What is the difference between branch code and ifsc code

An MICR code is placed at the bottom of a cheque. It includes details such the bank code, account details, amount, and cheque number, alongside a control indicator. The biggest advantage of MICR technology is that it stands out among similar concepts, such as barcodes, as MICR can be read and distinguished by humans very easily.

As monetary transactions are not limited to financial institutions like banks, thorough verification is necessary before processing a transaction. To make the process faster, simpler and automatic, banks and other financial institutions rely on certain codes. However, there is a difference between the usage of both these codes.

The online process of fund transfer with the help of IFSC code is not that difficult as it seems. To the contrary, it is simpler and hassle-free. While processing fund transfer from one account to another, IFSC code is key information that facilitates the transfer. However, there are different methods of transferring funds with the help of IFSC code. Almost every smartphone has apps these days.

Moreover, you can also initiate fund transfer through an app. Equity Mutual fund. Boost your returns from our latest financial news and tips! Notification Settings X Time Settings. Clear My notification inbox. Clear Notification X Do you want to clear all the notifications from your inbox? Yes No. Looking for an investment? Get Loan Online. Earn High Returns on FD.

Compare Rates. Select Bank, State, District and then branch. You can identify the MICR Code of a bank in multiple ways: You can find the code at the bottom of the cheque and passbook provided by the bank You can get this code on the website of respective bank.

Earlier last year, Syndicate Bank merged with Canara Bank. Thus to be able to do new transactions, the borrower needs to get the new codes. These banks account holders will have also need to get a new cheque book and passbook.

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