IFSC Code Format: SBIN0000625
Better Understanding with Bank IFSC Code and Other Crucial CodesThe alphanumeric value that uniquely defines every branch of Indian banks is known IFSC (Indian Financial System Code). The Indian Bank IFSC code is distributed as two values named as:
• RTGS (Real Time Gross Settlement)
• NEFT (National Electronic Fund Transfer)
What is IFSC Code: - This code is basically offered by reserve bank to all the banks located in India and each branch of the different banks has its own as well as unique IFSC code.
Basically, first four characters of particular IFSC code show the dedicated code of bank. Even, rest characters are to signify the bank branch. Moreover, the zero which will be positioned at fifth position is used to maintain character control. Like ICIC0001206, in the ICIC shows ICICI bank and afterwards a zero to set character settlement and then rest characters will show the code for bank branch. The Bank IFSC code for every bank will be available online for distinct national banks. At the other end, for recognizing the bank during money transfer this code is really helpful. In case, if individual does not have knowledge about particular IFSC code of any bank, then it can be easily find from internet.
What Is MICR Code? : - This magnetic code is for quick processing of the cheques. Magnetic ink character recognizer (MICR) is special typeface written by iron oxide. The bottom strip of the cheque includes this code. The clearance and processing of cheque when in process then, RBI uses this code.
What Is Swift Code?: - Bank identifier code that is quite important while money national/international transfer is being done by individuals or businesses. Those who are actively connected to the Swift network for money transfers will surely have this code which contains:
• Bank code in first four letters
• Country code and alfa code in next two character
• Now the location code will be there
• Branch code in next three characters