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MICR code and IFSC code to be available on Passbook/statement of account | Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards


RBI has now mandated that the MICR code and IFSC code of a bank branch be made available on the passbook/statement of account of account holders. The MICR code is necessary for all Electronic Clearing Service (ECS – Credit and Debit) transactions. Similarly, the IFSC code is a pre-requisite for NEFT and RTGS  transactions.  Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch.  Once banks take action on this, the MICR code and IFSC code of bank branches will be readily available not only on cheque leafs but also on your passbook or statement of accounts.




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