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Ifsc micr codeBank IFSC/MICR Code

Search Bank Ifsc or MICR Code

What is ifsc code ( IFS Code ) ?

It stands for "Indian Financial System Code" in short form known as IFSC or IFS Code. This code is not a random number. It have some patteren to identify bank and branch information. It is made up by total 11 characters out these first 4 characters represent a bank code, 5th place character is zero(0) and last 6 represent to branch code. Let's understand it by example

IFS Code : PUNB0011200

In this first 4 characters are PUNB it represent to Punjab National Bank.
Fifth character is zero
Last 6 characters 011200 it represent Branch Code which named here area DELHI CANTT.

Q. What is use of ifsc code ?

Ans. Basically it used to transfer payment betweens two bank accounts. These banks could be same kind or different. Banks follows two ways of transfer payment -
  NEFT - National Electronic Fund Transfer
  RTGS - Real Time Gross Settlement

 

What is MICR Code ?

MICR Code - Magnetic Ink Character Recognition Code.

MICR is a character-recognition technology used mainly by the banking industry for ease in processing, speed up clearaning of cheques and other documents. RBI to identify the bank branch it has nine digits each three digits reveal some important information about the transactions of the bank. MICR is readable or can scan by devices like MICR Scanner. It helps to read the information directly into a software to collect data.