NEFT ( National Electronic Funds Transfer)
NEFT is an electronic payment system that uses a secure mode of transferring funds from any bank branch to any other bank branch in India.
IFSC ( Indian Financial System Code)
IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the National Electronic Funds Transfer (NEFT) system. This is a 11 digit code with the first 4 characters representing the bank, and the last 6 characters representing the branch. The 5th character is a 0 (zero). IFSC is used by the NEFT system to route the messages to the destination banks / branches.
Banks IFSC codes which can be used with PayPal
If you are an Indian Paypal user, you need to know the IFSC Codes of your bank to withdraw funds to your bank account in India. Here is the List of bank-branches participating in NEFT and their IFSCs which available on the website of Reserve Bank of India.