It is a unique code with a combination of numbers and alphabets with 11 characters. The first four characters will give you the bank’s name and last six characters will give you the exact location of the bank. The fifth character will remain zero in all IFSC codes. You can find IFSC code on Pasisabazaar.com instantly through its IFSC code locator. As you select the four options -- Bank name, State, City and Branch, you will get the IFSC code. You can also find your IFSC code on your cheque book. It is printed at the bottom of the cheque book.
What is MICR code? The full form of MISC code is Magnetic Ink Character Recognition. It is printed on the bottom of the cheque along with IFSC code. Every branch has a unique MICR code which is required for the processing of the cheque.
When is IFSC and MICR code required? It is required at many places. For making any transaction online you need IFSC code. If you want to buy a mutual fund or insurance, you need IFSC code. While making any national electronic fund transfer (NEFT) and Real-time gross settlement (RTGS), you would require IFSC and MICR code.
About Axis Bank
The third largest private sector bank had begun its operation in 1994. The bank has 2,402 branches across the country and 12,922 ATMs as on March 31st 2014. It was promoted by Unit Trust of India.
