Deprecated: Function create_function() is deprecated in /home/244564.cloudwaysapps.com/bfwxmcdzsg/public_html/wp-content/plugins/wordpress-23-related-posts-plugin/init.php on line 215
Deprecated: Function create_function() is deprecated in /home/244564.cloudwaysapps.com/bfwxmcdzsg/public_html/wp-content/plugins/wordpress-23-related-posts-plugin/recommendations.php on line 264
Technology plays a very important role in all spheres of our lives and we cannot just imagine doing our daily tasks without the help of technology. If we talk about the banking transactions, as compared to the previous years, they happen in a completely different way with the help of technology. You must have heard about the MICR and IFSC code when we talk about the banking transactions. Are you aware of the similarity between the MICR and IFSC code? If your answer is no, then read this piece of writing to know more about it.
The two terms, IFSC and MICR are two common terms which are used in all banking transactions. These codes prove very helpful when a person has to transfer money through RTGS and NEFT. Though, if you are still not aware of the uses and relevance of these two codes, then let us have a look at some of the important points:
MICR code is the short form for Magnetic Ink Character Recognition. This code is found on all the cheques, on the bottom which is also known as MICR band. This code can also be easily used for international transactions as well. This code is used for the purpose of security and safety. The first three numbers of the code represent the city to which this code belongs to, and the last numbers tell about the branch of a particular branch. The MICR code was introduced by the Reserve bank of India for providing efficient and quick transactions.
A person can easily Find MICR Code by IFSC Code as the IFSC code of a bank can provide the full details of a branch, particular code belongs to. Let us look at relevance of the IFSC code:
IFSC code is the short form given to the Indian Finance System code, this code is given by the reserve bank of India to all the banks and their branches. This special code makes it easy to figure out the particular bank and branch, it refers to. IFSC code has been of a great help as it has made the RTGS, CFMS and NEFT transactions easy and quick.
To transfer funds from one account to a different bank account, a person can easily do almost all the transaction through the online medium with the help of the IFSC code. The IFSC code is also helpful in ensuring that there is no fraud while doing a banking transaction. You can also see the IFSC code written on all the cheques of different banks.
Hope, this piece of writing will prove helpful to you.