Details of IFSC RTGS NEFT CFMS RBI MICR
IFSC - Indian Financial System Code
RTGS - Real Time Gross Settlement
NEFT - National Electronic Funds Transfer
CFMS - Centralized Funds Management System
MICR - Magnetic Ink Character Recognition
Indian Financial System Code (IFSC). It is used for electronic payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralized Funds Management System (CFMS) developed by Reserve Bank of India (RBI) 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.
MICR Code: Magnetic Ink Character Recognition as printed on cheque book to facilitate the processing of cheques.