What is IFS Code (IFSC)? How it is different from MICR code?
Dear Friend What is IFSC Code? IFSC Code stands for Indian Financial System Code used in the Online Fund Transfer. IFSC code is 11 characters and each set of characters has a specific meaning. There is a process to know the IFSC code for different banks. What is MICR Code? MICR Code stands for Magnetic Ink Character Recognition Code which is printed at the bottom of every cheque that is printed using a magnetic ink which can easily be read by cheque processing systems. It’s a 6 digits number which is displayed right beside IFSC code. Difference 1. While IFSC is a code developed by RBI for money transfer between banks within India, MICR is a Magnetic Ink Recognition technology for making cheque processing faster and simpler. 2. IFSC is patterned along the lines of SWIFT codes. 3. While IFSC code is alphanumeric and contains 11 digits, MICR is a nine digit code made up of numerals only. 4. Both IFSC and MICR have made banking faster and simpler. Thanks
Dear Prity, So far as your query is concerned that What is IFS Code (IFSC)? How it is different from MICR code? Kindly be informed that Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch. The MICR code has 9 digits to identify the bank-branch. Hope you have got the answer/information on your query that What is IFS Code (IFSC)? How it is different from MICR code? Hope that the above information is useful to you !!! Thanks & Regards