IFSC ( Indian Financial System Code ) is an 11-digit alphanumeric code that is used to identify the bank branches that participate in various electronic monetary transactions like NEFT or RTGS. It can found either in bank passbook or on the chequebook.
Each bank is assigned unique IFSC code by the Reserve Bank. Of India.
Internet banking fund transfers like NEFT, IMPS and RTGS cannot be initiated without valid IFSC code.
Format of the IFSC code.
First Four Characters are alphabets which indicates bank name.
Fifth character is zero
Next six characters denotes the branch code.
This format makes the IFSC code unique for each bank.
Click Here For IFSC Codes:
What is MICR?
MICR stands for Magnetic Ink Character Recognition which is a technology used in the banking industry in printing the MICR codes. A MICR code is a 9-digit code that uniquely identifies a bank and a branch participating in an Electronic Clearing System (ECS). Out of this 9-digit code, the first 3 digit of the code represents the city code, the middle ones represent the bank code and last 3 represents the branch code. MICR code is located at the bottom of a cheque leaf, next to the cheque number. You can also find it normally printed on the first page of a bank savings account passbook.
What is the use of MICR Code?
It is used in the processing of cheques by machines. This code enables faster processing of cheques. One must mention the MICR code while filing up various financial transaction forms such as s investment forms or SIP form or forms for transfer of funds etc.
What is cheque number?
It is a 6-digit number uniquely assigned to each cheque leaf. It is printed on the left-hand side at the bottom of the cheque. It is mandatory to check the 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.
What is Swift code?
The expansion of SWIFT is Society for Worldwide Interbank Financial Telecommunication. It is also known as BIC (Business Identifier Codes) and as SWIFT-BIC, BIC code, SWIFT code. It is used for international money transfer between banks.
It is a set of 8 or 11 digits that represents a bank branch and a combination of various kinds of letters and are used to identify the branch codes of the banks. They are used as Bank Identifier Codes (BIC).
It has the following components:
- if you look at the first four characters. They are used as the bank codes. Only letters can be used.
- Now, the next two characters, only letters, are to describe or give the country code.
-Again, next two characters can be a mix of both numbers and letters. These are used for location-based codes.
- Last three characters of the code can be digits and letters, and are optional and are used to give details about the branch code.
Where can you find a bank SWIFT code ?
You will find your bank’s BIC or SWIFT code in your bank statements. Or, you can use SWIFT code finder.
Click Here To Find Swift Code.
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