It an alphanumeric code consisting of unique 11 characters in total. The first four characters will give you the bank’s name, the fifth character will remain zero in all IFSC codes and last six characters will give you the exact location of the bank. IFSC code is required for making any online transaction. If you buying a mutual fund or insurance or you are transferring funds to any bank account, you would require a bank’s IFSC code. For making any NEFT or RTGS transfer, you would need an IFSC code.
MICR code It is nine character code. The first three digits represent the city in which the branch is located. The next three digits are for the bank name and the last three digits represent the bank branch’s code.
Benefits of MICR code MICR code is unique for every bank. It is difficult to forge a cheque with MICR code printed on it. The MICR code reader will not read the document if the cheque is printed through a simple printer. You can look for the MICR code of a particular branch through IFSC code locator available at Paisabazaar.com. You can also find bank branchwise MICR code on Reserve Bank of India’s website.
About Allahabad Bank
The bank was founded in April 24, 1865 by Europeans at Allahabad. In April 2014 bank celebrated 150 years of foundation. Bank has over 2,500 branches. In February 2007, the bank opened its first overseas branch at Hong Kong.
