What is an IFSC Code?
IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material. This 11 character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.
What is a MICR Code?
MICR is an acronym for Magnetic Ink Character Recognition. Primarily, this innovative technology authenticates the legality and credibility of paper-based document(s) in the banking database. It can be found on cheques. MICR is at par with IFSC as far as the security of a fund transfer is concerned.
What is a Pin Code?
Postal Index Number or PIN or Pincode is the numbering of the post office or post code system used by India Post. The PINcode is 6 digits long. First digit reflects region, second the sub-region, third the sorting district, and last three represent the post office code. India has nine PIN zones.
What is a SWIFT/BIC code?
A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Codes (BIC). It’s used to identify banks and financial institutions globally. It says who and where they are — a sort of international bank code or ID.
These codes are used when transferring money between banks, in particular for international wire transfers or SEPA payments. Banks also use these codes to exchange messages with each other.