Master digital transactions, cheque clearings, and understand the core routing codes of Indian banking.
Guide5 min read
Understanding Digital Payments: NEFT, RTGS & IMPS
Whenever you transfer money online, you use one of these three systems. But which one should you choose? Learn the transfer limits, processing timings, and charges for NEFT, RTGS, and IMPS, and why an IFSC code is mandatory for all of them.
MICR (Magnetic Ink Character Recognition) is a 9-digit code printed on the bottom of your bank cheque. Unlike IFSC, which is used for online transfers, MICR is specifically used for clearing cheques faster. Discover what each digit in the MICR code represents.
Sending money to another state in India? You need an IFSC code. Sending money to another country? You need a SWIFT code. Understand the structural differences between these two crucial banking codes and when to use which.