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Meaning of IFSC and MICR Codes

There are lots of website, where you can get IFSC and MICR codes for your bank , which is required while transacting money from one bank to another. But what is IFSC and MICR code. What is it’s significance and how we can figure out those magic digits?

Answer is very simple! By reading this article :D. Check the link at the bottom too!


IFSC code means Indian Financial System Code.  IFSC code is being used as the address code in one user to another user.  RTGS and NEFT payment system of Reserve Bank of India (RBI) use these codes. IFSC code consists of 11 Characters identified as under (Lets take an example of SBI, Madhapur Hyderabad):-

  • First 4 digits show the Identity of the bank. i.e. SBIN
  • 5th digits in default as ZERO (for future use) i.e. 0
  • Last 6 Characters display the Branch Identity.  i.e. 004187

So, IFSC code for SBI, Madhapur in Hyderabad is SBIN-0-004187.  IFSC (Indian Financial System Code) is excellent unique code for International electronic payment system


MICR code means Magnetic Ink Character Recognition code which contains 9 digits, like 380002006 appearing at the bottom of the cheque, following the cheque number. Each Bank Branch has a unique MICR code.

One wonders what these codes are and how to make it easy to remember our branch code. If you are able to understand the code, it becomes easy to remember your Bank Branch MICR code.

  • First three digits of the code display the city and is derived from first 3 character of PIN (Postal Index Number) mentioned in the address of the Branch. For example PIN code of Hyderabad, Madhapur is 500081; therefore first three digits of MICR code will be 500.
  • Digit 4, 5&6 display the bank codes allotted to each bank by Reserve Bank of India. For example State Bank of India has been allotted “002”. Six digits of MICR code will become 500002
  • Digit 7, 8 and 9 display the Bank Branch Codes allotted to each branches of bank. For Example SBI, Madhapur , Hyderabad 500081 branch has been allotted code no. 072.

Therefore 9 digits of MICR code of State Bank of India, Madhapur(Hi Tech), Hyderabad- 500081 will be 500-002-072 i.e. City PIN Code + Bank Code +Branch Code

To know IFSC and MICR codes of any bank registered under RBI for online transaction, please visit this link:  List of all banks with their IFSC and MICR codes.


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