The MICR code and Cheque Book of the erstwhile Allahabad Bank will be closed from 1 October 2021.
If your bank account is in the erstwhile Allahabad Bank, then this news is important for you. Actually, Allahabad Bank has been merged with Indian Bank. So many things have changed in this way. The IFSC code of the bank has changed with effect from July 1, 2021. At the same time, the MICR code and Cheque Books of Allahabad Bank will be closed from 1 October 2021.
Indian Bank has given an alert related to the MICR code and Cheque Book by tweeting to the customers. The bank’s tweet said, “Enjoy smooth banking transactions without any disturbances. MICR code and Cheque Book of erstwhile Allahabad Bank will be discontinued from 1st October 2021. Get a new Cheque Book from your nearest branch or apply through Internet Banking/Mobile Banking.
Enjoy smooth banking transactions without any glitch. The MICR code and cheque books of the erstwhile Allahabad Bank will be discontinued from 01.10.2021. Get new cheque books from your nearest branch or apply through internet banking/mobile banking.#IndianBank pic.twitter.com/xF1Rctppx2
— Indian Bank (@MyIndianBank) July 31, 2021
What is MICR code, what is its significance
MICR code or Magnetic Ink Character Recognition Code is a 9-digit code. It identifies the bank branches which are participating in (Electronic Clearing System). This code consists of details like bank code, account details, amount and Cheque number. This code may be located at the bottom of a cheque leaf. In this 9 digit code, first 3 digits represent city, next 3 digits represent bank and last 3 digits represent branch code.
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