IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
PUNJAB AND SIND BANK PUNJAB ifsc code is a Unique code which identifies each bank branch. The main purpose of IFSC Code is to participate each bank branch in the two main payment and settlement systems in India.
1) RTGS : Real Time Gross Settlement 2) NEFT : National Electronic Fund Transfer
For Example :
PUNJAB AND SIND BANK PUNJAB ifsc code : PSIB0000002 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : PSIB for Bank : PUNJAB AND SIND BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 000002 for Bank Branch LUDHIANA SABUN BAZAR, LUDHIANA
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for punjab and sind bank punjab represents Magnetic Ink Character Recognition technology which is printed on cheques. This MICR Code is used for the identification of the cheques for faster processing.
MICR Code is a Unique code which identifies each bank branch. The main purpose of MICR Code is to participate each bank branch in an Electronic Clearing System (ECS).
MICR Code for PUNJAB AND SIND BANK : 141023016 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 141 for City : LUDHIANA
Middle 3 digits reprents Bank Code: 023 for Bank : PUNJAB AND SIND BANK
Last 3 digits represents Branch Code : 301 for Bank Branch LUDHIANA SABUN BAZAR, LUDHIANA
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