What is IFSC Code and MICR Code And SWIFT Code AND BSR Code?
What is Bank IFSC CODE?
The Indian Financial System Code (IFSC) is an alphanumeric code that uniquely identifies a Bank-Branch participating in the two main Electronic Funds Settlement Systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) systems. IFSC is used by the NEFT & RTGS systems to route the messages to the destination banks / branches. Bank wise list of IFSCs is available with all the bank-branches participating in interbank Electronic Funds Transfer. List of bank-branches participating in NEFT/RTGS and their IFSCs is available on the website of RBI.
Bank Identifier Code (BIC), SWIFT codes and Routing Codes are basically the same.
What is ROUTING CODE?
International banks Routing Code, SWIFT codes & Bank Identifier Code (BIC) are basically the same.
What is Bank BSR Code?
Basic Statistical Return (BSR) Income Tax Department’s initiative to receive information and maintain records of tax paid through banks through online upload of challan details is named as OLTAS (Online Tax Accounting System). The collecting bank branch will put a rubber stamp on the challan and its counterfoil indicating a unique Challan Identification Number (CIN) comprising of seven digit BSR Code allotted by RBI to that bank branch, the date of deposit (dd/ mm/ yy i.e. six digits), and the challan serial number in 5 digits. CIN will, therefore, be unique for each challan throughout the country and will be used for identifying the challan in the OLTAS.
Challan Identification Number (CIN) has three parts Bank Branch Name 7 digit BSR code of the bank branch Date of Deposit (DD/MM/YY) of tax Serial Number of Challan CIN is stamped on the acknowledgement receipt to uniquely identify the tax payment. CIN has to be quoted in the return of income as a proof of payment. CIN is also to be quoted in any further enquiry. Therefore, you must ensure that CIN (comprising the above three parts) is stamped on the Challan by the bank. If not, immediately contact the bank manager and insist on CIN. The Reserve Bank of India has already passed an order dated April 1, 2004 making it compulsory for all tax collecting branches of banks to use a rubber stamp acknowledgement that carries CIN. A separate CIN is given for each challan deposited. If the Bank Manager is unable to resolve the issue, you should address your grievance to the Bank’s Regional Manager and the Regional Office of Reserve Bank of India for redressal.
Income Tax Department’s initiative to receive information and maintain records of tax paid through banks through online upload of challan details is named as OLTAS (Online Tax Accounting System). The collecting bank branch will put a rubber stamp on the challan and its counterfoil indicating the CIN. It will be unique for each challan throughout the country and will be used for identifying the challan in the OLTAS