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BANK’S - ABOUT
People are at the heart of everything we do at DBS, which is why we dedicate ourselves to understanding what you need, and more. Whether it’s helping you with your investments or turning your business ideas into reality, we are committed to be the bank that you can trust and partner through life.
Live more, Bank less
In May 2018, DBS evolved our decade-old positioning “Living, Breathing Asia” to “Live more, Bank less”. This new brand promise reflects our belief that in the digital era, we need to deliver banking that is so simple, seamless and invisible, our customers have more time to spend on the people or things they care about.
It encapsulates several ideas – enabling customers to live hassle-free with invisible banking, to seize life’s opportunities and to live larger than themselves.
Embedding ourselves in the customer journey
To become more customer-centric, we continued to embed ourselves in the customer journey. Working together with ecosystem partners, DBS has launched digital first propositions providing on-the-go loans, investments and online marketplace to help customers access new markets. The idea was to embed banking in the everyday lives of customers, making banking invisible.
What is IFSC Code
IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material. This 11 character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.
How to find IFSC Code?
Ways to find IFSC codes
- IFSC code can be found on cheque leaf and bank passbook of the respective bank.
- Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
- The IFSC code of a particular bank can also be found on the banks’ official website.
Benefits of IFSC Code
Benefits of IFSC Code are :
- Helps to identify a Bank and its respective branch
- Eliminates errors in the process of fund transfer
- Transfers done with IFSC such as NEFT, RTGS and IMPS are accurate
What is MICR Code
MICR or Magnetic Ink Character Recognition Code is a 9 digit code used for faster processing of cheques. MICR number is also unique for every bank branch, hence it helps in uniquely identifying the bank and branch participating in an Electronic Clearing System (ECS). MICR Code like IFSC is a combination of 3 essential components:
- The first 3 digits represent the city code.
- The middle 3 represent the particular bank code.
- The last 3 digits represent the specific branch code
Benefits of MICR Code
Benefits of MICR Codes are:
MICR code enables efficient, quick and error-free processing of cheques. This is possible with magnetic ink, reading machines and technology used in MICR.
Difference between IFSC and MICR code
ink character recognition code (MICR) is a technology that enables faster
processing of cheques by recognizing unique characters printed on the cheque.
MICR consists of a 9 digit code. The
first three digits of the MICR code represent the city, the next three give the
bank code and the last three digits denote the branch of the bank. Similar to
an IFSC code, every branch of a bank has a specific MICR code. While IFSC is
used for online fund transactions, MICR is used for cheques.
Let’s understand the difference between IFSC and MICR