Basic Things About Banking !

What is an Account Number?

• Code which identifies the holder of a bank account. 
• Numbers, letters, or alphanumeric code assigned to every significant customer and lender for ease of reference in an organization's accounting records. 

What is an IFSC Code?

• IFSC (Indian Financial System Code) is a 11 digit code provided by RBI(Reserve Bank of India) for identifying individual bank branch in India. This code is used by RTGS and NEFT.
• The code is of 11 characters. The first part is the first 4 alphabet characters representing the Bank. Next character is 0(zero), this is reserved for future use. The branch code is the last six characters
  

What is a MICR Code?

• MICR (Magnetic Ink Character Recognition) is a printing technology used to print alpha-numeric details. MICR Code is printed on cheques and they let cheque processing, easy.

What is RTGS?

• RTGS (Real Time Gross Settlement) is a fund transfer system used to transfer money from one bank to another. 
• This gross basis transfer is a real time transfer system. Minimum amount can be transferred is Rs.2,00,000. Fees are applicable.
  

What is NEFT?

• NEFT (National Electronic Fund Transfer) is an online fund transfer system supported by RBI. NEFT is used for small and medium amount transfer between banks and accounts. No minimum amount limit for NEFT.

What is Immediate Payment Service ?

• Immediate Payment Service (IMPS) enables you to instantly transfer funds online from your bank account to other bank accounts. 
• This service is available 24x7 through Net Banking and Mobile Banking. This service is brought to you by the National Payments Corporation of India (NPCI) in collaboration with member banks.