It is used for online payment Applications.

IFSC is Indian Financial System Code, the IFSC for banks is assigned by the Reserve Bank of India (RBI). Online payments: Real-Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Immediate Payment Service (IMPS) transactions, Centralised Funds Management System (CFMS).

IFSC CODE contains the eleven-character IFSC code, four letters representing the bank, the next character (5th) is zero reserved for future use, and last 6 characters are identification code of branch.

MICR Code:

Magnetic Ink Character Recognition MICR code is a code printed on cheques .