slide 1: IFSC Code And MICR Code
What Does It Mean
Presented By
Kevin Flores
http://indianbankdetails.com/
slide 2: Getting Started:
• Have you recently used online or mobile banking to transfer
funds
• If yes is your answer then you might come across the word
IFSC codes and MICR code. Isn’t it
• Do you know what does these terms really mean Well don’t
worry.
• We are here with the basic definition of both the IFSC code
and MICR codes
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slide 3: What Is IFSC Code
• As we all know IFSC stands for Indian Finance System Code. As
the name implies it is a unique code assigned to every branch
of the Indian Banks which are responsible for Financial
Systems like sending or receiving money online.
• These codes are assigned by the Reserve Bank of India and
they are the sole persons who are responsible for every
transactions based on this.
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slide 4: Continued..
• If you are about to transfer money to a bank account then
this code is responsible for locating the branch of the bank for
which you are transferring the money to for example locating
bank of Maharashtra branches.
• This code is of 11 digit alpha numeric characters in which the
first four digit refers to the bank code the fifth character will
be zero by default and the last 6 digits refers to the branch
code.
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slide 5: What Is MICR Code
• MICR stands for Magnetic Ink Character Recognition and
which is used for secure transaction during the fund transfer
between multiple banks.
• That is if you are transferring funds from one bank account to
another which is entirely different from that of your bank
then there this code comes into action.
• These codes are can be found on the cheque leaves and are
readable only by the bank personals to transfer funds in a
hassle free manner.
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slide 6: Continued..
• Unlike the IFSC codes these MICR codes comprises of 9
characters out of which
• the first 3 characters refers to the city where the bank belongs
to
• next 3 characters refers the bank code to which you are
transferring the amount
• and the last 3 characters refers the branch code of the bank.
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