Indian Financial System Code (IFSC). It is used for electronic payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service, an interbank electronic instant mobile money transfer service (IMPS), and Centralised 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.

IFSC is the short form of Indian Financial System Code and it represents the 11 digit character that you can usually see on your bank's check leaves, or other bank sponsored material. This 11 character code helps in identifying individual bank branches that participate in various online money transfer options like NEFT and RTGS.