Bank Code Glossary
Quick reference for common banking terms and codes
Indian Financial System Code - 11-character alphanumeric code used to identify bank branches for electronic fund transfers (NEFT, RTGS, IMPS).
Magnetic Ink Character Recognition - 9-digit code printed on cheques using magnetic ink for automated cheque processing.
Society for Worldwide Interbank Financial Telecommunication - 8 or 11-character code used for international wire transfers.
National Electronic Funds Transfer - Electronic payment system for transferring funds between banks in India. Transfers settle in batches throughout the day.
Real Time Gross Settlement - Real-time fund transfer system for large amounts (minimum ₹2 lakhs). Transfers happen instantly during banking hours.
Immediate Payment Service - 24x7 instant fund transfer service available even on holidays. Maximum limit of ₹5 lakhs per transaction.
Unified Payments Interface - Real-time payment system that allows instant money transfer using mobile applications without needing IFSC codes.
The last 6 digits of an IFSC code that uniquely identify a specific branch of a bank.