IFSC CODE AND MICR CODE - THE DIFFERENCE

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IFSC Code And MICR Code

• What Is The Difference?

Presented By, Kevin Flores
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Introduction

• Smartphone apps are literally everywhere these
  days. And everyone ceased to use a smartphone for
  almost for every purpose.
• If you are also one among them, then you might
  know that you can easily transfer funds through
  some electronic fund transfer methods like NEFT,
  RTGS, and IMPS.
• Apart from these, you can also use mobile banking
  and mobile wallets to transfer funds from one
  account to another without any hassle.

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• In this process, you need to know about the two
  important codes IFSC code and MICR code.
• There are many sources that could explain you
  what these codes actually means.
• I am not going to do that here.
• Instead I am going to explain to you the major
  differences between these two codes. Let us
  discuss it in detail

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The Difference

• If you are transferring funds from one account to
  another through online transactions, then IFSC
  code ensures that the amount is transferred to
  the correct branch.
• If you are transferring funds from one bank to
  another using cheque or demand draft, then MICR
  code comes into action which ensures that the
  amount is transferred to the correct branch of
  the particular bank account.

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• IFSC code comprises of 11 characters and the
  characters are alpha-numeric in nature.
• Whereas, the MICR code comprises of 9 characters
  of code and all the characters are numeric in
  nature.
• MICR code was used for a quite a while now,
  whereas, IFSC code came into action only after
  the introduction of NEFT and RTGS transactions.
• Related Read How to find IFSC code of bank of
  Maharashtra?

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