What is the full form of IFSC and MICR?

IFSC and MICR these banking related . I don’t know these full form. What is the full form.

1 reply on “What is the full form of IFSC and MICR?”

IFSC code (Indian Financial System Code)

IFSC code is used of fund transfer for one bank to another bank.

This code is alpha-numeric code in 11 digit used for fund transfer bank branch to RTGS ( Real Time Gross Settlement ) NEFT (National Electronic Fund Transfer ). Every bank branch will have a unique code and no two branches  will ever be the same.

In an IFSC code, the first 4 digits of the IFSC represent the bank and last 6 characters represent the branch. The 5th character is zero.

MICR (Magnetic Ink Character Recognition technology)

MICR code is a code printed on cheques using MICR (Magnetic Ink Character Recognition technology). This enables identification of the cheques and which in turns means faster processing.

An MICR code is a 9-digit code that uniquely identifies the bank and branch participating in an Electronic Clearing System (ECS).

It comprises of 3 parts:

  • The first three digits represent the city (City Code). They are aligned with the PIN code we use for postal addresses in India.
  • The next 3 digits represent the bank (Bank Code)
  • The last 3 digits represent the branch (Branch Code)

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