IFSC is an 11 digit code stands for "Indian Financial System Code". It is used by RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer) and IMPS (Immediate Payment System) sytems in order to transfer funds between bank accounts in India. Without a valid IFSC Code transfer of funds cannot be initiated.
In an IFSC the first 4 digits represents the bank and last six digits represents the branch, The 5th charachter is Zero, Therefore every bank branch will have a different IFSC Code.
|State Bank of India Code||Zero||State Bank of India Branch Code|
In the above mentioned Table (1.1) (SBIN0061100), the first 4 characters 'SBIN' represent the bank code of SBI, the 5th character is a '0' and the last 6 characters '061100' represent the branch code of Shastri Nagar, Bhopal.
MICR code is a 9 digit code printed on the bottom of the cheque leaf next to the cheque number. MICR (Magnetic Ink Character Recognation) helps in identifying the cheques and banks and branches participating in ECS (Electronic Clearing System) which in turn makes the cheque processing faster.
In MICR first 3 digits represnts the city code, next 3 represents bank code and the last 3 digits represents the branch code.