All of us have heard about the MICR code – it is present on all our cheque leaves. The MICR code is also essential for online money transfers.
But what does MICR stand for? What is its full form? How is it useful? Let’s find out.
Full form of MICR
MICR is an abbreviation for “Magnetic Ink Character Recognition”.
MICR on your cheques
The MICR code is a 9 digit code, which is printed at the bottom of a cheque.
Here’s how it looks:
Composition of the MICR code A MICR code is unique to each bank branch. Thus, a MICR code can be used to uniquely identify any bank branch. It comprises of 3 parts:
List of MICR Codes of all bank branches in India
Want to know the MICR code of a particular bank branch?
Download the spreadsheet containing the MICR codes of ALL bank branches in India.
(Note: The file may take some time to download – it is 3.75MB in size)
http://rbidocs.rbi.org.in/rdocs/content/docs/67440.xls
Courtesy: http://www.raagvamdatt.com
Composition of the MICR code A MICR code is unique to each bank branch. Thus, a MICR code can be used to uniquely identify any bank branch. It comprises of 3 parts:
- The first three digits represent the city (City Code). They are aligned with the PIN code we use for postal addresses in India.
- The next 3 digits represent the bank (Bank Code)
- The last 3 digits represent the branch (Branch Code)
- City code for Mumbai: 400
- Bank code for SBI: 002
- Branch code for Andheri (West): 003
- Thus, the MICR code is: 400002003
- City code for Bangalore: 560
- Bank code for ICICI Bank: 229
- Branch code for Indira Nagar: 013
Courtesy: http://www.raagvamdatt.com
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