Immediate Payment Service (IMPS)
Immediate Payment Service is a real-time electronic fund transfer method where the money is credited instantly to the payee or beneficiary account. It can be carried out at any time on a 24/7 basis. In this system, interbank transfers can be initiated via multiple channels such as SMS, ATM, mobile banking, NetBanking, etc. The primary advantage of IMPS over RTGS and NEFT is that the facility can be availed around the clock.
MICR is an acronym for Magnetic Ink Character Recognition. MICR code is a nine-digit code that speeds up the processing of cheques. MICR codes are unique for each bank branch and play a vital role in identifying both the bank and the branch participating in an Electronic Clearing System (ECS), which is a method of transferring funds electronically.
A MICR code has three essential components that provide information about the location, bank and branch of the cheque issuer. The structure of a MICR code is as follows –
Razorpay’s IFSC Toolkit
Handling a multitude of payments on an everyday basis, we discovered that we needed to process, validate and query several financial details, one of them being IFSC codes. We needed a system that could, easily, quickly, and accurately validate codes in order to ensure smooth payments processing. Without any complete API that suited all our requirements, we decided to build our own IFSC toolkit and even make it open source to help others in the industry.
Here’s exactly how we built the IFSC Toolkit:
The IFSC toolkit includes an API, the dataset downloads, and the source code to generate the entire dataset from the RBI website. You can find all these details at ifsc.razorpay.com. We have written more about Razorpay IFSC Toolkit.
How Many Digits Are There in IFSC Codes?
An IFSC code has 11 characters. This alphanumeric code consists of the bank identifier (the first 4 letters), a zero (as a separator), and a 6-digit branch code that uniquely identifies each branch.
Why is an IFSC Code Required?
Where to Find the IFSC & MICR Codes on a Cheque?
You can easily find both the IFSC and MICR codes on the bank’s chequebook and passbook. The IFSC is printed on the top of the cheque leaf, while the MICR code is printed on the bottom of the same leaf. You can also find both these codes on the first page of the passbook provided by the bank branch.
Is IFSC Code the Same for All Branches?
No, the IFSC code is unique to each branch of a bank. Each branch has a distinct IFSC code to identify it separately. For example, the SBI Main Branch in Lucknow will have a different IFSC than the SBI branch in Kanpur.
How do I receive my IFSC code?
Usually, IFSC can be found in the chequebook provided by the bank. It can also be found on the front page of your passbook.
Mendukung Transfer Dana Elektronik
IFSC Code memungkinkan transaksi keuangan elektronik seperti NEFT, RTGS, dan IMPS. Kode ini penting untuk memfasilitasi proses transfer dana online antar bank.
Is IFSC code only for India?
Yes, this code is used only for transactions conducted within India. For foreign transactions, the SWIFT code is used.
What is the meaning of IFSC codes?
IFSC is a unique identification code that is used to identify the bank and branch of a particular bank account. It is used across multiple electronic bank transfer systems in India.
