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 Centralized Funds Management System (CFMS) developed by the Reserve Bank of India (RBI). The code has eleven characters and is “alphanumeric” in nature. First four characters represent bank, the fifth character is the default “0” left for future use, and the last six characters represent branch.

MICR Code: Magnetic Ink Character Recognition as printed on cheque book to facilitate the processing of cheques.