For e.g. BBBB0010476
- First 4 characters represent the entity (BBBBxxxxxxxxxx)
- Fifth position has been defaulted with a ‘0’(Zero) for future use (xxxx0xxxxxxx)
- Last 6 characters denote the branch identity (xxxx010476)
What is MICR Code ?
Magnetic Ink Character Recognition (MICR) code is used for processing and clearance and other documents in India. It uses character recognition technology for cheque clearing. MICR code I encoded as MICR line located at the bottom of cheque or other bank voucher. MICR line includes document type indicator, bank code, bank account number, cheque number and the amount, plus some control indicator. MICR readers are used by character recognition technology to scan the information into data collection device. It can also be read by humans. The information is not encoded like bar codes.
What is SWIFT Code ?
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) (also known as ISO 9362,SWIFT-BIC code ,SWIFT ID or SWIFT code ) is a standared format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. (When assigned to a non-financial institution, a code may also be known as a Business Entity Identifier or BEI. ) These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements. SWIFT and BIC codes are basically the same. The SWIFT code is 8 or 11 characters.
- BBBB(4 letters ) : Institution Code or bank code
- US (2 letters ) : ISO 3166-1 alpha-2 country code
- 3M (2 letters or digits) : location code
- XXX(3 letters or digits ) : branch code, optional (‘XXX’ for primary office)
Where an 8-digit code is given, it may be assumed that it refers to the primary office.