Dbs bank india limited | IFSC code, MICR Code

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dbs bank india limited has branches in 13 States

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

Magnetic 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

IFSC Code	MICR Code
Used to facilitate electronic fund transfers between banks and individuals in India.	MICR code is to facilitate and make cheque processing more efficient.
IFSC is an 11 character alphanumeric code.	MICR is a 9-digit code.
The first four characters indicate the name of the bank.	The first three digits represent the city code where the bank branch is located.
Last 6 digits represent the bank branch location.	Last three digits indicate the code of the bank branch.

LOCATE ANY BANK BRANCH IN INDIA

dbs bank india limited has branches in 13 States

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