12. IFSC (Indian Financial System Code)

The IFSC is an alphanumeric code, assigned by RBI, which exclusively identifies a bank-branch participating in the two main electronic funds settlement systems in India. This is an 11 character code with the first 4 alphabetic characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT & RTGS systems to route the messages to the destination banks/ branches.

13. PAP (Payable at Par) or MCC (Multi-City Cheques)

PAP or MCC cheques can be encashed anywhere in India, no matter in which they are issued in. All over the country they are treated as local clearing cheques. The amount is credited in the account on the very same day and there are no other charges allied with a normal cheques being encashed in other city. PAP or MCC cheques can save you the costs of demand drafts or cheque clearing.

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