IFSC stands for Indian Financial System Code .
The Payment System Applications such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralised Funds
Management System (CFMS) developed by the Reserve Bank of India use these codes.
The IFSC code consists of 11 Characters : (e.g ICIC0000039)
First 4 characters represent the entity (ICIC0000039 )
Fifth position has been defaulted with a '0' (Zero) for future use (ICIC0000039)
Last 6 character denotes the branch identity (ICIC0000039 )
IFSC is being identified by the RBI as the code to be used for various payment system projects within the country, and it would, in due course, cover all networked branches
MICR stands for Magnetic Ink Character Recognition .
This is a 9 digit code to identify the location of the bank branch.
The MICR Code is a numeric code that uniquely identifies a bank-branch participating in the ECS Credit scheme.
The MICR code consists of 9 Characters : (e.g 411229003)
First 3 characters represent the city (411229003 )
Next 3 characters represents the bank (411229003)
Last 3 character denotes the branch identity (411229003 )
The MICR Code allotted to a bank branch is printed on the MICR band of cheques issued by bank branches.
Disclaimer: Please confirm this information with your bank before initiating any transaction. We are not liable for any errors or omissions in our information.