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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.

 

Postal PINCodes & Faq's

A Postal Index Number, or sometimes redundantly a PIN code, refers to a six-digit code in the Indian postal code system used by India Post.

The country has been divided into 23 postal circles, each circle headed by a Chief Postmaster General. Each circle is divided into regions, headed by a Postmaster General and comprising field units known as Divisions

The first digit of a PIN indicates the zone, the second indicates the sub-zone, and the third, combined with the first two, indicates the sorting district within that zone. The final three digits are assigned to individual post offices within the sorting district.

There are nine postal zones in India, including eight regional zones and one functional zone (for the Indian Army). The first digit of a PIN indicates the zone and is allocated over the 9 zones.

Each Region is headed by a Postmaster General. In the Circles and Regions there are other functional units like Circle Stamp Depots, Postal Stores Depots and Mail Motor Service etc. Besides these 23 Circles, there is another Circle, called Base Circle, to cater to the postal communication needs of the Armed Forces.

A Post Office is a facility given by India Post, which is in charge of sorting, processing, and delivering mails to recipients. It is basically classified into 3 types, namely – Head Post office (H.O), Sub Post Office (S.O) and Branch Post Office (B.O). Certain Sub Post Offices do not undertake all types of postal business.