In India total 199 banks are enabled with NEFT facility. IFSC is an unique identity given to each branch of a bank. IFSC consists of 11 characters. First four digits represents name of bank and fifth character is by default 0 and reserved for future use. Last 6 characters refers to a branch.
Full form of IFSC is Indian Financial System Code. It is used to complete NEFT transactions. Every branch of a bank has an unique IFSC assigned to it.
You can search IFSC of a bank branch using Bank-Info.in, you have the option to directly search IFSC of any bank branch using above search options. You can search by typing name or branch of the bank.
IFSC helps RBI to identify a branch within its NEFT network. RBI completes an online transaction using its NEFT transaction. IFSC helps to transfer funds within branches and banks. IFSC helps in NEFT, RTGS and IMPS transactions.
No, IFSC is unique for every NEFT enabled branch of a bank. Every account holder of a branch will have same NEFT. In case of Payment banks like Paytm all account holders in country may have same IFSC.
Full form of MICR is Magnetic Ink Character Recognition Technology. It is printed on cheques to identify cheques issued by a branch. MICR is readable by a machine and helps faster processing of cheques.
Almost all cheques issues by your bank contains IFSC and MICR of your home branch. You can check these details on cheque leaf issued by bank. IFSC is printed on top of cheque along with branch details. MICR is printed on bottom of cheque.