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The Surat People ’s Co-operative Bank Ltd was established in 1922 at Surat. Bank was
registered on 10th March 1922 and started
functioning from 21st April 1922.The Bank was first
registered Urban Co-Operative Bank in India and
became Scheduled Bank on 1st September, 1988.
The Bank is serving since last 97 years to the people of Surat and also to the
people of South Gujarat. The bank is having network of 30 branches, 25 in Surat, 1 branch at Vapi , 1 branch at Navsari, 1 branch at Chikhli, 1 branch at Valsad
and 1 branch at Mumbai.
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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IFSC Code
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MICR Code
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Used
to facilitate electronic fund transfers between banks and individuals
in India.
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MICR
code is to facilitate and make cheque processing more efficient.
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IFSC
is an 11 character alphanumeric code.
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MICR
is a 9-digit code.
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The
first four characters indicate the name of the bank.
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The
first three digits represent the city code where the bank branch is
located.
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Last
6 digits represent the bank branch location.
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Last
three digits indicate the code of the bank branch.
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