The primary function of the MICR Code is to authenticate the legality and credibility of paper-based document(s) in the banking database. Magnetic Ink Character Recognition Code, commonly called MICR code, is a 9-digit code that identifies the bank branches that are taking part in an (Electronic Clearing System). The starting 4 digits of the IFSC signify the bank’s name, followed by zero and the last 6 digits stand for the branch of a bank. IFSC is used while making the online fund transfer via NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service) or RTGS (Real Time Gross Settlement). The same can also be located on the front page of the bank account holder’s passbook. Indian Financial System Code (IFSC) is an 11-digit alphanumeric code on the front page of the chequebook provided by the bank and also on top of a cheque leaf near the bank account number. The first portion of the eleven-character IFSC code is composed of four letters representing the bank, the next character is zero that is reserved for future use, and the last 6 characters are the identification code of the branch. The alpha-numeric IFSC exclusively recognises each bank branch which participates in the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS). The main use of IFSC is in electronic funds transfers. Without a valid IFSC, users can't initiate internet banking or fund transfer using NEFT, IMPS and RTGS. ![]() ![]() Each bank branch has a unique IFSC which is assigned by the Reserve Bank of India (RBI). The same can also be located on the front page of the bank accountholder’s passbook. IFSC is a combination of alphabets and numerals and can be found on the chequebook provided by the bank. Indian Financial System Code, commonly known as IFSC is a unique eleven-digit number which is used to transfer funds online for NEFT, IMPS and RTGS transactions.
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