Suspense Crime Sach Ka Dam
[ad_1]
New Delhi : These days sending money online is the trend. Be it big or small payments, people now find online options to be faster, safer and easier. In this era of online payment, nowadays people especially youth have forgotten to pay through cheque.
However, some people still find it better and safer to pay by cheque. While paying through cheques, they pay but hardly know the details printed on those cheques. Today we are going to tell you about the details of these checks. Let us tell you that IFSC and MICR are written in the check, about which we are going to tell you today.
What is MICR code?
The full name of MICR is Magnetic Ink Character Recognition Code which is 9 digits. This code identifies the bank branches that are part of the Electronic Clearing System (ESC). This code is used in the check clearing process.
Please note that this code is printed at the bottom of the check in deep black ink. This is the MICR code and only the bank can decode it. This code also indicates the branch of the bank. This code works on character recognition technology.
What is IFSC code?
The full form of IFSC code is Indian Financial Services Code which is an eleven digit number. This code is used in NEFT, IMPS and RTGS transactions. This code is also written on the page of your check book.
What is the difference between MICR and IFSC code?
On one hand, IFSC code is used for making online or electronic payments within the country. So on the other hand MICR code is used to transfer funds globally.
IFSC code includes branch code apart from bank code, whereas MICR code includes bank and branch code as well as pin code.
