If you pay through cheque, then know the meaning of these printed codes, incomplete information can cause harm

If you also pay through a cheque, you should also know about these codes on the cheque. MICR and IFSC are printed on your check leaf which most people are not aware of. Today we are going to tell you about this.

May 15, 2023 - 09:27
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If you pay through cheque, then know the meaning of these printed codes, incomplete information can cause harm

There is a trend of sending money online these days. Whether the payment is big or small, people now consider the online option as faster, safer, and easier. In this era of online payment, nowadays people and especially youth have forgotten to pay through cheques.
However, some people still consider it better and safer to pay through cheques. While paying through cheque, they make the payment but they would hardly know about the details printed on those cheques. Today we are going to tell you about the nuances of these checks. IFSC and MICR are written in the cheque, which we are going to tell you today.
The full name of MICR is Magnetic Ink Character Recognition Code which is 9 digits. This code identifies the bank branches of the Electronic Clearing System (ESC). This code is used in the check-clearing process.
For your attention, let us tell you that this code is printed in dark black ink on the bottom side of the cheque. This is the MICR code and only the bank can decode it. This code also shows the branch of the bank. This code works on character recognition technology.
The full form of the IFSC code is Indian Financial Service Code which is an eleven-digit number. This code is used in NEFT, IMPS, and RTGS transactions. This code is also written on the leaf of your checkbook.
On the one hand, IFSC Code is used for online or electronic payments within the country. So on the other hand MICR code is used to transfer funds globally.
IFSC Code contains branch code apart from bank code, whereas, MICR Code contains bank and branch code and pin code.

Muskan Kumawat Journalist & Writer
Electronics Special
Electronics Special