A unique 11-digit alphanumeric code assigned by the Reserve Bank of India (RBI) to identify a specific bank branch participating in the national electronic funds transfer system.
Glossary
Welcome to the MyBankDetail Glossary, where we demystify and clarify key terms related to banking and financial systems. Whether you're a novice or an experienced individual in the financial realm, our glossary is designed to provide you with a comprehensive understanding of essential terms. Feel free to explore the definitions below:
1. IFSC Code (Indian Financial System Code):
2. MICR Code (Magnetic Ink Character Recognition):
A unique code printed on cheques using magnetic ink, facilitating the processing of cheques through electronic systems. It typically includes the bank code, branch code, and account number.
3. PIN Code (Postal Index Number):
A six-digit code used by postal services in India to simplify the sorting and delivery of mail. It helps identify specific geographic regions and post office locations
4. SWIFT Code (Society for Worldwide Interbank Financial Telecommunication):
A standardized code used to identify a particular bank or financial institution globally, especially for international wire transfers. It consists of letters and numbers that represent the bank, country, and sometimes the branch.
5. US Routing Number:
A nine-digit code used in the United States to identify a specific financial institution for the purpose of electronic transactions, such as direct deposits, wire transfers, and electronic bill payments.
6. Canada Transit Number:
A five-digit code used in Canada to identify a specific bank branch for electronic transactions, including direct deposits and automated fund transfers.
7. UK Sort Code:
A six-digit code used in the United Kingdom to identify a specific bank and branch for domestic transactions. It is commonly used for electronic funds transfers and direct debits.
8. NCC Code (National Clearing Code):
A code used in various countries, including Japan, to identify specific banks and branches involved in domestic electronic funds transfers and clearing processes.
This glossary is intended to serve as a quick reference guide. If you have any specific questions or if there are additional terms you'd like us to include, feel free to contact us. MyBankDetail is here to empower you with knowledge in the ever-evolving world of banking and finance.