The Indian Financial System Code (or more commonly known as IFSC code) is an 11-digit code used to identify bank branches within the National Electronic Funds Transfer (NEFT) network by a central bank.

What is IFSC?

IFSC code is used for electronic payment system systems such as real estate termination (RTGS), NEFT and Centralized Funds Management System (CFMS). This code is mandatory to transfer the fund from one bank account to another. All bank branches will have a different code and no two branches (even one bank) will ever be the same.

In the IFSC code, the first 4 digits of the IFSC represent the bank and the last 6 letters represent the branch. The 5th character is zero.

The 11-digit State Bank of India's (SBI) IFSC, the first four letters will be 'SBIN', and the last 6 digits will represent the branch code. For example, the IFSC code of the SBI branch at 23, Himalaya House, Kasturba Gandhi Marg, New Delhi 110001, is SBIN0005943. Here, 005943 is a branch code.

What is MICR?

MICR code is a code printed on checks using MICR (Magnetic Ink Character Recognition Technology). This enables the identification of checks and exchanges means faster processing.

The MICR code is a 9-digit code that uniquely identifies the bank and branch participating in the Electronic Clearing System (ECS).

It consists of 3 parts:
The first three digits represent a city (City Code). They are attached to the PIN code we use for postal addresses in India.
The next three numbers represent the bank (Bank Code)
The last 3 digits represent a branch (Branch Code)

The MICR code is located at the bottom of the test page, next to the check number. You can also find it printed on the first page of your savings bank account.

What is the MICR code used for?

One is required to state the MICR code while completing various financial transaction forms such as investment forms or SIP or transfer forms.

What is a check number?

The test number is a 6-digit number assigned to each sheet. It is written on the left side below the check. It is best to check, for example, count and check the number on each test sheet in the new test book when you receive it at the bank. This ensures that no check is lost in the checkbook.

Ideally, you should record the transaction in which you used each test sheet on which the purchase record slip attached at the beginning or end of the checkbook. In this record, you must state the test number, test date, amount and payee.

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