IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
STANDARD CHARTERED BANK MADHYA PRADESH 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 :
STANDARD CHARTERED BANK MADHYA PRADESH ifsc code : SCBL0036061 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : SCBL for Bank : STANDARD CHARTERED BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 036061 for Bank Branch BHOPAL
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for standard chartered bank madhya pradesh 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 STANDARD CHARTERED BANK : 462036002 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 462 for City : BHOPAL
Middle 3 digits reprents Bank Code: 036 for Bank : STANDARD CHARTERED BANK
Last 3 digits represents Branch Code : 600 for Bank Branch BHOPAL
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