What is an IFSC code in India?


The actual meaning of IFSC Code is Indian Financial System Code. It is a mixture of Alpha Numeric code. The example of IFSC Code is SBIN0000691. The first four alpha code SBIN is representing State Bank Of India. The fifth digit is always remains 0 (zero) by default. 000691 is a branch code of State Bank Of India. First four digit of is representing bank name and rest of code is representing bank branch. Every bank branch has a unique branch code.
IFSC Code is commonly used in banking related transactions like fund transfer from one bank to another bank. It is mostly used in payment applications like NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), IMPS (Immediate Payment Service).

What is Micr Code In India?
MICR Code is usually found on cheque book in India. The meaning of MICR is Magnetic Ink Character Recognition technology. It is a 9 digit code which has a meaning. First three digits represents city code which is taken from city PIN Code. Next three digits represents Bank Code. And last three digits represents the branch code of bank. For example, 110002087 is a MICR Code of Delhi. The first three digits 110 is represents that it is belonged with Delhi. Next three code 002 is represents Bank Code which is State Bank Of India. And the last digits 087 represents branch.
The MICR Code can be found on cheque book next to the cheque number. These are used in bank for faster processing of cheques. These codes identify bank branch while using ECS (Electronic Clearing System). These MICR Code is also used while filling up investment form of SIP (Systematec Investment Plan) in India.

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