What is MICR Code in banking Terms?
1. Cheque Serial No. (6 digits)
2. Sort field or the city/bank/branch code number consisting of nine digits followed by a delimiter. The first three digits represent the city,
the next three indicate the bank and the last three digits signify the branch. The nine digit sort code is unique for any bank branch in the
3. Account number field consisting of six digits followed by a delimiter is an optional field. In the case of Government Cheques issued by
RBI alone, the account number is of seven digits. The Government Account number is 10 digits in length-7 digits occurring in the Account
number field and three in the transaction code field.
4. Transaction code field comprising of two digits in all instruments except Government cheques drawn on RBI which have a 3 digit
transaction code. Control doc ...more
To make NEFT(National Electronic Fund Transfer) Quick and efficient RBi introduced 9 digit MICR code,in which first 3 digit corresponds to city code,next 3 digit to bank code and later 3 digit to branch code.