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Brief of IFSC and EFT

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What is Indian financial system code?
  • The Indian Financial System Code (IFSC) is an alphanumeric code that uniquely identifies a bank branch participating in electronic funds settlement systems .[The real time gross settlement system (RTGS) and the national electronic fund transfer (NEFT).] 
  • This is an 11-character code with the first four alphabetic characters representing the bank and last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use.




What is RTGS?
The 'RTGS' stands for REAL TIME GROSS SETTLEMENT, which can be defined as continuous (real time) settlement of funds transfers individually on order by order basis. 'REAL TIME' processing of instructions at the time they are received rather than at some later time. 'GROSS SETTLEMENT' means the settlement of funds transfer individually on an instruction by instruction basis.

What is NEFT?

NATIONAL ELECTRONIC FUNDS TRANSFER is a nation wide payment system facilitating one to one funds transfer. Under this scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the scheme.



DIFFERENCE BETWEEN RTGS AND NEFT







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