What is the use of MICR code?
MICR stands for Magnetic Ink Character Recognition. It is a technology which allows machines to read and process cheques enabling thousands of cheque transactions in a short time. MICR code is usually a nine digit code comprising of some important information about the transaction and the bank.
What is IFSC CODE?
Indian Financial System Code is 11 digit alphanumeric unique code which is used to identify each branch of every bank in India. This code is given on the cheque book of a individuals, firms and corporates and is also required to transfer money through NEFT or RTGS
Why IFSC code is needed?
The Indian Financial System Code, better known as the IFSC code, is an alphanumeric code. This code innovatively identifies a bank branch that participates in two of the major electronic funds settlement in the country, RTGS and NEFT.
What is a bank code?
A Bank Code is a series of numbers that are used to identify banks around the world. It is equivalent to Australia's 'BSB' code, and can be between 3 and 23 digits depending on the country of the bank and the type of code. A Bank Code may be known as: BSB. SWIFT Code/BIC (Bank Identification Code)
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