The Indian Financial System Code (IFSC Code) is 11 - character code that uniquely identifies a bank-branch participating in the two main Electronic Funds Settlement System : Real Time Gross Settlement (RTGS) and The National Electronic Funds Transfer (NEFT) System.
IFSC Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches
IFSC Code is like AAAA0BBBBBB:
Magnetic Ink Character Recognition Code (MICR Code) is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents.
The characters are usually printed on the bottom strip of cheque leaf. This MICR code is used By RBI (Reserve bank Of India) clearing process to identify the branch and bank for clearing processes.
MICR Code consists of 9 digits e.g. 700037002
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