IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
AXIS BANK PALUS 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 :
AXIS BANK PALUS ifsc code : UTIB0SPSB01 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : UTIB for Bank : AXIS BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : SPSB01 for Bank Branch PALUS SAHAKARI BANK LTD PALUS
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for axis bank palus 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 AXIS BANK : 416879276 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 416 for City : PALUS
Middle 3 digits reprents Bank Code: 879 for Bank : AXIS BANK
Last 3 digits represents Branch Code : 927 for Bank Branch PALUS SAHAKARI BANK LTD PALUS
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