LOCATE ANY BANK BRANCH IN INDIA
Bank’s Overview
We
have started Banking business on 25th October 1996 on the auspicious occasion of
Kojagiri Pornima. Our Bank has achieved the honor of fully computerized bank
from inception and first Bank in Solapur acquiring ISO certification. For
the convenience of the customers, the bank operates its business in morning and
evening shifts and providing prompt and excellent services.
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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