How IFCS code is different from MICR code?

Answer 1

MICR or Magnetic Ink Character Recognition is a kind of facility, which allows people to process huge no of cheques easily. It's a nine digit code, which contains only numerical digits. This is for identifying both the bank and its branch. Like if your cheque is issued from South Indian Bank then the code mentioned there is like first three digits are for the city name, next three digits for Bank name and last digits are for branch name.

IFSC code is also an alphanumeric number containing 11 digits. This Indian Financial System Code is required in case of any transaction system like NEFT, RTGS and CFMS. Like if you are trying NEFT facility for South Indian Bank Yeshwanthpur branch then you need its IFSC code. For Yeshwantpur branch, IFSC code is SIBL0000127. Its first four character shows the name of the bank, fifth one is always zero and the last five characters are for the bank branch name. For South Indian Bank all branches IFSC code and MICR code you can visit the webpage, bankbazaar.com/ifsc-code/south-indian-bank.html.