IFSC code is an 11-digit alphanumeric code that allows bank-to-bank fund transfers via NEFT, RTGS or IMPS, while MICR is a 9-digit code that facilitates cheque clearances. IFSC code indicates the bank and branch code. On the other hand, MICR code denotes the bank’s pin code, bank code and branch code. IFSC code is used nationwide, but MICR is used universally.