IFSC: (Indian Financial System Code) is basically a code which is alphanumeric containing 11 Characters. It is given to each bank branch which takes part in the basic electronic systems i.e. RTGS (Real Time Gross Settlement) or NEFT (National Electronic Funds Transfer).
MICR: (Magnetic Ink Character Recognition) is a 9 digit number that can be found on your cheque book that uniquely identifies the bank and branch participating in an Electronic Clearing System (ECS).
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