Guide
Plain-English definitions of the Indian banking terms you meet when sending money: IFSC, MICR, NEFT, RTGS, IMPS, UPI, UTR, MMID, CTS, SWIFT.
Quick summary✔ RBI dataLast synced · release v2.0.62
A short glossary of Indian payment and banking terms, each in one or two sentences.
Payment systems
- NEFT: 24x7 batch transfer, any amount.
- RTGS: real-time transfer, ₹2 lakh minimum.
- IMPS: instant transfer up to ₹5 lakh.
- UPI: instant mobile payments via UPI ID or QR.
Codes
- IFSC: identifies a branch for NEFT/RTGS/IMPS.
- MICR: identifies a branch on cheques.
- SWIFT/BIC: identifies a bank internationally.
- Bank code: first 4 letters of an IFSC.
FAQ
Questions
What is a UTR number?
A Unique Transaction Reference given to every NEFT and RTGS payment; quote it when tracing a transfer.
