Find IFSC Code & MICR Codes of All Banks in India

IFSC Code is one of the most important character codes that an individual should know or preserve in order to facilitate, electronic clearing systems (ECS), NEFT or RTGS. It consists of alpha and numeric characters which is assigned by the Reserve Bank of India (RBI) and helps to identify every bank branch in the country through this code. This helps in any form of payments electronically.

How Can You Find the IFSC Code Using the Goodreturns.in?

All you need to do is know the name of your bank and branch. Just use the box to enter the bank name and select the branch accordingly. The drop down list will then help you find the correct IFSC Code of your bank branch. You can also get the complete details of all the branch by entering Bank IFSC.

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What is MICR Code?

MICR code is also called the Magnetic Ink Character Recognition, and you can see the same on your cheque leaf.The function of the MICR code is largely to help in the faster processing of cheques and to enable their encashment.Each branch of a bank has a unique MICR code that helps to identify a particular branch no matter where it is located.

What is NEFT (National Electronic Fund Transfer system)?

The National Electronic Fund Transfer is also called NEFT. It is a mechanism for transfer of funds online thus eliminating altogether the need for cheques.The transfer of funds through NEFT can be initiated in just a few hours for which your IFSC code is a must. Generally smaller sums are transferred through the NEFT while larger sums are done through the RTGS route.

What is RTGS (Real -Time Gross Settlement)?

Real -Time Gross Settlement (RTGS) like NEFT is also a mechanism to transfer funds online. However, it is much faster and can be done quicker. The amounts involved are much larger than the NEFT. Settlement of amounts can be done rather quickly through the RTGS mechanism.

What is IMPS (Immediate Payment Service)?

The Immediate Payment Service as the name suggests is a mechanism to transfer payments instantaneously. In fact, the beneficiary account is credited instantly once the instruction for transfer is made.You could transfer amount within banks as well. At the moment all banks are not offering this service.

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