Guide to IFSC, NEFT, RTGS, IMPS & UPI in India
The Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) operate four major electronic fund transfer systems. Here is how they compare:
| Feature | NEFT | RTGS | IMPS | UPI |
|---|---|---|---|---|
| Full Form | National Electronic Funds Transfer | Real Time Gross Settlement | Immediate Payment Service | Unified Payments Interface |
| Managed By | RBI | RBI | NPCI | NPCI |
| Requires IFSC? | Yes (Mandatory) | Yes (Mandatory) | Yes (with Account No.) | Optional (Required for Account+IFSC transfer) |
| Minimum Transfer | ₹1 | ₹2,00,000 | ₹1 | ₹1 |
| Maximum Transfer | No RBI upper limit | No RBI upper limit | Up to ₹5,00,000 | ₹1,00,000 (Up to ₹5L for tax/hospital/IPO) |
| Settlement Speed | Half-hourly batches (24×7×365) | Instant / Real-time (24×7×365) | Instant / Real-time (24×7×365) | Instant / Real-time (24×7×365) |
Difference Between IFSC Code and MICR Code
| Parameter | IFSC Code | MICR Code |
|---|---|---|
| Length & Format | 11 alphanumeric characters (e.g., SBIN0000300) |
9 numeric digits (e.g., 400002000) |
| Primary Purpose | Online fund transfers via NEFT, RTGS, and IMPS | Physical cheque clearing via magnetic ink readers (ECS / CTS) |
| Structure Breakdown | First 4 = Bank Code, 5th = 0, Last 6 = Branch Code |
First 3 = City PIN prefix, Middle 3 = Bank Code, Last 3 = Branch Code |
Locate IFSC and MICR Code on an Indian Bank Cheque Leaf
Use the visual CTS-2010 cheque leaf diagram below to identify where the 11-character IFSC code and 9-digit MICR code are printed:
STATE BANK OF INDIA
Branch: Mumbai Main Branch
Mumbai Samachar Marg, Horniman Circle, Fort, Mumbai, Maharashtra - 400001
Mumbai Samachar Marg, Horniman Circle, Fort, Mumbai, Maharashtra - 400001
1
RTGS / NEFT IFSC CODE : SBIN0000300
VALID FOR 3 MONTHS ONLY
CTS-2010
2
"048291"
6-Digit Cheque No.
3
400002056:
9-Digit MICR Code (City 400 + Bank + Branch)
004512"
Account ID
31
Tx Code
1
11-Character IFSC Code (
SBIN0000300)
Printed at the top-left of the cheque leaf below the branch address. Required for all NEFT, RTGS, and IMPS online fund transfers.
2
6-Digit Cheque Number (
048291)
The first 6 digits printed in magnetic ink at the bottom-left of the cheque leaf identify the unique leaf number.
3
9-Digit MICR Code (
400002056)
Printed next to the cheque number on the bottom white strip: first 3 digits = City PIN prefix (400), middle 3 = Bank code, last 3 = Branch code.
Merged PSU Banks — Old vs. New IFSC Code Prefix Reference
Following the Government of India and RBI consolidation of Public Sector Banks, old IFSC codes of amalgamated banks were replaced by new IFSC prefixes under their anchor banks:
| Ersthwhile (Merged) Bank | Old IFSC Prefix | Anchor Bank | New IFSC Prefix | Effective Date | Migration Details |
|---|---|---|---|---|---|
| Syndicate Bank | SYNB |
Canara Bank | CNRB | 1 July 2021 | SYNB000XXXX changed to CNRB001XXXX (10,000 added to old 4-digit branch code in most cases). |
| Allahabad Bank | ALLA |
Indian Bank | IDIB | 15 February 2021 | All old ALLA0XXXXXX IFSC codes migrated to new IDIB0XXXXXX codes. |
| Andhra Bank | ANDB |
Union Bank of India | UBIN | 1 April 2021 | Old ANDB0XXXXXX codes replaced with UBIN08XXXXX series. |
| Corporation Bank | CORP |
Union Bank of India | UBIN | 1 April 2021 | Old CORP0XXXXXX codes replaced with UBIN09XXXXX series. |
| Oriental Bank of Commerce (OBC) | ORBC |
Punjab National Bank | PUNB | 1 April 2021 | Old ORBC0XXXXXX codes migrated to new PUNB0XXXXXX IFSC codes. |
| United Bank of India | UTBI |
Punjab National Bank | PUNB | 1 April 2021 | Old UTBI0XXXXXX codes migrated to new PUNB0XXXXXX IFSC codes. |
| Dena Bank | BKDN |
Bank of Baroda | BARB | 1 March 2021 | Old BKDN0XXXXXX codes replaced with BARB0DBXXXX series. |
| Vijaya Bank | VIJB |
Bank of Baroda | BARB | 1 March 2021 | Old VIJB0XXXXXX codes replaced with BARB0VJXXXX series. |
| State Bank Associates (SBBJ, SBHY, SBMY, STBP, SBTR) | SBBJ / SBHY / SBMY / STBP / SBTR |
State Bank of India | SBIN | 1 April 2017 | All 5 associate banks and Bharatiya Mahila Bank merged into SBIN00XXXXX. |
| Lakshmi Vilas Bank | LAVB |
DBS Bank India Limited | DBSS | 27 November 2020 | Amalgamated with DBS Bank India Limited (DBSS0INXXXX). |
How to Register a Beneficiary & Transfer Money Using IFSC Code
- Log in to NetBanking or Mobile Banking: Open your bank's official internet banking portal or mobile banking application.
- Navigate to Fund Transfer → Manage / Add Beneficiary: Select Third-Party / Other Bank Payee registration.
- Enter Beneficiary Account Details: Input the payee's full name, bank account number (twice to confirm), and account type (Savings / Current).
- Enter the 11-Character IFSC Code: Enter the verified 11-character IFSC code (e.g.,
SBIN0000300)—ensure the 5th character is the digit0(zero). Your banking app will automatically display the verified Bank & Branch Name. - Choose Transfer Mode (IMPS / NEFT / RTGS): Once activated via OTP, select IMPS for instant transfers up to ₹5 Lakh, NEFT for 24×7 transfers of any amount, or RTGS for high-value instant settlements of ₹2 Lakh and above.