Qn. What is IFSC Code?
IFSC code (Indian Financial System Code) is unique code used to identify bank-branch participating in NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement).
Qn. What is MICR Code?
MICR code (Magnetic Ink Character Recognition Code) is 9 character long code printed on bottom of the cheque. It could include information like document type, bank code, bank account number, cheque number, cheque amount etc.
Qn. What is SWIFT Code?
SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, known as BIC is a unique identification code for financial and non-financial institutions approved by the International Organization for Standardization (ISO). This code is used for inter bank/financial institution for money and messages transferring.
Qn. Can I use same IFSC code for IMPS transactions?
Yes, a bank branch will have same IFSC code for NEFT and IMPS transactions.
Qn. I mentioned wrong IFSC code in transaction. What will happen to transaction now?
Although bank account number does have information about the branch but bank may refuse or decline transaction due to incorrect IFSC code..