Codes

All the Important Codes and Numbers Used in Financial System 

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♨Indian Financial System Code (IFSC)

IFSC is an 11 – character alpha numeric code.

First Four alphabetic characters represent the Bank Name. The Fifth character is 0 (Zero) and reserved for future purpose. And the last Six characters (numeric / alphabetic / combination of both) representing the Bank Branch.

Banks and organizations use IFSC to identify participating Bank Branch in NEFT, RTGS & IMPS transactions.

e.g. ABCD0123456

ABCD –Bank Name

0 – Zero

123456 – Bank’s Branch Code

➿Magnetic Ink Character Recognition (MICR)

MICR is a 9- digit code

MICR code usually printed on the bottom strip of cheque leaf.

It is used in cheque clearing process to identify the bank and branch.

First Three digits represent the City Code.

Next Three digits represent the Bank Code.

Last Three digits represent the Branch Code.

e.g.: 123456789

123 – City Code

456 – Bank Code

789 – Bank’s Branch Code

♨Permanent Account Number (PAN)

PAN is an 10- character alpha numeric code.

It is the identifier of Indian Income Tax Payers.

The PAN is unique, valid for life-time of the PAN-holder throughout India.

The PAN structure is as follows:

ABCDE1234F:

First Five characters are Alphabets

Next Four are numerals,

Last Character is also Alphabet

➿AADHAAR / Unique Identification Number (UID)

Aadhaar is a 12 – digit code.

It collects the biometric and demographic data of Resident Indians.

Unique Identification Authority of India (UIDAI) data centre is located at Manesar (Haryana).

♨Universal Account Number (UAN)

UAN is a 12 –digit code.

It will be generated for each of the Provident Fund contributing member by Employees’ Provident Fund Organization (EPFO).

UAN is necessary for easy PF management.

➿Permanent Retirement Account Number (PRAN)

PRAN is a 12 – digit code.

National Pension System subscriber will be allocated a unique Permanent Retirement Account.

Number (PRAN) by Pension Fund Regulatory & Development Authority (PFRDA).

♨International Securities Identification Number (ISIN)

The ISIN is a 12 – character alpha numeric code.

It uniquely identifies a security. ISINs are issued to bond, commercial paper, stock and mutual fund units etc.

➿Society for Worldwide Interbank Financial Telecommunication (SWIFT)

SWIFT code is a 8 – 11 character alphabetic code.

It is a unique identification code for both financial and non-financial institutions

The SWIFT code structure is as follows:

First Four letters – Institution code / Bank code

Next Two letters – Country code

Next Two letters – Location code

Last Three letters – Branch code

Where an 8- character code is given, it may be assumed that it refers to primary office.

♨Mobile Money Identifier (MMID)

MMID is a 7- digit code

It is a random number issued by the bank upon registration

In the 7 digits of the MMID are 4 digits used to identify the bank of the user and three used to identify the account of the user

Remitter & Beneficiary should have this number for performing IMPS transaction.

The bank will allocate a MMID for each account of the mobile banking customers.