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HDFC Bank offers a wide range of services to its customers. Few of them are wholesale banking, treasury, loans, retail banking, depository participant, etc. HDFC Bank account number consists of 14 digits. Earlier the bank account number contained 13 digits which later on changed to 14 digits by adding “0” as a prefix to the existing account numbers.
The account number is formatted in a manner that you can easily identify the branch and the type of product you have with the bank. Earlier the account number had branch code and product code. However, due to the change in account number format the account numbers the third digit is the product code.
Nowadays to perform online bank transfer or transactions you need to have the IFSC code of the bank. Let us understand the IFSC code and MICR code of HDFC Bank in detail.
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IFSC and MICR code
IFSC (Indian Financial System Code) is generated by Reserve Bank of India (RBI) for every branch of the bank. This code is alphanumeric and it consists of 11 characters. The first four character stands for the bank name, the fifth character is always ‘0’ (because the bank has kept the scope of expansion of branches) and the last six digits represent the bank branch location. Currently, no online/digital transaction can be performed without an IFSC whether the transfer is through IMPS (Immediate Payment Service), NEFT (National Electronic Fund Transfer), or RTGS (Real-time Gross Settlement).
MICR (Magnetic ink character recognition) is used by the bank to simplify and speed up the clearance process of cheques and other documents. HDFC bank MICR code is a nine-digit numeric code. The first 3 digits of MICR stands for city code where the branch is situated and usually these three 3 digits are the first 3 digits of PIN code of the city. The next 3 digits stand for the bank code and the last 3 digits are the bank branch code which indicates the location of the branch.
IFSC code is used for electronic transfer of funds from one bank to another whereas MICR code is used in processing the cheques faster.
Also Check: HDFC Current Account