What is IFSC Code?
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 byReserve Bank of India (RBI). IFSC 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.
What is MICR Code?
MICR Code is known as Magnetic Ink Character Recognition as printed on cheque book to facilitate the processing of cheques.