify the sending and receiving institutions in the messages.

UPI stands for Unified Payments Interface. It is a real-time payment system and a popular digital payment method in India. UPI allows users to transfer funds between bank accounts instantly through a mobile application. It was developed by the National Payments Corporation of India (NPCI) to promote cashless transactions and simplify peer-to-peer and peer-to-merchant payments.

IMPS stands for Immediate Payment Service. It is an instant interbank electronic funds transfer system in India that enables customers to make real-time transactions 24x7, including weekends and holidays. IMPS was introduced by the National Payments Corporation of India (NPCI) to provide a quick, secure, and convenient way to transfer funds between bank accounts.

NEFT stands for National Electronic Funds Transfer. It is an electronic payment system used in India for transferring funds between different banks in the country. NEFT allows individuals, companies, and organizations to transfer money from one bank account to another in a secure and efficient manner.

The NEFT system operates on a deferred net settlement basis, meaning that transactions are processed in batches at fixed times throughout the day. The settlement of funds happens in hourly batches rather than real-time, which means the transfer may take some time to reflect in the beneficiary's account, typically within a few hours.

RTGS stands for Real-Time Gross Settlement. It is another electronic funds transfer system used in India, similar to NEFT, but with some key differences. RTGS is designed for high-value and time-critical transactions, where the transfer of funds needs to be executed in real-time, on a gross basis. Unlike NEFT payments, your money will arrive in the recipient's account right away.