SBI IFSC Code and MICR Code

Information about SBI IFSC Code and MICR Code

Published on July 31, 2014

Author: ManishaSharmaInd

Source: authorstream.com

Content

State Bank of India IFSC Codes for all Branches in India: State Bank of India IFSC Codes for all Branches in India Presented by BankBazaar.com Understanding IFSC Codes: Understanding IFSC Codes Indian Financial System Code or IFSC codes were introduced in the Indian banking system to allow online transaction including NTFS and RTGS systems function smoothly. IFSC Codes follow a unique identification code comprising of 11 characters. The first four characters are always alphabetic corresponding to the name of the bank. The last six characters represent the designated bank branch and can be either alphabetic or numeric or a combination of the two. The fifth character of IFSC code is always 0 and reserved for future used by RBI. Presented by BankBazaar.com Understanding MICR Codes: Understanding MICR Codes MICR Code or Magnetic Ink Character Recognition Code is 6 digit Numeric Code which is printed at the bottom of cheque. MICR Code is printed using a Magnetic Ink and it is displayed right beside of IFSC code. This Code is readed by Cheque Processing Systems. It indicates city code, bank code and branch code. MICR codes indicates City Code, Bank Code and Branch Code of different banks. Presented by BankBazaar.com Example of IFSC Code: Example of IFSC Code Let us consider the IFSC code for State Bank of India (SBI) located in Nariman point in Mumbai. The IFSC code for the bank is SBIN0004425 . First 4 characters are SBIN representing the name of the bank i.e. State Bank of India. The last six characters are 004425 which correspond to the Nariman point branch of State Bank of India in Mumbai. The fifth character from the front is o and reserved for future use as per RBI regulations. Presented by BankBazaar.com Presented by BankBazaar.com: Presented by BankBazaar.com PowerPoint Presentation: Working Mechanism of IFSC Codes Apart from offering a distinct identity to each bank branch, IFSC codes plays a significant role in all online banking transactions, IFSC codes directs the transfer of funds from the bank of origin to the designated bank over an encrypted system. Presented by BankBazaar.com Presented by BankBazaar.com: Presented by BankBazaar.com In other words all modern day banking transactions including: Online Funds Transfer Net Banking Purchases Credit Card Debit Card Transactions Bill Payments are possible only because of IFSC code system. PowerPoint Presentation: Thank you for checking through our slide. For more information about the SBI IFSC Codes , MICR Code and Addresses then just browse through Bank Bazaar . http://www.bankbazaar.com/ifsc-code/state-bank-of-india.html

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