The Indian Financial System Code (also known as IFSC) is a 11 character code for identifying the bank and branch which an account is held. The IFSC code is used both by the NEFT and RTGS finance transfer systems.
National Electronic Funds Transfer (NEFT) is a nation-wide system that facilitates individuals, firms and corporates to electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country.
'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).
Disclaimer : We have tried our best to keep the latest information updated as available from RBI, users are requested to confirm information with the respective bank before using the information provided. The author reserves the right not to be responsible for the topicality, correctness, completeness or quality of the information provided. Liabilty claims regarding damage caused by the use of any information provided, including any kind of information which is incomplete or incorrect, will therefore be rejected.