UNION BANK OF INDIA

CHITRAGUPTE ATITHI BHAVAN, PARADE KOTHI,RAILWAY STATION, VARANASI

VARANASI

UTTAR PRADESH

Bank Name:

UNION BANK OF INDIA

IFSC Code:

UBIN0535613

MICR Code:

Address:

CHITRAGUPTE ATITHI BHAVAN, PARADE KOTHI,RAILWAY STATION, VARANASI

RAILWAY STATION, VARANASI

VARANASI

VARANASI

State:

Contact:

UTTAR PRADESH

MR. B.B.SAHU, MR.S.K.SONI
Tel. No.0542-2208307

IFSC Code

IFSC is the short form of the Indian Financial System Code, which is uniquely assigned to each and every bank in India to help users transfer funds easily. IFSC Code is 11 characters long which is divided into 3 parts.

  1. First 4 characters represent the Bank Code

  2. The 5th character is always 0 (Zero).

  3. The final 6 characters represent the specific branch code.

UBIN0535613

Who assigns the IFSC Codes?

The RBI(Reserve Bank of India) assigns this unique code to every single bank so that they can give the facilities of electronic or online fund transfers like NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement) and IMPS (Immediate Payment System) to users.

Importance of IFSC Code

This is the only code that is used to identify a particular bank during any type of fund transfer. Even at the time of online bill payment using UPI payment methods or a debit or credit card the IFSC code is used. RBI uses this code to monitor the fund transaction between each and every bank. Not only in online banking but also in offline banking like cheque payment the IFSC code is used.

MICR Code

MICR is the short form of the Magnetic Ink Character Recognization, which is uniquely assigned to each and every bank in India to help users to participate in the Electronic Cleaning System. MICR Code is 9 characters long which is divided into 3 parts.

  1. First 3 characters represent the City Code

  2. The next  3 characters represent the bank code.

  3. The final 3 characters represent the specific branch code.

What is the use of  MICR Code?

MICR Code is used by banks to identify the paper-based documents, especially cheques. This is also used in online fund transactions like NEFT & IMPS along with IFSC code. A MICR reader is used to read to MICR code placed on the banking paper documents like a cheque.