IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
BANK OF BARODA KARNATAKA 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 :
BANK OF BARODA KARNATAKA ifsc code : BARB0ALIKOL is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : BARB for Bank : BANK OF BARODA
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : ALIKOL for Bank Branch ALIKOL, KARNATAKA
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for bank of baroda karnataka 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 BANK OF BARODA : 562012501 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 562 for City : ALLIPURA
Middle 3 digits reprents Bank Code: 012 for Bank : BANK OF BARODA
Last 3 digits represents Branch Code : 250 for Bank Branch ALIKOL, KARNATAKA
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