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Everything you need to know about IFSC Code & MICR Code

Everything you need to know about IFSC Code & MICR Code- (11)

IFSC Code Meaning

IFSC code is an eleven-digit alphanumerical number used for online fund transfer through Banks. Generally, the first four digits of the IFSC code are alphabetical representing the name of the Bank, the fifth digit is 0 and the last six digits represent the branch of the Bank identified with a number. The Reserve Bank of India assigns an eleven-digit code to each of the branches of all Banks. IFSC Code is assigned to each Branch of the Bank for the purpose of identification of the payer and payee bank branch. All internet banking transactions are only be facilitated through a valid Indian Financial System Code.

How to find IFSC Code?

  1. The Banks mention the IFSC code on the checkbook and on the first page of the passbook of the account holder.
  2. The account holder can also search the IFSC code of the respective bank branch online. Type Search IFSC Code in google. Click on any of the websites on the search result page. is easy to navigate, mention the bank name, state, district, and branch and the IFSC code shall be displayed. All bank IFSC code is available on the website.

How to identify Bank names and Branch with IFSC Code?

In order to determine the Bank name and branch with IFSC code, type search bank by IFSC code in google.  Open the website bank IFSC code and type the IFSC code of the Bank. The Bank name and branch will be displayed.

Use of IFSC Code?

  1. IFSC code is used for electronic fund transfer from one bank account to another conveniently and easily.
  2. IFSC codes are also used to make credit card bill payments through net banking.

 Purpose of IFSC Code

  1. IFSC codes are used to identify the payer and payee branch.
  2. It helps in eliminating any error in the fund transfer process.
  3. It is used for online payments such as NEFT, RTGS, and IMPS.

How does it work?

  1. The payer registers the payee as the beneficiary in net banking with details like Name, payee account number, IFSC code of the payee, and contact details.
  2. The payer then receives an OTP. Once the OTP is submitted, the beneficiary account is kept under a cooling period of at least half an hour depending upon the policy of the Bank.
  3. Once the cooling period is over, the payer can transfer the funds through IMPS, NEFT or RTGS. He selects the beneficiary, amount to be transferred and One Time Password (OTP) for fund transfer.
  4. Through the IFSC code and the account number of the payee, the Branch and account are identified, and the amount is electronically transferred to the account of the payee instantly.


MICR or Magnetic Inc Character Recognition Code is used for cheque transfer.  The cheques deposited in the bank are scanned to authenticate the legality and credibility of the instrument. The Bank verifies the authenticity of the instrument and thus clear the instrument in a secure and fast manner. It is a 9-digit code of the branch. The MICR code is mentioned on the cheque leaf of the account holder. The first 3 digits of MICR code is numeric city code, the next 3 digits are bank code and the last 3 digits are branch code.

The purpose of the MICR Code

MICR code helps in faster processing of cheque and are used for processing of the cheques though electronic device (machine).  MICR code is required for processing various financial transactions such as SIP or investment forms, fund transfer forms, etc.

How to find MICR Code

MICR number is written to the right side of the cheque no mentioned at the bottom of every cheque leaf.


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