Cheque

Cheque
IFSC Code Drawer Account Payee Amount Cheque Number MICR Code RBI Account Number Transaction ID

IFSC Code

Indian Financial System Code- 11 alphanumeric numbers to identify the bank branch, just like PINCODE identifies an area.

Drawer Account

The person who writes the cheque and holds the bank account from which the funds will be withdrawn is known as the “drawer.”

Payee

The individual, organization, or entity to whom the payment is being made is referred to as the “payee.” The payee’s name is typically written on the cheque.

Amount

The numerical and written amount of money to be paid is specified on the cheque. The written amount is important in case there is a discrepancy between the two.

Cheque Number

Cheque number is usually six digit number at the bottom left side of the cheque and is unique for each cheque.

MICR Code

Magnetic Ink Character Recognition. 9 digits code written in Iron Oxide ink for automated clearance.

RBI Account Number

The third block of Six digits on a cheque is the account number maintained by the Reserve Bank of India (RBI)

Transaction ID

 The last two digits at the bottom of a cheque are the transaction ID. It helps to know whether the cheque issued is a local or payable at par