IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
citibank ifsc code chennai 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 :
citibank ifsc code chennai : CITI0000003 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : CITI for Bank : CITI BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 000003 for Bank Branch CHENNAI
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for citibank chennai 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 CITI BANK : 600037002 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 600 for City : CHENNAI
Middle 3 digits reprents Bank Code: 037 for Bank : CITI BANK
Last 3 digits represents Branch Code : 700 for Bank Branch CHENNAI
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