LOCATE ANY BANK BRANCH IN INDIA
About
Bank
Maybank Indonesia(MBI) is one of
the largest private banks in Indonesia with assets of over US$ 10.64 billion.
Having over 54 years of vintage,MBI is a member of Malayan Banking Berhad
(Maybank Group), Malaysia’s largest financial services institution with assets
of over US$ 160 billion.Bloomberg has rated Maybank as the 13th strongest bank
in the world based on its capital strength, asset quality, strong reserves,
deposits and funding strength. Through its network of branches, subsidiaries,
associates and representative offices, Maybank Group is present in 20 countries
across the globe including Indonesia, Malaysia, Singapore, Hong Kong, China,
Great Britain, USA, Bahrain, Saudi Arabia, Brunei, Vietnam, Cambodia,
Philippines, Bahrain, Mauritius, Myanmar and Pakistan.
MBI is the first Indonesian
bank with Malaysian lineage to start operations in India as a scheduled
commercial bank. With strong presence in the ASEAN region, MBI India is
completely aligned with its Group’s mission of humanising financial services
across Asia. With a strong and highly experienced Senior Management Team, MBI
India aims to strengthen the Group’s position as the preferred trade partner
for its customers in the extended ASEAN region with main focus on trade
services & remittances across Asia.
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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