NEFT and RTGS are two major fund settlement systems followed in India. This allows organizantion and individual bank account account holders to transfer funds from one account to to another account within same bank's network or a branch of other NEFT participating bank.
Following is the list of NEFT/RTGS enabled banks in India.
Select a bank to get the list of states with the banks branches
is used in RTGS (Real-time Gross Settlement) and NEFT (National Electronic Fund Transfers) transactions. Every NEFT/RTGS participating bank will have unique IFSC codes for each of its branches. This helps the system in identifying the recipient bank's branch during a financial transaction. First four characters of IFSC is the bank code, last 6 characters represent the branch and fifth character is zero (reserved to be used later).
(Magnetic Ink Character Recognition Codes) are usually printed on cheques, contains related bank code and account number. These codes are read by corresponding reader devices to process the cheques at banks.