IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
UNION BANK OF INDIA MARGAO 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 :
UNION BANK OF INDIA MARGAO ifsc code : UBIN0532509 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : UBIN for Bank : UNION BANK OF INDIA
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 532509 for Bank Branch MARGAO
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for union bank of india margao 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 UNION BANK OF INDIA : 403026011 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 403 for City : MARGAO
Middle 3 digits reprents Bank Code: 026 for Bank : UNION BANK OF INDIA
Last 3 digits represents Branch Code : 601 for Bank Branch MARGAO
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