IFSC Code of STATE BANK OF INDIA, EXPRESS HIGHWAY JUNCTION NEW MANINAGAR branch, AHMEDABAD, GUJARAT

  • What is a MICR Code?

    Magnetic Ink Character Recognition (MICR) is a 9-digit code used in banking for secure and automated cheque processing under the Electronic Clearing System (ECS).

    🔹 Structure of a MICR Code:

    • First 3 digits – Represent the city code (aligned with PIN codes).
    • Middle 3 digits – Represent the bank code.
    • Last 3 digits – Represent the specific branch code.

    🔹 Where Can You Find a MICR Code?

    • Printed at the bottom of cheque leaves.
    • Available on the first page of your passbook.

    🔹 Why is MICR Important?

    • Speeds up cheque clearance using MICR-enabled scanners.
    • Reduces errors in processing and ensures quick verification.
    • Used for ECS transactions, salary processing, and automatic bill payments.

    ✅ 2025 Update: Many banks are shifting to digital cheque clearing (DCC), reducing reliance on MICR for faster settlement cycles.

You should know

Indian Financial System Code (IFSC) is a unique 11-digit code allocated by Reserve Bank of India ...
Read more

Magnetic Ink Character Recognition (MICR) may be a printing technology utilized in the banking system to print the MICR code...
Read more

National Electronic Funds Transfer (NEFT) is a fund transfer process available with Reserve Bank of India (RBI)...
Read more

Immediate Payment System (IMPS) is an electronic fund transfer system operated by the National Payments Corporation of India (NPCI) ...
Read more

Real Time Gross Settlement (RTGS) is an electronic fund transfer system which is used to transfer money from one bank account to another...
Read more

Top