We propose a method to encode a 3D magnetic resonance image data and a decoder in such way that fast access to any 2D image is possible by decoding only the corresponding information from each subband image and thus provides minimum decoding time. This will be of immense use for medical community, because most of PET and MRI data are volumeric data. Preprocessing is carried out at every level before wavelet transformation to enable easier identification of coefficients from each subband image. Inclusion of special characters in the bit stream facilitates access to corresponding information from the encoded data. Results are taken by performing Daub4 along x (row), y (column) direction and Haar along z (slice) direction. Comparable results are achieved with the existing technique. In addition to that decoding time is reduced by 1.98 times. Arithmetic coding is used to encode every corresponding information independently.