India Acronymsby India Customer Care

India Acronyms: Banking, Payment, Tax and Savings Terms

Written by India Customer Care editorial team Updated

Independent guide. We are not part of RBI, NPCI or any bank, and we never ask for your account details, PIN or OTP.

Short forms like UPI, IFSC, KYC and TDS are everywhere in Indian banking and government services. Each guide below explains one of them in plain English: what it means, how it works, limits and charges, what to do when something goes wrong, and the official source for every fact.

Payments and transfers

  1. UPIUnified Payments InterfaceUPI (Unified Payments Interface) is NPCI's 24x7 phone payment system. See daily limits, charges, UPI Lite, PIN reset, failed payments and the UPI reference.
  2. IMPSImmediate Payment ServiceIMPS (Immediate Payment Service) is NPCI's 24x7 instant bank transfer. Learn the ₹5 lakh limit, how to send money, charges and what to do if it fails.
  3. NEFTNational Electronic Funds TransferNEFT (National Electronic Funds Transfer) is RBI's 24x7 bank transfer in half-hourly batches. See timings, charges, credit time and limits.
  4. RTGSReal Time Gross SettlementRTGS (Real Time Gross Settlement) is RBI's 24x7 system for bank transfers of ₹2 lakh and above. See timings, charges, credit time and the UTR.
  5. NACHNational Automated Clearing HouseNACH (National Automated Clearing House) is NPCI's system for salary credits and EMI, SIP auto-debits. Mandates, UMRN, cancelling and bounce charges.
  6. BBPSBharat Bill Payment SystemBBPS (Bharat Bill Payment System), now Bharat Connect: which bills you can pay, how it works, the 20-character reference ID, failed payments, complaints.
  7. AePSAadhaar Enabled Payment SystemAePS (Aadhaar Enabled Payment System) lets you withdraw cash with Aadhaar and fingerprint at a Bank Mitra. Steps, limits, refunds for failures, fraud safety.
  8. FASTagFASTag (National Electronic Toll Collection tag)FASTag (NETC) explained: how the tag works, buying and KYV, UPI recharge, balance check, blacklisted tag fixes, wrong-deduction refunds and the Annual Pass.
  9. VPAVirtual Payment AddressVPA (Virtual Payment Address) is your UPI ID, like name@bank. How to create or change it, UPI number, checking the payee's name, wrong UPI ID and collect scams.
  10. MMIDMobile Money IdentifierMMID (Mobile Money Identifier) is a 7-digit number from your bank that, with your mobile number, lets you receive IMPS money. How to get it and use it safely.
  11. MPINMobile Banking Personal Identification NumberMPIN is the secret PIN for your bank's mobile app. How it differs from UPI PIN, ATM PIN and OTP, how to reset a forgotten MPIN, and how to keep it safe.
  12. MDRMerchant Discount RateMDR (Merchant Discount Rate) is the fee a shop pays its bank on UPI and card payments. 2026 UPI MDR rates, debit card caps, who pays, and surcharges.

Bank codes and reference numbers

  1. IFSCIndian Financial System CodeIFSC (Indian Financial System Code) is the 11-character code of a bank branch used for NEFT, RTGS and IMPS. Read its format, find yours, and fix a wrong IFSC.
  2. MICRMagnetic Ink Character RecognitionMICR (Magnetic Ink Character Recognition) is the 9-digit code on your cheque: city, bank and branch. Learn to read the cheque code line and where MICR is used.
  3. SWIFTSociety for Worldwide Interbank Financial TelecommunicationSWIFT is the global bank messaging network; a SWIFT/BIC code (8 or 11 characters) identifies a bank. Read the format, find yours, and receive money in India.
  4. UTRUnique Transaction ReferenceUTR and RRN are the reference numbers of NEFT, RTGS, IMPS and UPI payments. See each format, read your statement line, and use the number to trace money.
  5. LEILegal Entity IdentifierLEI means Legal Entity Identifier, a 20-character global code for firms. Who needs one in India (₹50 crore payments, loans), how to get, renew and check it.
  6. CTSCheque Truncation SystemCTS (Cheque Truncation System) clears cheques by image, not paper. See today's clearing times, CTS-2010 cheques, Positive Pay, return reasons and bounce rules.

Banks, regulators and safety

  1. RBIReserve Bank of IndiaRBI is India's central bank. What it does for you, repo rate and your EMI, ₹5 lakh deposit insurance, fake RBI calls, and how to complain.
  2. NPCINational Payments Corporation of IndiaNPCI (National Payments Corporation of India) runs UPI, IMPS, RuPay, NACH, AePS and FASTag clearing. Who set it up, what it does not do, and how to complain.
  3. RB-IOSReserve Bank – Integrated Ombudsman SchemeRB-IOS is RBI's free complaint scheme for banks, NBFCs and wallets. Who can complain, the 30- and 90-day rules, how to file, and up to ₹30 lakh compensation.
  4. DICGCDeposit Insurance and Credit Guarantee CorporationDICGC insures your bank deposits up to ₹5 lakh per bank. What is covered, how joint accounts are counted, which banks are insured and how claims are paid.
  5. KYCKnow Your CustomerKYC means Know Your Customer. Documents RBI accepts, Aadhaar e-KYC, video KYC, the 14-digit CKYC number, re-KYC by self-declaration, and KYC fraud.
  6. PMJDYPradhan Mantri Jan Dhan YojanaPMJDY means Pradhan Mantri Jan Dhan Yojana. Zero-balance account, free RuPay card with ₹2 lakh accident cover, ₹10,000 overdraft, DBT, re-KYC and claims.
  7. NBFCNon-Banking Financial CompanyNBFC means Non-Banking Financial Company. How it differs from a bank, how to check RBI registration, loan-app rules, NBFC deposit risks and how to complain.
  8. PPIPrepaid Payment InstrumentPPI (Prepaid Payment Instrument) means wallets and prepaid cards. RBI limits for small and full-KYC PPIs, UPI use, fraud refunds, closing a wallet, complaints.
  9. NRE / NRONon-Resident External / Non-Resident Ordinary accountNRE vs NRO accounts for NRIs: what can be credited, tax on interest, the USD 1 million NRO limit, joint holders, FCNR(B) and what to do on returning to India.
  10. CKYCCentral Know Your CustomerCKYC means Central KYC. What the 14-digit CKYC number (KIN) is, how to get it by missed call or ckycindia.in, how banks reuse it and how to update it.

Loans and credit

  1. EMIEquated Monthly InstalmentEMI means Equated Monthly Instalment. The EMI formula with a worked example, how repo-rate changes alter your EMI, prepayment, missed EMIs and RBI rules.
  2. KFSKey Facts StatementKFS means Key Facts Statement. What your loan KFS must show, APR vs interest rate with an example, the 3-day validity, loan-app rules and how to complain.
  3. CIBILCredit Information Bureau (India) LimitedCIBIL is a credit bureau that scores you from 300 to 900. Get your free yearly report, read it, dispute errors in 30 days, and claim ₹100/day for delay.

Tax

  1. TDSTax Deducted at SourceTDS means Tax Deducted at Source. How it reaches your PAN, checking Form 168 (26AS) and AIS, Form 130/131 certificates, Form 121 (15G/15H) and refunds.
  2. TCSTax Collected at SourceTCS means Tax Collected at Source. 2026 rates on foreign remittances (LRS), tour packages and cars over ₹10 lakh, and how to claim TCS credit back.
  3. AISAnnual Information StatementAIS means Annual Information Statement. What it shows, AIS vs TIS vs Form 168/26AS, how to download it, the PDF password, and fixing wrong entries.
  4. ITRIncome Tax ReturnITR means Income Tax Return. Who must file, ITR-1 to ITR-4, AY 2026-27 due dates, filing online, 30-day e-verification, refunds, revised and updated returns.
  5. GSTGoods and Services TaxGST means Goods and Services Tax. The 2025 rates (5%, 18%, 40%), CGST/SGST/IGST with a ₹1,000 example, checking a GSTIN, GST bills and complaints.

Government schemes, health and rights

  1. PM-KISANPradhan Mantri Kisan Samman NidhiPM-KISAN means Pradhan Mantri Kisan Samman Nidhi: ₹6,000 a year to landholding farmer families. Eligibility, e-KYC, status check, missing instalments.
  2. PM-JAYAyushman Bharat Pradhan Mantri Jan Arogya YojanaPM-JAY gives eligible families ₹5 lakh a year of free, cashless hospital care; everyone aged 70+ qualifies. Check eligibility, get the Ayushman card, use it.
  3. ABHAAyushman Bharat Health AccountABHA, Ayushman Bharat Health Account, is a free 14-digit ID to link and share health records with consent. How to create it; how it differs from Ayushman card.
  4. APYAtal Pension YojanaAPY explained: guaranteed ₹1,000–₹5,000 monthly pension from 60, who can join (18–40, non-taxpayers), contribution chart, penalty, death and exit rules.
  5. e-Shrame-Shram (National Database of Unorganised Workers)e-Shram is India's national database of unorganised workers. Check who can register, get your free 12-digit UAN card, update details and use linked schemes.
  6. DigiLockerDigital LockerDigiLocker is the government's digital document wallet. Issued vs uploaded documents, how to sign up and fetch DL, RC or marksheets, sharing, QR checks.
  7. PMJJBYPradhan Mantri Jeevan Jyoti Bima YojanaPMJJBY gives ₹2 lakh life cover for ₹436 a year, auto-debited 25 May–1 June. Who can join (18–50), 30-day lien, how the nominee claims, when cover ends.
  8. PMSBYPradhan Mantri Suraksha Bima YojanaPMSBY explained: ₹2 lakh accident cover for ₹20 a year, ages 18–70, auto-debit dates, disability payouts, how to join, claim documents and when cover ends.
  9. ESICEmployees' State Insurance CorporationESIC means Employees' State Insurance Corporation. Who is covered (wages up to ₹21,000), 0.75% + 3.25% split, medical and cash benefits, IP number, complaints.
  10. RTIRight to InformationRTI (Right to Information) lets citizens get government records. File online or offline for ₹10, reply in 30 days, appeals, exemptions, 2025 change.

Savings, investments and pension

  1. FDFixed DepositFD means Fixed Deposit. Cumulative vs payout interest, premature withdrawal penalty, TDS and Form 121, renewal, unclaimed FDs, DICGC cover and NBFC FDs.
  2. PPFPublic Provident FundPPF explained: 7.1% rate for Oct–Dec 2026, ₹500 to ₹1.5 lakh a year, 15-year term, extension, loan, partial withdrawal, early closure and revival.
  3. SIPSystematic Investment PlanSIP explained: how a fixed monthly amount buys mutual fund units at NAV, starting an SIP, missed instalments, stopping, exit load, TER, risk and complaints.
  4. NPSNational Pension SystemNPS explained: who can join (18–85), PRAN, Tier I vs Tier II, opening on eNPS, Active vs Auto choice, partial withdrawal, exit rules from Dec 2025, UPS.
  5. EPFEmployees' Provident FundEPF means Employees' Provident Fund. Who must join (wages up to ₹25,000), the 12% + 12% split, 8.25% interest for 2025-26, EPS, EDLI, VPF and complaints.
  6. EPSEmployees' Pension SchemeEPS means Employees' Pension Scheme, 1995. Who is covered, the 8.33% employer share (up to ₹2,083), pension formula, ₹1,000 minimum, Form 10C, family pension.
  7. UANUniversal Account NumberUAN means Universal Account Number, your 12-digit EPFO number for life. Get or activate it on UMANG, link KYC, transfer PF and file claims safely.

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