Bank key what is to be use ?

[Former Member]

Dear All Experts,

I am configuring House Bank accounting. I am stuck up at a stage where what is to be use in Bank Key field ?

Whether it should be MICR code of Bank's branch or IFSC code ?

Guidance will be appreciable.

Regards,

Revati Joshi.

P.S. : Configuration is for India company code.

[Former Member · Accepted solution]

use IFSC Code as Bank Key, All branch have unique IFSC Code. This can also be used for Bank Transfer.

The list of all IFSC is available in RBI Website

http://www.rbi.org.in/scripts/FAQView.aspx?Id=65

[former_member318765]

From the details I have the bank key is used for identifying the individual branches for electronic banking in India. If you are using the electronic funds transfer (EFT) payment process within India, the bank key is what is known as the MICR code. IF you are using the NEFT or the RTGS payment process, the bank key is the IFSC code. Hope this helps.

[Former Member]

Good Morning !

Thank you Ravi , Jithu, Anup , Srinivasa and all who contributed their thoughts to this thread.

Regards,

Revati Joshi.

[former_member380737]

The use of the Bank key is governed by the banking standards of each country. SAP has set these standards in the configuration. Follow the path below to understand the use of Bank Key field for India. For Country US, we store Routing number of the Bank accounts in the Bank key field. This is just an example for your understanding.

In Customizing for Global Settings, define the bank number as the bank key by choosing Set Countries Set Country-Specific Checks.

Hope this helps

[srinivasa_maruvada]

Hi

It is your own field. Enter ICICI / SBI / ABN / HDFC etc or 123...........

Srinivas

[former_member182098]

May be useful?

[Former Member]

Hi All,

Thank you for quick replies.

But as real business case what I shold I suppose to ask to client ? Your guidance will be very much appreciable.

Regards,

Revati Joshi.

[former_member182098]

In Europe you get a CD to load bank keys. But, I do not think this is the case in India.

Ask for SWIFT codes, the same can be entered as bank keys.

[former_member182098]

Solution given by Jithu may be a possible solution. However, you need to consider, if you are implementing electronic bank statement, see how it is being effected. What kind of entries are maintained by bank in the file? Are they IFSC codes or something else?