IFSC Code - The Indian Financial System Code (IFSC Code) is an alphanumeric code that uniquely identifies a bank-branch participating in the two main Electronic Funds Settlement Systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) Systems.
MICR Code - Magnetic Ink Character Recognition Code (MICR Code) is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents.
SYNB : Banking Code
0: Control Code.
003101 : Branch Code
Inter Bank Transfer is a special service that allows an individual to transfer funds electronically to accounts in other banks
in India through the following two modes
The NEFT stands for National Electronic Funds Transfer. It is an online Money Transfer system for transferring funds from one benificial inststution to another within India . This system was launched in November 2005, and was set to inherit every bank that was assigned to the SEFT (Special Electronic Funds Transfer System) clearing system. It was made mandatory by the RBI(Reserve bank Of India) for all banks on the SEFT system to migrate to NEFT by December 2005. As such, SEFT was stopped as of January 2006. The RBI welcomed banks that were full members of the RTGS to join the NEFT system.
The RTGS Stands For Real Time Gross Settlement RTGS is a funds transfer system where money is moved from one bank to another in real-time, and on gross basis. When using the banking method, RTGS is the fastest possible way to transfer money than NEFT Real-time means that the payment transaction isnt subject to any waiting period. The transaction will be completed as soon as the processing is done, and gross settlement means that the money transfer is completed on a one to one basis without clustering with another transaction. This system is maintained by the RBI, and is available during working days for a given number of hours. Banks using RTGS need to have Core banking to be able to initiate RTGS