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What is IFSC code?
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, RTGS and IMPS finance transfer systems.
What is IFSC NEFT transfer?
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. NEFT transfers are also referred as e-cheques as the funds are not transferred in real-time and the funds are settled in batches.
What is IFSC IMPS transfer?
'IMPS' is Immediate Payment Service and it is commonly known as Interbank Mobile Payment Service. IMPS uses IFSC codes to offer a number of fund transfer services instantly in a round the clock environment. National Payments Corporation of India (NPCI), which is an organization that regulates the retail payments in India, has provided this facility.