Airtel Payments Bank is the first entity to acquire a license from the Reserve Bank of India (RBI) to carry out financial transactions. But, to perform these different transaction modes, every customer must have a valid IFSC and MICR code of the Airtel Payments Bank. In this article, we will help you find out what Airtel Payments Bank IFSC and MICR codes are in detail below:
What is the IFSC Code of the Airtel Payments Bank?
The Reserve Bank of India (RBI) has specified three ways to remit money. These include National Funds Electronic Transfer (NEFT), Immediate Payment Service (IMPS), and Real-Time Gross Settlement (RTGS). To undertake the three transactions, you must have the IFSC code, an 11-digit alphanumeric code. This code is mandatory for the transfer of funds from one bank to another. And hey, the best part? Every bank has a unique code. Hence, no two branches (even of the same bank) will ever have the same IFSC code. In an IFSC code, the first four digits will represent the name of the bank. The fifth character is usually zero (0), while the sixth one will always represent the exact branch address. In the case of Airtel Payments Bank, it will be Gurgaon or Haryana Airtel Payments Bank branch.
Airtel Payments Bank IFSC code: AIRP0000001 (you can use it for RTGS and NEFT transactions)
Airtel Payments Bank MICR code: 000APB000
How to find out my Airtel Payments Bank IFSC Code?
There are three ways to look for the Airtel IFSC code, which are as follows:
- Check the cheque leaf and bank passbook of your respective bank
- Go to the official website of the RBI and search for the list of IFSC codes of respective banks
- Visit the bank’s website and find out the code on the website itself
What is MICR Code?
Magnetic Ink Character Recognition or MICR is a nine-digit code. It is used to authenticate the legality and credibility of paper-based documents in the banking database.
This code comprises three main components, such as:
- The first three digits represent the city code, which is aligned with the PIN code used for postal addresses
- The next three digits will mention the bank code
- The last three digits specify the branch code.
In simple terms, the MICR code is a product of highly advanced Character Recognition Technology (CRT), which is used to verify cheques for clearance. In addition to this, it is used for the identification of other bank documents as well. Thus, the MICR code is especially needed when you are filing up different transaction forms like SIP.
You can easily find the MICR code at the following places:
- It can be found on a cheque leaf (next to the cheque number) and the first page of the bank’s savings account passbook
- It can also be found on the specific bank’s website.
Now that you have a fair understanding of a MICR and IFSC code, let’s move ahead and understand the clear differences between them in detail below:
What is the difference between the IFSC code and MICR Code?
These two codes play a significant role in verifying the authentication of financial transactions. However, there is a difference between the two codes. So, come, let’s find out what those are in detail below:
|It is developed to facilitate the electronic transfer of funds between several banks in India||Designed to fasten the cheque clearance procedure in India|
|IFSC code is an 11-digit alphanumeric code||MICR is a nine-digit code|
|The first four characters of the IFSC code represent the bank name||First three characters of the MICR code specify the city code where the branch of the bank is located|
|The last six characters mention the location of the bank||Last three characters indicate the code of the bank branch|
|The Reserve Bank of India (RBI) has developed the IFSC code.||MICR code is also developed by the Reserve Bank of India (RBI).|
The online process of fund transfer with the help of the IFSC code and MICR code is not as difficult as it seems. On the contrary, it is quite simple and hassle-free. All you need to do is provide the correct codes when carrying out an online transaction and you are good to go!
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