What is ICICI Credit Card IFSC Code
IFSC Code (The Indian Financial System Code) is an alphanumeric code that is used for the transfer of electronic funds to India.
ICICI Credit Card IFSC Code is a unique code that identifies each bank branch. The main purpose of IFSC Code is to enable every bank branch in two principal settlement and payment processes in India.
1) RTGS : Real Time Gross Settlement
2) NEFT : National Electronic Fund Transfer
IFSC codes are distinctive for every bank and its branch. It is possible to say that it could be similar to the PNR number used in train reservations, which ensures every passenger will have identical seats on the train. IFSC Codes are also created upon this basis to allow for a fast and easy online transfer of funds. In reality, NEFT and RTGS transfers are currently made using only the account number and the IFSC.
ICICI Credit Card IFSC Code Format:
The IFSC Code is an 11-characters code. First four alphabetic characters ( the position from 1 to 4) represent BankName. The fourth character is the last Six charactes ( positions 6-11) which could be an alphanumeric signifies Bank Branch. A fifth character can be 0 (zero) which will be reserved for the future.
For Example :
ICICI Credit Card IFSC Code : ICIC0000103 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code: ICICI for Bank : ICICI BANK
The 5th letter is Zero and will be reserved to come back for references
The last six characters represent branch Code : 000103 for Bank Branch RPC MUMBAI
Why IFSC Code is Needed?
When making a financial transaction, everyone is keen to ensure that their funds are transferred to the intended bank without any problems. If the funds are transferred to a different get more info bank, it can cause various problems and discomfort since the transaction cannot be reversed automatically.
If you find yourself in this situation then you must reach out to your bank to explain how it happened. You will then have to take a set time period before receiving the money back. At some point, you'll get it back just after wasting your time.
One could transfer money to the wrong branch or bank and not even realize it. We recognize that a typo can be an error of the human mind, but the slightest mistake can cause the user a lot of inconvenience. Whether you mistakenly furnish wrong data for your account or if your bank must be blamed an error in the transaction can take place easily and in any way.
IFSC helps to conduct the transfer of funds electronically by routing messages to the branches of the specific bank. Along with that, IFSC is used by software for transfer of funds to acknowledge each branch involved in the process of transfer.
A smooth and efficient operation of NEFT as well RTGS depends on IFSC to a certain degree.
What is MICR code for the ICICI credit card
MICR codes for HDF credit card represents Magnetic Ink Character Recognition technology that can be printed onto cheques. A MICR Code is used for the identification of the cheques , which allows for quicker processing.
MICR Code is a Unique Code that identifies each branch of a bank. The primary function of MICR Code is to participate each bank branch in an Electronic Clearing System (ECS).
Where can I find the MICR Code to ICICI credit card on Cheque:
MICR Code for ICICI credit card can be located on the bottom of the cheque. Like in the above image MICR Code is shown inside Red rectangle at bottom on the cheque.
MICR Code Format to be used for ICICI credit card:
The MICR code of the ICICI card is a 9-digit number. First three figures ( positions 1 to 3) represents city Code Next 3 Digits ( positions from 4-7) represents) the Bank Code and Last 3 Digits ( Positions from 7-9) represents Branch Code.
For Example :
MICR Code for ICICI Bank is a unique 9 digit MICR Code.
The first 3 numbers represent CityCode Code:City : RPC MUMBAI
Middle 3 digits reprents Bank Code: For Bank : ICICI Bank
Three digits in the last three represent Branch Code : for Bank Branch RPC MUMBAI - CREDIT CARD OPERATIONS