MICR Code
The full text of the MICR code is:
MAGNETIC INK CHARACTER RECOGNITION (MICR)
In MICR technology, the information is printed on the instrument with a special type of ink made up of magnetic material. Upon insertion of the instrument into the machine, the printed information is read by the machine. The MICR system is beneficial as it minimizes chances of error, making the clearing of cheques easier and facilitating faster transfer of funds to streamline operations.
The MICR code consists of 9 digits. The first three digits denote the city and are identical to the first three digits of your pin code. For example, for New Delhi = 110, so the first three digits of the MICR code for all bank branches located in New Delhi, regardless of the bank, will be 110.
Digits 4-6 represent the bank, with each bank assigned a three-digit code. For instance, SBI's code is "002," so the 4-6 digits of the MICR code for all branches of SBI will be "002," irrespective of their location in India.
The last three digits (7-9) denote the branch code, in sequential order. For instance, if Delhi has only one branch of SBI, its MICR code will be:
110 (City)
002 (Bank)
001 (Branch)
"110002001"
Therefore, if you are in Delhi and the MICR code provided by your client for the bank in New Delhi does not begin with "110," you can inform them that the MICR code is incorrect.
How Can I Know My Bank Branch MICR Code
1. From your bank branch
2. From your cheque book
If your bank branch has a MICR code, it will be printed on your cheque book. Check for a nine-digit code where the first three digits match your pin code to find your MICR code.
Please ensure you fill in your MICR code to receive income tax refunds directly into your bank account.
Do All Branches in India Have MICR Codes?
No, not all branches in India have MICR codes.
Are There Benefits to MICR Codes Other Than for ITR?
Yes, MICR codes are now used by many organizations to directly send funds to customer accounts, including:
1. Mutual funds for sending sale receipts of units to customer accounts
2. Refunds of application money in shares
3. Refunds of taxes by other departments
4. Refunds of application money for real estate/plots by government/private organizations
The use of MICR codes is expected to increase.
For more information on RBI-EFT System, NEFT System, and RTGS System, please refer to the official website of RBI.
From India, Pune
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16The full text of the MICR code is:
MAGNETIC INK CHARACTER RECOGNITION (MICR)
In MICR technology, the information is printed on the instrument with a special type of ink made up of magnetic material. Upon insertion of the instrument into the machine, the printed information is read by the machine. The MICR system is beneficial as it minimizes chances of error, making the clearing of cheques easier and facilitating faster transfer of funds to streamline operations.
The MICR code consists of 9 digits. The first three digits denote the city and are identical to the first three digits of your pin code. For example, for New Delhi = 110, so the first three digits of the MICR code for all bank branches located in New Delhi, regardless of the bank, will be 110.
Digits 4-6 represent the bank, with each bank assigned a three-digit code. For instance, SBI's code is "002," so the 4-6 digits of the MICR code for all branches of SBI will be "002," irrespective of their location in India.
The last three digits (7-9) denote the branch code, in sequential order. For instance, if Delhi has only one branch of SBI, its MICR code will be:
110 (City)
002 (Bank)
001 (Branch)
"110002001"
Therefore, if you are in Delhi and the MICR code provided by your client for the bank in New Delhi does not begin with "110," you can inform them that the MICR code is incorrect.
How Can I Know My Bank Branch MICR Code
1. From your bank branch
2. From your cheque book
If your bank branch has a MICR code, it will be printed on your cheque book. Check for a nine-digit code where the first three digits match your pin code to find your MICR code.
Please ensure you fill in your MICR code to receive income tax refunds directly into your bank account.
Do All Branches in India Have MICR Codes?
No, not all branches in India have MICR codes.
Are There Benefits to MICR Codes Other Than for ITR?
Yes, MICR codes are now used by many organizations to directly send funds to customer accounts, including:
1. Mutual funds for sending sale receipts of units to customer accounts
2. Refunds of application money in shares
3. Refunds of taxes by other departments
4. Refunds of application money for real estate/plots by government/private organizations
The use of MICR codes is expected to increase.
For more information on RBI-EFT System, NEFT System, and RTGS System, please refer to the official website of RBI.
From India, Pune
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Hi,
It seems you have quite good knowledge of banking. I am working for an NGO and training visually impaired students in job-oriented courses. One of the modules is on banking.
I would appreciate it if you could guide me on the topics I can cover in sequence to help these students graduate in banking. They need to have a comprehensive understanding, including the fundamentals of banking, various terminologies used in banks, and other related details.
Looking forward to a prompt reply.
Regards, Ankita Puri
From India, New Delhi
Acknowledge(0)Amend(0)
It seems you have quite good knowledge of banking. I am working for an NGO and training visually impaired students in job-oriented courses. One of the modules is on banking.
I would appreciate it if you could guide me on the topics I can cover in sequence to help these students graduate in banking. They need to have a comprehensive understanding, including the fundamentals of banking, various terminologies used in banks, and other related details.
Looking forward to a prompt reply.
Regards, Ankita Puri
From India, New Delhi
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