To eliminate the headache of old way
for banking communication, Reserve bank of India has invented the way
of communicating easy and safe with the introduction of unique
characters and codes. These codes are allotted by reserve bank of
India to every bank and each branch will have a unique
identification. The faster, easy, and simple bank transactions are
now available just availability of these codes. Three main codes
which are quite important for making transactions easy and smooth,
named as IFSC code, MICR code, and BSR code. The differences and uses
should understand by one so that he/she will be able to understand
how these affect the money transactions with the help of banks. If
you want to learn about all the codes from one platform then, you
need to visit Ask Bank IFSC Code.
IFSC code which keeps 11
digits/characters represents identification of bank with the
denotation of bank branch along with a zero after first 4 characters.
Bank IFSC Code can be easily found on cheques provided by the
banks to the customers. Different kind of payments will be easily
done with the help of this code. IFSC code is basically designed for
money transactions within nation. This code is formulated upon Swift
codes and can be only work within Indian transactions.
While talking about Bank MICR code,
you need to understand it is nine digits’ code which only keeps
numerical digits. This is to signify that which bank and the branch
have been issued the cheque. From starting the first three digits
will help to identify the city, next three will represent the bank,
and remaining digits will help you to find out the branch of bank.
While you will come to BSR abbreviated
as Basic Statistical Return then it keeps seven digits’ number, it
is also issued by reserve bank and it is offered to all the banks in
India. BSR has its own importance and it will be helpful to perform
tax deductions. It will assist banks to maintain records for online
payments which are made for tax payments.
In this manner, all these codes have
their own importance to tackle the entire electronic fund transfer
system. If you are the one who do not have knowledge about these
things yet then so must try to understand the use and differences of
the facts, to get more help you can visit Ask Bank IFSC Code.
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