IFSC Code, MICR Code, SWIFT Code In Detail

IFSC (Indian Financial System Code)

Is is an alphanumeric code that uniquely identifies a bank-branch participating in the two main Electronic Funds Settlement Systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) Systems. It is an 11-character code assigned by Reserve Bank of India for the identification of the bank branches.

The components of IFS code are:

• The first four alphabetic characters representing the bank name,
• The fifth character is 0 (zero) and reserved for future use, and
• The last six characters (usually numeric, but can be alphabetic) representing the branch.

A list of IFS Code for all the banks can be find out on the RBI website. It is also generally available on your bank account passbook, cheque book.

Example: IFS Code of a branch of Punjab National Bank in Delhi is PUNB0614800.

MICR (Magnetic Ink Character Recognition) Code

A unique code used to identify the particular branch of a particular bank. It is used mainly by the banking industry to ease the processing and clearance of cheques and other documents. The technology allows MICR readers to scan and read the information directly into a data-collection device. Unlike barcodes and similar technologies, MICR characters can be read easily by humans. It is a 9-digit code.

The components of MICR code are:

• The first three digits represent the city code of the bank branch – generally the pin code initials,
• The next three digits represent the bank code, and
• The last three digits represent the bank branch.

Example: MICR-No of a branch of Punjab National Bank in Delhi is 110024490

The MICR encoding, called the MICR line, is at the bottom of cheques and other vouchers as shown below:

BSR (Basic Statistical Returns) Code

BSR code  is used by the Income Tax department in order to identify a bank branch for submission of returns to the RBI. It is allotted to banks by Reserve Bank of India. While filling TDS/TCS (tax deducted at source/ tax collected at source) returns, BSR code is used in details related to challan and deductee. It is a 7-digit code.

Example: BSR Code of a branch of Punjab National Bank in Delhi is 305066.

SWIFT (Society for Worldwide Interbank Financial Telecommunication) Code

It is a unique identification code for both financial and non-financial institutions approved by the International Organization for Standardization (ISO). SWIFT Standards, a division of The Society for Worldwide Interbank Financial Telecommunication, handles the registration of these codes. It is an 11-character code.
SWIFT Codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks in a secure standardized and reliable environment.
So to do Overseas funds transfer, the SWIFT Code of the particular bank is required.

The components of SWIFT code are:

• The first four alphabetic characters representing the bank name,
• The next two alphabetic characters represent the country name
• The next two letters or digits represent the location code, and
• The last 3 letters or digits represent the branch code.

Example:  SWIFT Code of a branch of Punjab National Bank in Delhi is PUNBINBBDRG

*Note: Not all bank branches have individual SWIFT codes, so if it is not available for your branch, you can use the SWIFT code of a nearby branch of same bank. SWIFT code is also known as Bank Identifier Code (BIC).

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