Sapana
15

What is MICR CODE

Full Text of MICR code is :

MAGNETIC INK CHARACTER RECOGNITION (MICR)

In MICR technology the information is printed on the instrument with a special type of ink which is made up of magnetic material. On insertion of the instrument in the machine, the printed information is read by the machine. MICR system is beneficial as it minimizes chances of error, clearing of cheques becomes easy and transfer of funds becomes faster in order to facilitate operations.

MICR code consist of 9 digit

First three digit denotes city and are same/identical first three digit of your pin code

for example for New Delhi =110 so first three digit of MICR code of all the bank branches located in NEW delhi irrespective of bank or bank branches will be110.

4-6 digit denotes for Bank

each bank has given a three digit code,4-6 digit is= bank code eg. SBI code is "002"so 4-6 digit of MICR CODE all the branches of SBI is "002" irrespective of location in the india.

(7-9)Last three digit denotes branch code, it is in serial wise ,means if delhi has only one branch of sbi and its MICR code will be

110(FOR CITY)

002(FOR BANK)

001(FOR BRANCH)

"110002001"

so if you are located in delhi & your client has given you a Micr code of the bank located in New Delhi ,does't begin with "110",you can easily tell him your Micr code is wrong.

HOW CAN I KNOW MY BANK BRANCH MICR CODE

1. From your bank branch

2. from your cheque book ??

3. excel work book link is given below for Micr code for almost all the branches located in India.

from cheque book ????yes ,if your bank branch has a Micr code than it is also printed on your cheque book,check your cheque book if there is a nine digit code and first three digit of the code=first three digit of your pin code than you can have got your MICR code.

so please fill MICR code to get the income tax refund directly into bank account.

WHETHER ALL THE BRANCHES IN INDIA HAVE MICR CODE?????

NO.

Is there any benefit for MICR code OTHER than ITR.

yes , now a days it is used by many organistions to send directly funds in customer account.

1. by mutual fund for sending sale receipt of the units to customer account

2.Refund of application money in shares .

3. Refund of taxes by other deptt also.

4. Refund of application money for real state/plot by govt/private organistion.

its use will increase only

MICR CODES OF BANK BRACHES IN INDIA(2.90MB) EXCEL

ZIP FILE(692 kb)

other related term:

Q.1. What is RBI-EFT System?

Ans RBI EFT is a Scheme introduced by Reserve Bank of India (RBI) to help banks offering their customers money transfer service from account to account of any bank branch to any other bank branch in places where EFT services are offered.

Q.2. At how many centres and bank branches is the EFT facility available?

Ans The EFT system presently covers all the branches of the 27 public sector banks and 55 scheduled commercial banks at the 15 centres (viz., Ahmedabad, Bangalore, Bhubneshwar, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthpuram) . Funds transfer is possible from any branch of these banks at these centres to other branch of any bank at these centres both inter-city and intra-city.

DETAIL ON THE ISSUE

List of banks/branches having ECS/EFT facility

Q.1. What is NEFT System?

Ans National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.

Q. 2. Are all bank branches in the system part of the funds transfer network?

Ans No. As on January 31, 2007, 18500 branches of 53 banks are participating. Steps are being taken to widen the coverage both in terms of banks and branches.

Q.3. Whether the system is centre specific or has any geographical restriction?

Ans No, there is no restriction of centres or of any geographical area inside the country. The system uses the concept of centralised accounting system and the bank's account, that are sending or receiving the funds transfer instructions, gets operated at one centre, viz, Mumbai only. The individual branches participating in NEFT could be located anywhere across the country, as detailed in the list provided on our website.

Q.4. What is the funds availability schedule for the beneficiary?

Ans The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.

FULL DETAIL ABOUT NEFT

LIST OF BANK BRANCHES HAVING NEFT (2.9 mb)

Q.1 What is RTGS System?

Ans The acronym "RTGS" stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a "real time" and on "gross" basis. This is the fastest possible money transfer system through the banking channel. Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.

Q.2 How RTGS is different from Electronic Fund Transfer System (EFT) or National Electronics Funds Transfer System (NEFT)?

Ans EFT and NEFT are electronic fund transfer modes that operate on a deferred net settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place at a particular point of time. All transactions are held up till that time. For example, NEFT settlement takes place 6 times a day during the week days ( 9.30 am, 10.30 am, 12.00 noon. 1.00 pm, 3.00 pm and 4.00 pm) and 3 times during Saturdays (9.30 am, 10.30 am and 12.00 noon). Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. Contrary to this, in RTGS, transactions are processed continuously throughout the RTGS business hours.

Q3. Is there any minimum / maximum amount stipulation for RTGS transactions?

Ans. The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.1 lakh. There is no upper ceiling for RTGS transactions. No minimum or maximum stipulation has been fixed for EFT and NEFT transactions.

Q4. What is the time taken for effecting funds transfer from one account to another under RTGS?

Ans. Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.

FULL DETAIL OF RTGS

FAQ ON RTGS

Considering that more than 26,000 branches at more than 3,000 cities/ towns.COMPLETE LIST OF BANK BRANCHES IS of 2 GB ??????,SO LINK IS NOT PROVIDED ,CONTACT YOUR BRANCH .

SOURCE :RBI.GOV.IN

From India, Pune
ankitakohli
2

Hi,
Seems you have quite a good knowledge on Banking.
I am working for an NGO and training the Visually impaired studetns for Job oriented courses. One of the modules is of Banking.
I will appreciate if you can guide me on the topics I can cover in sequence to graduate these students on Banking. They need to know everything about it, Fundamentals of Bank, Various terminologies of bank, and other details,
Looking forward for a prompt reply.
Regards
Ankita Puri

From India, New Delhi
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