How to Find the MICR Code of all Banks in India?

Every number or details on your bank passbook, cheque and Bank website is very crucial. These details help in completing the day to day transactions. As, IFSC Code is used for online fund transfer via NEFT, RTGS etc. MICR code is important for the clearance of cheques. Don't know what MICR Code is and Where to Find it? Let's try to comprehend what MICR code is, its importance and where to find it.

What is MICR Code

A particular bank branch that is a part of the Electronic Clearing System can be identified with the use of Magnetic Ink Character Recognition (MICR), a 9-digit code (ECS). This code is often printed on the passbook that is given to the account holder and can be found on the cheque leaf that the bank issues.
To clear checks that are deposited in machines is the main goal of the MICR code. The coding also aids in error prevention.

What is the format of MICR Code?

The first three digits of the nine-digit number are used to specify the city, the following three digits are used to specify the bank, and the last three digits are used to specify the bank branch. For instance, "700002021" is the MICR code for the SBI branch in Kolkata. Here, the first three digits (700) are used to describe the city, the next three digits (002) are used to specify the bank, and the final three digits (021) are used to specify the bank branch.

Machines use MICR Code for the processing and clearance of cheques. The 9-digit number helps to reduce errors in the clearing process, speeds up the procedure, and improves the security and safety of processing checks.

What is the importance of MICR code?

• In order to speed up the processing and clearance of checks and other documents, the banking industry uses a character recognition technique called MICR, or Magnetic Ink Character Recognition Code.
• The primary purpose of the code is to verify the validity and originality of paper-based documents used in the banking system, primarily cheques.
• When it comes to the transfer of funds through NEFT or IMPS, MICR Code is equal to IFSC.
• The technique allows bank employees who are MICR readers to scan cheques and instantly read the information.
• Every bank branch has a distinct MICR code that is provided by the RBI, which aids in identifying the specific bank branch and expedites the clearing process.

Where to find MICR Number?

The MICR number is printed next to the cheque number. The typeface and ink used to display the MICR Code, which is only readable by a Magnetic Character Ink Reader, are both distinct from those used to display the cheque number. MICR number is also available on RBI's official website.