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About
Bank
Prime is a name of the bank where
the bank is ready to serve its banking services to all customers under the
slogan of “your BANK FOR you” Prime
co-operative bank ltd was promoted by an experienced and visionary
entrepreneur named Mr. GOKUL BAKSHI, he is the Founder Chairman of the bank and
continues to supervise its growth and development.
The Bank
started off with exemplary combination of talented Board & potential staff
team, stuffed with extreme professionalism and well designed contours of
working method. The bank started as a paperless unit employing tele-banking,
remote banking, off-time banking, Sunday banking, holiday banking and many more
allied methodologies from the very beginning right from the D-day.
Prime Co-operative Bank Ltd. known as a “Fully Equipped
High Tech Banking Super Market” in Gujarat Area. Our slogan is “Your BANK FOR
You”. There are so many products & services we have launched first in South
Gajarat Area. Therefore, we are trendsetter to others for our unique,
extraordinary, high tech, speedy services & products.
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
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