Indian Financial System Code (IFSC). It is used for electronic payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralised Funds Management System (CFMS) developed by Reserve Bank of India (RBI).
IFSC Code has eleven(11) characters "Alpha Numeric" in nature. First four characters represent bank, fifth character is default "0" left for future use and last six characters represent branch.

(Magnetic Ink Character Recognition) is a printing technology used to print alpha-numeric details. MICR Code is printed on cheques and they let cheque processing, easy.

RTGS (Real Time Gross Settlement) is a fund transfer system used to transfer money from one bank to another. This gross basis transfer is a real time transfer system. Minimum amount can be transferred is Rs.2,00,000. Fees are applicable.
RTGS transfer can only be done during banking hours, ie, only time when the branch is open.

NEFT (National Electronic Fund Transfer) is an online fund transfer system supported by RBI. NEFT is used for small and medium amount transfer between banks and accounts. No minimum amount limit for NEFT.
NEFT transfer can only be done during banking hours, ie, only time when the branch is open.