The Indian Financial System Code (IFSC), is a unique 11-digit alphanumeric code that is used for online fund transfer transactions done via NEFT, RTGS and IMPS. You can find the IFSC code on the cheque leaf that is provided by the bank. The Reserve Bank of India (RBI) assigns the IFSC codes to the bank. Apart from the cheque leaf, you can also find the IFSC code on the official website of the bank and the RBI. In case you are using net banking to transfer money, it is mandatory for the IFSC to be entered to initiate the transfer. Unless there is a merger, banks do not modify or change the IFSC code.
Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps identify a particular bank branch that is part of the Electronic Clearing System (ECS). This code can be found on the cheque leaf that is issued by the bank and is generally printed on the passbook that is issued to the account holder. The main purpose of the MICR code is to clear cheques that are deposited in machines. The code helps in avoiding errors as well.
Helps uniquely identify a specific bank branch
Helps eliminate errors in the fund transfer process
Used for all electronic payment options such as NEFT, RTGS and IMPS
|SBI IFSC CODE||HDFC BANK IFSC CODE||ICICI BANK IFSC CODE|
|BANK OF BARODA IFSC CODE||AXIS BANK IFSC CODE||INDIAN BANK IFSC CODE|
|CANARA BANK IFSC CODE||BANK OF INDIA IFSC CODE||ANDHRA BANK IFSC CODE|
|CENTRAL BANK OF INDIA IFSC CODE||ALLAHABAD BANK IFSC CODE||PUNJAB NATIONAL BANK IFSC CODE|
|BANK OF MAHARASHTRA IFSC CODE||CITI BANK IFSC CODE||KOTAK MAHINDRA BANK IFSC CODE|
|IFSCBankCode||MICR Bank Code|
|IFSC Bank Code is a 11-digit alphanumeric number.||MICR Bank Code is a 9-digit code.|
|IFSC Bank Code is used to facilitate electronic money transfer between banks that operate in the country.||MICR Bank Code is used to make cheque processing simpler and faster.|
|In an IFSC Bank code, the first four characters indicate the name of the bank.||In the MICR Bank code, a combination of the fourth, fifth and sixth digit indicate the bank code.|
|In IFSC Bank Code, the last six characters represent the branch code.||In the MICR Bank Code, the last three digits indicate the bank branch code.|
A cheque number is a 6-digit number uniquely assigned to each cheque leaf. It is written on the left-hand side at the bottom of the cheque. It is advisable to check i.e. count and check the number on each cheque leaf in a new cheque book when you receive it from the bank. This is to ensure that no cheque is missing from the cheque book. Ideally, you should record the transaction you have used each cheque leaf for in the transaction record slip attached at the start or end of a cheque book. In this record, you should mention the cheque number, date of cheque, amount and payee.
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