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Search for IFSC, MICR Codes, Bank Addresses, Contact Details

The Indian Financial System Code (ISSC) and Magnetic Ink Character Recognition (MIRC) codes are significant for online bank transactions. After reading the article, you will know how to search for the IFSC and the MICR Codes through IFSC Code finder and what the terms mean.

What is IFSC?

IFSC is a unique 11-digit code. All banks and their branches have respective IFSC codes that they can use for online fund transfers. RBI generates the IFSCs for all banks. 

Significance of IFSC

IFSC assists banks and their branches in the following ways.

  • It ensures smooth funds transfer online
  • It helps monitor transactions.
  • It removes any scope of errors.

What is MICR?

The Magnetic Ink Character Recognition Code comprises nine digits and is used to process cheques swiftly. The MICR is exclusive to each bank branch. Thus, it aids in exclusively identifying the bank and its respective branch participating in an Electronic Clearing system. Similar to the Indian Financial System Code, the Magnetic Ink Character Recognition is a blend of three elements. 

  • The first three digits of the MICR code represent the city code.
  • The three digits in the middle of the MICR code represent a specific bank code.
  • The last three digits of the MICR code represent a particular branch code.

Significance of the MICR Code

  • The banking industry uses the Magnetic Ink Character Recognition Code to integrate the procedure and authorisation of cheques and other necessary documents.
  • The primary requirement of the MICR code is to verify the originality and validity of necessary documents based on paper related to the banking system and vitally utilised on cheques.
  • The MICR code stands in balance with the IFSC related to monetary transfers using NEFT or IMPS.
  • The technology aids bank officials in examining cheques and reading the significant details via the system.
  • The Reserve Bank of India allocated exclusive MICR codes to each bank branch which aids in identifying a specific bank branch and stimulates the clearance procedure.

Where to search for the IFSC Code and the MICR Codes on a Chequebook?

Both the Indian Financial System Code and the Magnetic Ink Character Recognition codes are mentioned on the chequebook issued by the bank. Account holders can find the IFSC code at the top of the cheque leaf in the middle. On the other hand, the Magnetic Ink Character Recognition code is mentioned at the bottom of the cheque leaf.

How to search for the IFSC Code of a Specific Branch Bank?

While searching for the Indian Financial System Code, account holders must look at the top of a cheque leaf issued by a bank. In case you do not have a chequebook with you, you can find the Indian Financial Service Code of a bank by going to the official website or portal of a particular bank and contacting the bank on their helpline numbers. In addition to the official portal or website of a specific bank, you can also go to the official website of the Reserve Bank of India.

For example, if you are searching for the SBI IFSC Code, you can go to the official website of the State Bank of India and find the Indian Financial Service Code. You can also check the SBI IFSC Code on the cheque leaf and the passbook issued by the State Bank of India.

Conclusion

Both the IFSC code and the MICR code are necessary. Account holders can search the bank by IFSC code. They can sign in to their bank accounts through internet banking and find the IFSC code in the Accounts section. Note, the process of internet banking may differ from one bank’s portal to another.