Bank MICR code search

MICR Code Structure

The MICR code is divided into three parts:

  1. City Code: The first three digits of the MICR code represent the city where the bank branch is located. For example, the city code for Mumbai is 400.
  2. Bank Code: The next three digits represent the bank code. Each bank has a unique code assigned to it. For instance, the bank code for the State Bank of India (SBI) is 002.
  3. Branch Code: The last three digits represent the branch code. Every branch of a bank has a unique code assigned to it. For example, the branch code for the SBI branch located in Fort, Mumbai is 003.

Putting it all together, the MICR code for the SBI Fort branch in Mumbai would be 400002003.

Importance of MICR Code in Banking

The MICR code is essential for the processing of financial transactions, especially cheques. When a cheque is deposited in a bank, the MICR code is read by machines used by banks to process cheques. The MICR code helps identify the bank, branch, and Commented [BR1]: Replace with Bank MICR code Detail account number of the cheque issuer, and the machines process the cheque accordingly.

The MICR code is also used for other financial transactions such as NEFT, RTGS, and IMPS. The MICR code of the beneficiary bank is used to identify the bank and branch where the money is being transferred.

MICR stands for Magnetic Ink Character Recognition. It is a technology used by banks to process cheques and other financial documents easily and efficiently.

The MICR code is a 9-digit code that is printed at the bottom of cheques, drafts, and other banking instruments. It consists of three parts:

  1. The first three digits represent the city code where the bank branch is located.
  2. The middle three digits represent the bank code.
  3. The last three digits represent the branch code.

The MICR code is printed in a unique magnetic ink that can be read by specialized machines. When a cheque is deposited in a bank, the machine reads the MICR code and uses it to identify the bank and branch, and to validate the cheque's authenticity

The MICR code is an important part of the banking system as it ensures faster and more accurate processing of cheques and other banking transactions, reducing the chances of errors or fraud. You can find the MICR code of your bank branch on your cheque book or bank account statement.

MICR Code on cheque

The MICR code is printed on the bottom of every cheque issued by banks in India. It is printed using magnetic ink and consists of a 9-digit code that helps in the faster and more accurate processing of cheques. The MICR code is typically printed on the bottom of the cheque, towards the left-hand side.

The MICR code on a cheque contains three parts:

  1. The first three digits represent the city code where the bank branch is located.
  2. The middle three digits represent the bank code.
  3. The last three digits represent the branch code.

The MICR code helps in identifying the bank and branch from which the cheque was issued, and it is used by banks to verify the authenticity of the cheque during processing. It is important to ensure that the MICR code on a cheque is clear and legible, as any errors or inaccuracies in the code can result in delays or rejections during processing.

MICR Code SBI

Let's take an example of the MICR code for State Bank of India (SBI) to illustrate how it works.

Suppose you have a cheque from an SBI branch in Mumbai. The MICR code for that cheque would be printed on the bottom of the cheque, towards the left-hand side. It would look something like this:

110002022

Here, the first three digits '110' represent the city code for Mumbai, the next three digits '002' represent the bank code for SBI, and the last three digits '022' represent the branch code for the specific SBI branch where the cheque was issued.

It is important to note that the MICR code varies for different SBI branches, and it is printed on every cheque issued by SBI to help in the faster and more accurate processing of cheques.

Conclusion

The MICR code is a vital component of the banking system in India. It helps identify the bank, branch, and account number of the cheque issuer and is used for other financial transactions such as NEFT, RTGS, and IMPS. Understanding the structure and importance of the MICR code can help you ensure that your financial transactions are processed smoothly and efficiently.

Frequently Asked Questions


What is the difference between MICR code and IFSC code?

The MICR code is used for cheque processing, while the IFSC code is used for electronic fund transfers. The IFSC code consists of 11 alphanumeric characters and is used for NEFT, RTGS, and IMPS transactions.


Is the MICR code the same for all branches of a bank?

No, the MICR code is unique for each branch of a bank. The city code and bank code may be the same, but the branch code is different for each branch.


Is the MICR code necessary for online transactions?

No, the MICR code is not required for online transactions. The IFSC code is used for online transactions.