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What does MICR stand for and why is a cheque leaf compulsory for opening the online trading account?

April 26, 2017account Cheque compulsory leaf MICR online trading opening stand

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What does MICR stand for and why is a cheque leaf compulsory for opening the online trading account?

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Ans: MICR stands for Magnetic Ink Character Recognition. It normally appears on the cheque leaf of the savings account. We take the cheque leaf as a proof for savings account number and to know the branch in which you have a savings account for crediting the dividend.