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What is the MICR Code in Your Passbook? Format, Use & Where to Find It
Updated on Thursday, October 22nd, 2026 |
Summary A MICR (Magnetic Ink Character Recognition) Code is a unique 9-digit code used to identify bank branches and facilitate the processing of cheques in India. The MICR code is printed using special magnetic ink, enabling faster and more accurate cheque clearing. It consists of three components: city code, bank code, and branch code. Customers…
Read moreWhat is Accrued Interest? Definition, Meaning & Calculation
Updated on Thursday, October 22nd, 2026 |
Summary Accrued interest refers to the interest that has been earned or incurred over a period of time but has not yet been paid or received. The calculation of accrued interest depends on the principal amount, interest rate and the time period involved. Interest accrual differs from interest paid, as accrued interest represents earnings or…
Read moreWhat is Issuer Identification Number (IIN)?
Updated on Thursday, October 22nd, 2026 |
Summary An Issuer Identification Number (IIN) is the first six to eight digits of a payment card that identify the card issuer and card network. The IIN helps payment systems determine which financial institution issued the card and how transactions should be processed. It plays a crucial role in card authentication, transaction routing, fraud prevention…
Read moreWhat is the Full Form of VPA and What Does VPA Mean in UPI?
Updated on Thursday, October 22nd, 2026 |
Summary VPA (Virtual Payment Address) is a unique identifier used in UPI that enables users to send and receive money without sharing bank account details. VPAs provide convenience, privacy, security and seamless fund transfers across participating banks. The Unified Payment Interface (UPI) system has become considerably popular over the last few years. One can split…
Read moreHow to Create and Manage a UPI ID?
Updated on Wednesday, October 21st, 2026 |
Summary A UPI ID is a unique virtual payment address that allows users to send and receive money without sharing bank account details. Users can create multiple UPI IDs linked to the same bank account for better convenience and transaction management. UPI offers instant fund transfers, 24×7 availability, secure authentication and seamless interoperability across banks….
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