From the displayed list of active mandates, select the specific mandate you wish to cancel and verify the basic account details including your bank account number, account type, and IFSC/MICR code. Review the cancellation warning message that appears as a pop-up, and provide your confirmation to...
MICR is an acronym for Magnetic Ink Character Recognition. MICR code is a nine-digit code that speeds up the processing of cheques. MICR codes are unique for each bank branch and play a vital role in identifying both the bank and the branch participating in an Electronic Clearing System (EC...
No, each of the three codes—IFSC, MICR, and CIF— are different and serve a distinct purpose. MICR, or Magnetic Ink Character Recognition, is used to process checks more quickly. IFSC, or the Indian Financial System Code, is used to identify a bank’s branches. On the other hand, the...