Karnataka Gramin Bank IFSC Code & MICR Code

The IFSC code is available on the bank passbook and chequebook. Alternatively, you can visit the bank’s official website or contact customer care to know the IFSC code. The official website of the RBI also has IFSC codes. It is listed alongside the banks that are a part of the RTGS/NEFT network. 

Benefits of IFSC Code 

The benefits of IFSC code are as follows: 

1. It helps in identifying a particular branch of a bank.  

1. It removes errors from the fund transfer process. 
2. All IFSC-facilitated transfers, including RTGS, IMPS, and NEFT, are accurate. 

What is MICR Code 

Magnetic Ink Character Recognition (MICR) is a cutting-edge technology that primarily verifies the legitimacy and legality of paper-based document(s) in the banking record. This 11-digit code consists of numbers and special symbols and is mentioned at the bottom of a cheque. The MICR code facilitates automated cheque processing, which increases speed and accuracy because machines can read it quickly and with no mistakes. 

Along with a control indicator, it contains information like the bank code, cheque number, amount, and other account details. The primary benefit of MICR code is its uniqueness compared to other concepts like barcodes, as humans can easily read and distinguish MICR. 

How to Find MICR Code 

The MICR code is usually located at the bottom of your cheque leaf, printed to the right of the cheque number. You can also find it on the first page of your bank passbook. Branch-related information including the MICR code is also available on the websites of most banks.  

Benefits of MICR Code 

Here are some of the benefits associated with the MICR code: 

1. MICR code lowers the possibility of human error when processing cheques, which is essential for financial transactions. 

1. Cheques and other financial documents can be processed with the help of the MICR code.  
2. Automated devices and equipment used in cheque processing can easily read MICR characters. 

How to Transfer Money via IFSC Code 

Online money transfers are now simpler and hassle-free as a result of IFSC codes. These codes have been provided by the RBI to bank branches so they can easily conduct RTGS, IMPS, and NEFT fund transfers. Let us take an example to understand how money transfers via IFSC work. The IFSC code of Karnataka Gramin Bank, RO BENGALURU is PKGB0012504. The bank in this case is identified by the first four digits. The fifth digit is always ‘0’ while the last six characters help the RBI in identifying the bank's branch. 

When initiating a fund transfer, the payee's bank account number and IFSC must be provided. Once the remitter has provided all of the required data, the amount is easily transferred to the beneficiary's account using the IFSC code. Fund transfers using an IFSC code take only a few minutes from the time they are initiated. IFSC codes assist the Reserve Bank of India in tracking different transactions and facilitating hassle-free fund transfers.