Bank IFSC Codes & Faq's
UPI stands for Unified Payments Interface. National Payment Corporation of India (NPCI) announced that Unified Payments Interface (UPI) is officially operational. Now you can download UPI apps for transactions. It is an interface that helps users to transfer money between any two bank accounts without using sensitive data.
Indian Financial System Code (or more commonly known as IFSC code) is an 11-digit alpha-numeric code used to uniquely identify bank branches within the National Electronic Funds Transfer (NEFT) network by central bank.
MICR code is a code printed on cheques using MICR (Magnetic Ink Character Recognition technology). This enables identification of the cheques and which in turns means faster processing. An MICR code is a 9-digit code that uniquely identifies the bank and branch participating in an Electronic Clearing System (ECS).
A SWIFT code is an international bank code that identifies particular banks worldwide. It's also known as a Bank Identifier Code (BIC). CommBank uses SWIFT codes to send money to overseas banks.
National Electronic Funds Transfer (NEFT) is a mode of online funds transfer that is introduced by the Reserve Bank of India (RBI). It quickly transfers money between banks throughout India. A bank branch must be NEFT-enabled for a customer to be able to transfer the funds to another party.
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.
The term real-time gross settlement (RTGS) refers to a funds transfer system that allows for the instantaneous transfer of money and/or securities. RGTS is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank.