What is IFSC Code?
The Indian Financial System Code (IFSC) is a one-of-a-kind 11-digit alphanumeric code used for online financial transfers via NEFT, RTGS, and IMPS. The IFSC code may be found on the cheque leaf given by the bank. The IFSC codes are assigned to banks by the Reserve Bank of India (RBI). Aside from the cheque leaf, the IFSC code may also be found on the bank’s and the RBI’s official websites.
If you are transferring money using online banking, the IFSC must be input in order for the transfer to be initiated. Banks do not amend or update the IFSC code unless there is a merger.
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IFSC Code: Some Key Features
Aids in the identification of a certain bank branch
Aids in the elimination of mistakes during the fund transfer procedure
Used for all electronic payment methods, including NEFT, RTGS, and IMPS.
Difference Between Bank IFSC Code and Credit Card IFSC Code
The IFSC code for a bank differs from branch to branch. The credit card IFSC code for a certain bank, on the other hand, will stay the same across the country.
MICR Code: Magnetic Ink Character Recognition Code
Magnetic Ink Character Recognition (MICR) is a 9-digit identifier that aids in the identification of a certain bank branch that is a part of the Electronic Clearing System (ECS), which is used to routinely clear cheques. This code may be found on the bank’s cheque leaf and is usually printed on the passbook that is given to the account holder.
The first three digits of the nine-digit code identify the city, the following three digits identify the bank code, and the last three digits reflect the bank branch code. The MICR code for the SBI branch in Kolkata, for example, is ‘700002021. The first three numbers ‘700’ identify the specific city, the following three digits ‘002’ reflect the individual bank code, and the final three digits ‘021’ designate the bank branch code. The MICR code is largely utilized by machines to process and clear checks. The 9-digit code reduces mistakes in the clearing process, speeds up the procedure, and makes cheque processing safer and more secure.
What is MICR Code?
Magnetic Ink Character Recognition (MICR) is a 9-digit code that aids in the identification of a certain bank branch that is a member of the Electronic Clearing System (ECS). This code may be found on the bank’s cheque leaf and is usually printed on the passbook that is given to the account holder.
MICR Code Format
The city is represented by the first three digits of the code, the bank is represented by the next three digits, and the bank branch is represented by the final three digits. The MICR code for the SBI branch in Kolkata, for example, is ‘700002021.’ In this case, ‘700’ symbolizes the city, ‘002’ the bank, and ‘021’ the bank branch.
Check IFSC Code for Top Banks:
- State Bank of India IFSC Code
- HDFC Bank IFSC Code
- Bank of India IFSC Code
- The Canara Bank IFSC Code
- HSBC HSBC IFSC Code
- Axis Bank IFSC Code