IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
EXPORT IMPORT BANK OF INDIA 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 :
EXPORT IMPORT BANK OF INDIA ifsc code : EIBI0HO0001 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : EIBI for Bank : EXPORT IMPORT BANK OF INDIA
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : HO0001 for Bank Branch RTGS-HO
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for export import bank of india 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 EXPORT IMPORT BANK OF INDIA : is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : NA for City : MUMBAI
Middle 3 digits reprents Bank Code: NA for Bank : EXPORT IMPORT BANK OF INDIA
Last 3 digits represents Branch Code : NA for Bank Branch RTGS-HO
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