Difference Between Branch Code, IFSC and MICR Code

Number of Digits and Format: IFSC vs MICR vs Branch Code

Understanding the format helps you distinguish between these codes:

Each code follows a standard structure, and any incorrect code can result in transaction failure or delays.

IFSC vs MICR Code

1. IFSC is a 11-digit alphanumeric code while MICR is only a numerical code that has 9 digits.
2. For example, the IFSC code of the ICICI bank Branch in Calangute Goa is ICIC0001362, while the MICR code is 403229009.
3. IFSC and MICR code will never be same and they both serve different purposes - IFSC is used for fund transfer while MICR is for cheque clearing.
4. Both of these contain the branch code.

IFSC vs Branch Code

1. The difference between IFSC code and branch code is that one is made of 11 keys , while the other has just 4 keys
2. In fact, the last 6 digits of the IFSC code represents the branch code.
3. For example, in the IFSC code HDFC0001015,
   1. The first four letters 'HDFC' is the name of the bank which happens to be HDFC.
   2. The fourth digit zero is kept aside for future use.
   3. The following six digits, ' 001015' represents the bank branch which in this particular instance is the Dalhousie Branch on Kolkata, West Bengal.
4. Therefore, the branch code in this case is  ' 001015'.

Branch Code vs MICR Code

1. The main difference between MICR and branch code is the MICR is used for the processing of cheques while branch code is only used to identify the concerned branch.
2. Take the example of the ICICI Bank MICR code '403229009'. Here:
   1. The first 3 numbers '403' is indicative of the code of the city where the banks is
   2. The following three numbers is the code of the bank
   3. On the last three numbers represent the bank code, which happens to be '009'
3. In most cases, customers will not be asked for the bank code. The only piece of information that will be frequently used by a bank customer is the IFSC code.

Uses of IFSC, MICR, and Branch Code in Banking Transactions

These codes serve specific purposes in banking:

Without these codes, banking operations like fund transfers, cheque clearance, or branch identification would be error-prone and slow.

IFSC, MICR and Branch Code in Cheques

Bank cheques contain all three codes:

1. IFSC Code: Printed on the top left or center of the cheque.
2. MICR Code: Found at the bottom of the cheque near the cheque number, in magnetic ink.
3. Branch Code: Can be derived from the last 6 digits of the IFSC Code.

Knowing how to locate these codes on a cheque helps avoid errors during transactions.

How to Find Your IFSC, MICR, and Branch Code?

You can find your IFSC, MICR, and Branch Codes through the following methods:

1. Bank Cheque Book: IFSC and MICR codes are printed on the cheque leaf.
2. Bank’s Official Website: Banks provide code lookup options.
3. RBI Website: The Reserve Bank of India maintains a directory of IFSC codes.
4. Mobile Banking/Net Banking: You can view these codes in the account details section.
5. Passbook: Usually printed along with your account information.