Indian Financial System Code
IFSC is a 11 character code for identifying the bank and branch which an account
is held. The IFSC code is used both by the NEFT, RTGS and IMPS finance transfer
National Electronic Funds Transfer
NEFT is a nation-wide system that facilitates individuals, firms and corporates
to electronically transfer funds from any bank branch to any individual, firm or
corporate having an account with any other bank branch in the country.
Real Time Gross Settlement
RTGS is the continuous (real-time) settlement of funds transfers individually on
an order by order basis (without netting).
Immediate Payment Service
IMPS is commonly known as Interbank Mobile Payment Service.