IFSC code is used mainly in NEFT, IMPS & RTGS which are used for transferring funds to other banks.
Q. Where to Find Bank Of Maharashtra's IFSC Code ?
Now let's learn how to get that.
After Opening the Passbook generally you can find it on the first page to the top side. Just like the below picture shows. Otherwise you can also find it on the right side.
It's that easy to find out the Code.
The main benefits that it bears are-
» It can be used on any device anywhere without even installing any application.
» It is the easiest of all, just select bank name, state, district and the branch only.
» We have over 175,000+ records of IFSC code that means you can get any bank's code even if its a small bank.
Q. Where to use IFSC Code ?
Now let's take and example of a dummy bank as ABC and another bank as XYZ, now if the customer of ABC decides to transfer 10,000 Rs as example to XYZ, he would need the Name of the Account holder, account number along with a section where it's asking for IFSC Code to be entered.
Here you need to enter the 11 digit IFSC code of the ex: XYZP0896745 in this case. Otherwise some banks provide the facility to enter the location directly. Now XYZ will definitely receive the money from ACB Bank's customer if the account number entered correctly.
Also to note MICR is not same for every customer and it applies for branches too. The MICR Code is used because of the MICR scanners which are much more efficient than the traditional OCR scanners.
Q. Where to Find Bank Of Maharashtra's MICR Code ?
Open the first page of the passbook, here you can easily find the MICR word on the right side of the page or on the top side, that differs from bank to bank. In the below demo illustration of a passbook you can find the MICR.
Now to get the MICR from the Cheque, you need to focus on the cheque leaf's bottom side where the MICR is mentioned for scanners to read.
Just select the required options and you're have MICR in front of you.
Q. What is the use of MICR Code ?
☑ It is used for faster processing of cheques using scanners.
☑ MICR participates in Electronic Clearing System to uniquely identify the bank & branch.
For Example let's say you want to send some funds around 50,000 to other bank's holding customer and use cheque as an medium. Here you can check at the bottom that the MICR is present.
Nowadays cheques are dropped otherwise entered via a system which acts as a cheque that's virtual and the facility is only provided at some specific banks. Note even if it's a physical cheque it is send to core centre of the bank to process(Automated).