IFSC Code vs MICR Code
What is MICR Code?
MICR stands for Magnetic Ink Character Recognition. It is a 9-digit code used primarily for cheque processing and clearance.
Key Differences
| Feature | IFSC Code | MICR Code |
|---|---|---|
| Full Form | Indian Financial System Code | Magnetic Ink Character Recognition |
| Length | 11 characters (alphanumeric) | 9 digits (numeric only) |
| Used For | NEFT, RTGS, IMPS transfers | Cheque clearing |
| Assigned By | RBI | RBI |
| Found On | Cheque, passbook, net banking | Bottom of cheque (in magnetic ink) |
When to Use Which?
Use IFSC code when doing online fund transfers (NEFT, RTGS, IMPS, adding beneficiary). Use MICR code only when specifically asked by a form — it's mostly used for backend cheque processing.