IFSC Code And MICR Code

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Know about the terms IFSC code and MICR code with this document. For more details visit - http://indianbankdetails.com/index.php/BANK_OF_MAHARASHTRA-IFSC-Code


Presentation Transcript

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IFSC Code And MICR Code What Does It Mean Presented By Kevin Flores http://indianbankdetails.com/

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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 http://indianbankdetails.com/

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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. http://indianbankdetails.com/

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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. http://indianbankdetails.com/

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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. http://indianbankdetails.com/

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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. http://indianbankdetails.com/

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