IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
THE ROYAL BANK OF SCOTLAND N V 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 :
THE ROYAL BANK OF SCOTLAND N V ifsc code : ABNA0200001 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : ABNA for Bank : THE ROYAL BANK OF SCOTLAND N V
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 200001 for Bank Branch
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for the royal bank of scotland n v 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 THE ROYAL BANK OF SCOTLAND N V : 400030004 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 400 for City :
Middle 3 digits reprents Bank Code: 030 for Bank : THE ROYAL BANK OF SCOTLAND N V
Last 3 digits represents Branch Code : 000 for Bank Branch
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