What is the difference between ifsc code and micr code

It is made up of eleven characters and used to identify the branch of bank. It is a security bar code that consists of eleven digits. The components of this alpha numeric code are:- First four characters denote the code of Bank. Remaining six characters define the specific branch of the bank. The components of MICR are:- 1. The first three digits refer to the city code location of bank branch 2. The next three digits represent the code of bank.

IFSC code is developed to initiate electronic money transfer between banks with in india. This code is used by electronic payment system. To transfer funds, one needs to know the IFSC code, so that the beneficiary gets the funds directly in his account.

This IFSC code system is used for instant transfer of money using internet. MICR is old system, used for ensuring the safety and security, to facilitate the processing of the cheques. This code can be used for international transactions as well. ECS Credit enables payment of amounts towards distribution of dividend, interest, salary, pension, etc.

It is a 9 digit code to identify the location of the bank branch. In the image above it is shown in red at the bottom of the cheque. The SWIFT code is an 8 or 11 alphanumeric characters code that uniquely identifies financial institution. The purpose of these codes includes the transferring of money between banks especially for international wire transfers and also used for exchanging of other messages between banks.

The Swift code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office. The code formatted as below;. The SWIFT code is not associated with the bank branch but of the authorised dealer Branch of the bank with which your branch is connected. You can contact your branch or any of the branch of your bank for the same. Related Articles:. I was looking for a swift code of bank branch and i found that swift code is not available for the branch in which I have account.

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