IFSC vs MICR vs SWIFT
They all identify a bank branch, but they are used by different systems.
IFSC — Indian electronic transfers
Eleven characters (four letters, a zero, six alphanumerics). Used by NEFT, RTGS, IMPS and UPI to route a payment to one branch inside India. Every branch that can receive electronic transfers has one.
MICR — cheque clearing
Nine digits, printed in magnetic ink along the bottom of a cheque: three digits for the city, three for the bank, three for the branch. Cheque processing machines read it magnetically, which is why it uses ink with iron oxide. MICR is about paper clearing, not about your online transfer.
SWIFT / BIC — international payments
Eight or eleven characters: four for the bank, two for the country, two for the location, and
optionally three for the branch. HDFCINBB is HDFC Bank, India, Mumbai; the extra three
characters narrow it to a branch. Foreign banks and remittance services ask for the SWIFT code
because the money leaves the Indian system and travels through correspondent banks.
Which one do you need?
Sending rupees to an Indian account from an Indian bank: IFSC. Writing or depositing a cheque: nothing — the cheque already carries the MICR line. Receiving dollars from abroad, or sending money overseas: SWIFT. A single branch has all three, and they are not interchangeable.
Frequently asked questions
Can I use a SWIFT code instead of an IFSC code for NEFT?
No. Domestic transfers inside India route on IFSC; SWIFT is only used when the payment crosses the border.
Where is the MICR code printed?
Along the bottom of a cheque, in the magnetic-ink line, and on the first page of most passbooks.
Does every branch have a SWIFT code?
No. Only branches that handle international payments have one; many small branches use the bank's head-office SWIFT code.