The Indian Financial System Code (IFSC) is an alphanumeric code that uniquely identifies a bank-branch participating in the two main electronic funds settlement systems in India: the real time gross settlement (RTGS) and the national electronic funds transfer (NEFT) systems. This is an 11-character code with the first four alphabetic characters representing the bank, and the last seven characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero). IFSC is used by the NEFT & RTGS systems to route the messages to the destination banks/branches.
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme
IMPS is an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitates customers to use mobile instruments as a channel for accessing their bank accounts and put interbank fund transfers in a secured manner with immediate confirmation. IMPS can also be used to transfer money to beneficiary accounts within same bank.