Indian Banking system has simplified the problem of online transactions by creating IFSC code and MICR. Both of them have emerged as the great solutions for fund transfer nationally as well as internationally. In the Banking field, the two terms MICR and IFSC are too common for the financial transactions like fund transfer through RTGS and NEFT.
Andhra Bank is also in the race of providing best online fund transfer services. They are providing various facilities like Immediate Payment Transfer, Merchant Payment push and pull transaction, National Electronic fund transfer and Real-time Gross Settlement system. There are various other services provided by Andhra Bank leaving the rival banks behind by providing best services with IFSC code and MICR. Let’s see what IFSC code and MICR code are:
Indian Finance System Code is well known as IFSC code to us. This is 11 digits alphanumeric serial number which aids in online transactions nationally. IFSC code identifies all the bank branches uniquely that provides the service of National Electronic Fund Transfer. IFSC Code of Andhra Bank of India becomes active when one goes for electronic fund transfer applications like CFMS (Centralised Funds Management Systems), RTGS (Real Time Gross Settlement) and NEFT (National Electronic Fund Transfer).
To utilize the service of online banking and fund transfer, one should know the IFSC code. One can transfer funds to the beneficiary’s account within seconds. IFSC code eased the problem of cheque bounce and other paper-use services. This unique code system is introduced to transfer money in a jiffy of seconds through the internet.
This unique 11 digit code has alphanumerical characters in which the primary four are alphabetical and represent the bank, 5th character is zero reserved for future use and the rest characters can be numerical or alphabets which represent the bank branch. IFSC Code of Andhra Bank of India follows the same format.
Magnetic Ink Character Recognition, better known as MICR code to us. MICR code is usually mentioned on the white lines below the cheques which are known as MICR Band. MICR Code is unique as it can transfer funds internationally. MICR code enhances the security in a transaction; it is a traditional system that is used to ensure safety and security of negotiable devices and aid in the processing of cheques.
MICR code comprises of cheque details like 9 digits serial number. This primary 3 digit characterize the city, the next three digits signify the bank and the last three digits represent the bank branch. MICR codes are introduced by RBI to make NEFT services fast and efficient. It is difficult to commit fraud because MICR is imprinted with magnetic ink and can be easily detected by the magnetic scanner.
MICR code is unique for each Bank branch and if you understand the code, then it will be easier for you to remember your Bank branch MICR code.
Both the codes are unique and efficient in their working. The Bank provides different services in which MICR code and IFSC code plays an important and separate role.