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About IFSC Code & MICR Code
Table of Contents
IFSC is a unique 11-digit alphanumeric code used for online fund transfer transactions made through IMPS and NEFT. RBI issues IFSC codes for all banks. The first 4 characters of the IFSC code represent the name of the bank, the 5th character is 0 and the last 6 numbers identify the branch code of the bank.
MICR (Magnetic Ink Character Recognition) is a 9 digit code, it is used to identify a particular bank branch of the ECS. The first 3 numbers define the city code, the next 3 numbers represent the bank code and the last 3 numbers are your bank branch code.
How to find for bank name by IFSC code?
You can also find the IFSC code on the official websites of banks and RBI.
What is the full form of IFSC?
In the Banking sector, the full form of IFSC is the Indian Financial System Code.
Why is IFSC used?
Reserve Bank of India made the Indian Financial System Code or IFSC, an 11-digit alphanumeric code. Basically, it is used for all bank branches uniquely within the NEFT (National Electronic Funds Transfer) network.
How to search for bank name by IFSC code?
Using IFSC Code is a very easy and simple way to find bank names and Branches. The first four characters of the IFSC code represent the bank name. For Example, if the code is, BKID000A561, the bank name will be Bank of India.
What is the meaning of MICR code?
The Full form of MICR is Magnetic Ink Character Recognition. It is one kind of special ink that is very sensitive to magnetic fields. Basically, it is printed on the bottom of the Cheque.
What is the use of MICR code?
MICR is a technology that helps to verify the authenticity of checks or other paper documents. MICR Code helps RBI (Reserve Bank of India) to identify bank branches.
Are IFSC and SWIFT code same?
Nope, IFSC and SWIFT codes are not the same. IFSC is used for transferring money within India, while Swift code is used for transferring money internationally. Moreover, Swift is a bank identification code when IFSC is used to identify a specific bank branch. For example, if your payment will come from America or UK in India, then, Swift Code will be used.
If a bank branch is changed, will the IFSC code change?
If the address location of the bank branch is changed, then the IFSC code will not be changed. But, if the Bank account is transferred from one branch of the bank to another then IFSC Code will change.
Is the IFSC code the same as the branch code?
Nope, the IFSC code is not the same as the bank branch code.
Where is the IFSC code located on the Cheque leaf?
Generally, IFSC Code is presents in the top part of every Cheque leaf or beside the Bank Branch Address.
Is IFSC code required for IMPS?
If the person transfers money using a bank account number, IMFS only requires an IFSC code. If the MMID of the receiver is not available, Sender has to add the receiver as the recipient, which requires details like bank account number, name, and IFSC.
Where can I locate the MICR code on Cheque?
MICR code is printed on the Front Page of the Cheque Book besides Account Holder Details and also it shows in the bottom part of every cheque leaf provided by banks.
Is IFSC code unique?
Obviously Yes, IFSC (Indian Financial System Code) code is a unique alphanumeric code that helps to identify and lo Bank Branch.
Can I access the IFSC code from my bank passbook?
Yes, you can access the IFSC Code from the bank passbook. According to Reserve Bank of India rules, every bank must print IFSC and MICR Code on the passbook, account statement, issued by them.
Content Source: RBI Official Webiste RBI