MICR Code Finder - Find MICR Code by IFSC Code

Magnetic Ink Character Recognition technology or the MICR Code is widely used in the banks or other financial institutions. It is widely used for recognising the cheques in order to facilitate the fast processing of the cheques. It also identifies the branches of the bank that are taking part in the Electronic Clearing System (ECS). It is an  innovative technology which authenticates the credibility and originality of a paper-based document in the banking database.In terms of its importance and security for funds transfer, it is at par with the IFSC Code. The MICR Code is placed at the bottom of the cheque leaf and includes details such as the code of the bank, account details, cheque number and amount, alongside a control indicator.  

MICR Code is a nine-digit code which contains three parts and each part has its own significance. 

• The first three digits signify the code of the city. They are oriented with the pin code used for the postal addresses.
• The next three digits represent the code of the bank considered as the Bank Code.
• The last three digits signify the branch of the bank and are considered as the Branch Code.  

• For any kind of financial transaction in the banks, the MICR Code is required.
• It can be explored only by the banking personnel for authentication.
• The information in the MICR code is printed on the instrument with a special type of ink that is made from a magnetic material.
• It ensures the fast and speedy transfer of the funds.
• It gives accurate details about the bank branches and other related information. 

The MICR Code is used when you are filling up the different financial forms related to the transactions or other forms such as an investment firm or the SIP forms or when you are transferring the funds. 

Where can you find the MICR Code?

It is not at all difficult to locate the MICR Code as it is easily accessible. These codes can be easily read by humans and are printed in the finest forms. It can be distinguished easily. This code is easily accessible near the cheque number at the bottom in every cheque. 

Difference between the MICR Code and IFSC

In this digital world, several methods of quick and easy monetary transactions have been introduced. Each of these methods is unique and significant in its own way. In order to carry out the transactions smoothly and easily, the banks rely on specific codes such as IFSC and MICR. These codes have a specific purpose to facilitate the transaction of money and play an important role in the authentication of banking transactions and documents. However, these codes have several unique and distinct features.

• MICR Code is a nine-digit numeric code, whereas IFSC Code is an eleven digit alphanumeric code.
• MICR Code authenticates the credibility of the cheques only, making the cheque processing simpler. On the other hand, the IFSC Code plays an important role in the electronic money transfer between banks.
• The first three digits in the MICR Code depict the city code. Whereas, the four characters at the beginning of the IFSC Code signifies the name of the bank.
• The three digits at the end of the MICR code represent the bank branch code. On the other hand, the last six digits in the IFSC Code represent the bank location.
• The MICR Code is used only on the cheque leaves whereas the IFSC Code is used while you remit the money through NEFT and RTGS. 

Importance of the MICR Code:

• The MICR code uses a special kind of ink that detects any kinds of errors or frauds.
• It ensures quick processing of the cheques.
• The MICR Code not only authenticates the legality of the cheques but also the documents.
• It ensures secure and safe processing of the cheques.
• Each branch of the bank has a unique MICR Code which is useful in the identification of the branch of the bank.

Each and every bank has its own MICR Code that links them to each other on the various grounds. It is easily available and has several different roles which makes it a useful code. All types of financial transactions the MICR Code is very essential.