MICR CODE

All You Need To Know About The MICR Codehttp://banksifsccodes.com/

Presented By,Kevin Flores,Banks IFSC Codes

Getting Started:

• All the financial institution in India are using 9 digit MICR code for processing cheque.

• Bank users should know the purpose of the MICR code. • Many of bank account holder’s had seen MICR code (Magnetic

Ink barcode) at the bottom of the cheque. • In 1980’s, this unique code system was introduced first time in

India for processing cheques.

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MICR-What It Means?

• All the bank branches have unique MICR code and this helps Reserve Bank of India (RBI) to process the cheque clearance faster.

• As I said earlier, MICR is the 9 digit code. • First, 3 digits of MICR code represents the city. • It will be same as like your first 3 digits of your PIN code. • For example pin code of Chennai is 600, so the first 3 digits of

MICR code for all the branches in Chennai will start with 600.

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The Digits In MICR Code:

• 4-6 Digits Represent Bank Name.• All the bank unique 3 digit code. • For example 4-6 code for SBI is “002”. So for all the branches

MICR code has this code.• 7-9 Digits Represent Branch Code.• Last three digits represent branch code. • For example, In this Bank of India Branches, this is the MICR

code of DHARMAVARAM, ANANTAPUR=515015202.

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Getting To Know The IFSC Code:

• From this MICR code you can easily find out the IFSC code of Bank of India.

• There are many IFSC code finders online. • Visit one of them and enter your MICR code in the space

provided. • That’s it. You are now presented with the IFSC code for that

particular branch and also the branch details.

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Purpose Of MICR Code:

• In manual clearance of cheque, there is the possibility of human error and delay in the clearing.

• The MICR code printed on the cheque using iron oxide magnetic material which is machine-readable.

• According to reserve bank of India, all the bank branches should enable MICR code for cheque clearance.

• And also, RBI requested to reduce paper-based clearance by introducing MICR-cheque Processing center.

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