7/13/2017 What is the Difference Between IFSC and MICR Code?

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In the banking world, IFSC and MICR are common terms used for financial
transactions such as transferring money through NEFT, RTGS.
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However, there are many who are still confused about the concept and importance of
these terms. Let us try to clarify and understand the difference and importance of both
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MICR Code:

MICR Code, stand for Magnetic Ink Character Recognition. This can be found in all the
cheques at the bottom white line which is known as MICR Band. This code can be used
for international transactions as well. This is used for enhancing the security in the 9h  201  tcsglobal
transactions.

MICR is very old system, used for ensuring the safety and security of negotiable
instruments, to facilitate the processing of the cheques. 
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7/13/2017 What is the Difference Between IFSC and MICR Code? - Goodreturns
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MICR code contains the details of the who took time out of their busy schedule to
cheque such as serial number, the 9 digit help Network Impacts, an NGO, in
number. The first three digits represent the unloading and sorting food donations from
large delivery trucks....
city, next three represent the bank and the
last three digits indicates the branch. The
code was introduced by RBI to make NEFT
   
(National Electronic Fund Transfer) quick
and efficient.

As MICR code is written with a special

magnetic ink, thus fraud cases can be
easily determined through check done by
the magnetic scanner.

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A typical MICR code is as: 110229003 wherein the first 3 numbers serve to identify the
city code, center three identify the bank code and the last digits its branch code.

110 City Code

229 Bank code
003 Branch Code

IFSC Code:

IFSC code stands for Indian Finance System code. This code identify all the NEFT
participating bank branches uniquely.

This code is used by electronic payment system applications such as RTGS ( Real Time
Gross Settlement), NEFT (National Electronic Fund Transfer), CFMS (Centralised
Funds Management Systems).

To transfer funds, one needs to know the IFSC code, so that the beneficiary gets the
funds directly in his account. There is no physical dispatch of cheques between the
clearing house and the banks is involved. This unique code system is used for instant
transfer of money using internet.

A typical IFSC code is as : HDFC0000351 wherein the first 4 alphabets serve to identify
the bank and the last digits its branch which in this case refers to the branch.

Difference IFSC Code and MICR

So, the difference essentially is that IFSC Code is used when remitting money through
NEFT and RTGS. On the other hand MICR code is used only on cheque leaves. So, this

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7/13/2017 What is the Difference Between IFSC and MICR Code? - Goodreturns

is largely to with the system of cheques,

while IFSC Code is largely to with the
NEFT and RTGS system and the same is
mentioned on the cheque leaves as well for
the sake of convenience. So, it must be
noted that both are remarkably difference
from each other. The advent of the
electronic form of payment has paved the
way for greater and greater emphasis on
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the use of the IFSC Code. Today, you Get Started in Simple Steps.
cannot remit amounts to a beneficiary investeasy.reliancemutual.com

unless you have the IFSC Code, which is of

great signficance than ever before. So, make sure that you have it before you send and
receive money.

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Read in Hindi: IFSC और MICR कोड के बीच ाअ र है ?

Read more about: banks, cheque
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