You can easily find both the IFSC and MICR codes on the bank’s chequebook and passbook. The IFSC is printed on the top of the cheque leaf, while the MICR code is printed on the bottom of the same leaf. You can also find both these codes on the first page of the passbook provided...
Check the top left corner of any cheque leaf to find the IFSC code. You will see the branch's full address followed by your bank IFSC Code. Passbook: Your passbook holds more than just your transaction history. Go through its front sheet. Along with your account details, it holds your...
Under RTGS, each transaction is settled individually and in full without netting, offsetting or grouping it with other payments. Central banks or financial authorities oversee the entire process. This ensures that the payment system has an extremely high level of security, making it resistant to cou...
Drawee or payor bank,the bank which has the drawer’s account from which the cheque is to be paid. It is always bank on which cheque is drawn and is ordered to pay the amount of cheque. The banker on whom it is drawn is the ‘DRAWEE’. This drawee is the responsibility of where t...
No, each of the three codes—IFSC, MICR, and CIF— are different and serve a distinct purpose. MICR, or Magnetic Ink Character Recognition, is used to process checks more quickly. IFSC, or the Indian Financial System Code, is used to identify a bank’s branches. On the other hand, the...
Drawee or payor bank,the bank which has the drawer’s account from which the cheque is to be paid. It is always bank on which cheque is drawn and is ordered to pay the amount of cheque. The banker on whom it is drawn is the ‘DRAWEE’. This drawee is the responsibility of where ...