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What is ifs code ( IFSC ) ?
A unique code assigned to all branchs of banks. It stands for "Indian Financial System Code" in short form known as IFSC or ifsc 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.
RBI ( Reserve Bank of India ) is orgnisation which control all banks in India. It defined IFSC to make financial transaction. According to your branch you can find it at bank branch notice board, checkbook or passbook.
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.