IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
LAXMI VILAS BANK PUNJAB 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 :
LAXMI VILAS BANK PUNJAB ifsc code : LAVB0000209 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : LAVB for Bank : LAXMI VILAS BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 000209 for Bank Branch CHANDIGARH
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for laxmi vilas bank punjab 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 LAXMI VILAS BANK : is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : NA for City : CHANDIGARH
Middle 3 digits reprents Bank Code: NA for Bank : LAXMI VILAS BANK
Last 3 digits represents Branch Code : NA for Bank Branch CHANDIGARH
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