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...
known as the drawer, instructs the bank to transfer a certain amount of money to the payee, the person receiving the money. When the payee deposits the cheque, the bank will withdraw the specified amount
Remember, a cheque is not cash as it does not confirm that the payment has been made. The funds may not be available with the drawer or in the meanwhile, the drawer may have withdrawn funds from his bank account, leading to the possibility of the cheque being dishonoured on presentation. ...
5 Name, address and IFSC code of the bank,where one has an account.IFSC Code refers to the Indian Financial System Code, which is an eleven-character code assigned by RBI to identify every bank branches uniquely.This code is used by electronic payment system applications such as RTGS, NEFT...