MICR CODE

So, when you expand MICR code it opens to Magnetic Ink Character Recognition. You can see MICR on your cheques, in a white band at the bottom of the cheque. One of the interesting features about MICR code is that, it lets you do international transactions as well. It prevents a customer from any sort of monetary fraud by increasing the security in the transactions. This has been launched by RBI to facilitate the process of NEFT by making it easy and fast.

The system of MICR has been used since ages protecting the customers from frauds and cheats. The code of MICR is inked down with a special ink which cannot be copied and is determined under a special magnetic scanner. It very well eases down the processing of cheques.

MICR contains 9 digit numbers which is unique identity of the cheques. In 9 digits, the first three shows the city, the next three denote the bank and the last three show the branch.

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ABOUT IFSC CODE

IFSC Code is one of the unique identification number which is necessary for sending money from one bank to another bank using online trasaction methods. You always need IFSC Code for NEFT, RTGS and IMPS transactions. Popular bank IFSC Codes.