What is IFSC code?

The Indian Financial System Code (also known as IFSC) is a 11 charater code for identifying the bank and branch which an account is held. The IFSC code is used both by the NEFT and RTGS finance transfer systems.

The Indian Financial System Code (IFSC) is an alphanumeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11-character code with the first 4 alphabetic characters representing the bank, and the last 6 characters (usually numeric, but can be alphabetic) representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to route the messages to the destination banks / branches.^[1]

Update: Now www.ifsccodebank.com includes IFSC codes of 82,000+ bank branches of 104 different banks!!!

What is MICR code?

The MICR (Magnetic Ink Character Recognition) code has 9 digits and are also used to identify the bank-branch for cheque clearing and online transaction processes.

You can find MICR or IFSC codes of all branches across Indian at www.indiancodes.org

Its quite faster too. 

What is NEFT transfer?

National Electronic Funds Transfer (NEFT) is a nation-wide system that facilitates individuals, firms and corporates to electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country.

What is RTGS transfer?

'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).

RTGS and NEFT are related to funds transfer over the internet using your internet banking. RTGS Real Time Gross Settlement ( Minimum Amt Rs 1 lakh)