MICR Code Meaning

Friends,

Magnetic Ink Character Recognition (Meaning of MICR code)

National Electronic Fund Transfer (Meaning of NEFT Code)

While filing Income Tax Return , there is a coloumn of MICR code. In case of refund cases, this column is very much helpful for everyone. It is commanly used by Banking Industries to faciliate the cheques processing. It makes very easy to refund by Income Tax Department.

Digits of MICR Codes

MICR code contains 9 digits,

First three digits display the city/first 3 character of pin( Postal Index Number) like as in case of Rohtak , Pin number is 124001 , therefore 3 digits of Micr code will be 124.

4-6 Digits display the bank codes alloted to each bank. For example State Bank of India has been alloted "002" . there fore 6 digits of MICR code will be 124002

7-9 Digits display the Bank Branch Codes alloted to each branches of bank. For Example SBI, Mdu branch has been alloted 006. Therefore 9 digits of MICR code will be 124002006.

Finally MICR code will be 124 002 006 (City+Bank+Branch) Codes

List of all MICR /IFSC Codes (All Branches) (Download)

Bank Wise List

Meaning of IFSC Code (Click Here)

Read more: MICR Code Meaning ~ Tds Tax India http://www.tdstaxindia.com/2009/08/micr-code-meaning.html#ixzz1XEsbQJjD
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