IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
IDBI BANK YEOLA ifsc code is a Unique code which identifies each bank branch. The main purpose of IFSC Code is to participate each bank branch in the two main payment and settlement systems in India.
1) RTGS : Real Time Gross Settlement 2) NEFT : National Electronic Fund Transfer
For Example :
IDBI BANK YEOLA ifsc code : IBKL01992L4 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : IBKL for Bank : IDBI BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 1992L4 for Bank Branch LOKNETE DATTAJI PATIL SAHKARI BANK LTD
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for idbi bank yeola represents Magnetic Ink Character Recognition technology which is printed on cheques. This MICR Code is used for the identification of the cheques for faster processing.
MICR Code is a Unique code which identifies each bank branch. The main purpose of MICR Code is to participate each bank branch in an Electronic Clearing System (ECS).
MICR Code for IDBI BANK : is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : NA for City : YEOLA
Middle 3 digits reprents Bank Code: NA for Bank : IDBI BANK
Last 3 digits represents Branch Code : NA for Bank Branch LOKNETE DATTAJI PATIL SAHKARI BANK LTD
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