Indian Overseas Bank Chandigarh Chandigarh Chandigarh MICR CODE

Find MICR Codes for Indian Overseas Bank Chandigarh Chandigarh Chandigarh

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MICR Code	160020001
Bank	Indian Overseas Bank
Business Hours	Monday to Saturday 10 am to 4 pm
Mode Of Payment	Cash,Cheque,Demand Draft and Net banking
Branch	Chandigarh
Contact	P Suresh Kumar, Senior Manager, Indian Overseas Bank, Funds Department, Central Office, Phone-044-28519488, Email:Funds@iobnet.Co.In
Bank Details	Indian Overseas Bank Chandigarh IOBA0000284

Location	Chandigarh, Chandigarh
City	Chandigarh
District	Chandigarh
State	Chandigarh
Pincode	170016
Country	IN
Address	S.r.no.26 sec-7/c chandigarh

Note: The working hours listed are generalized for all banks. Please take a note that the bank timings may vary from branch to branch. As per guidelines issued by Reserve Bank of India, banks will not be operational on 2nd and 4th Saturdays and all Sundays of a month.

How does MICR code 160020001 for Chandigarh branch help to speed up the cheque clearing process?

In manual clearing of cheques, many errors may occur and the whole process is quite time consuming. The MICR technology speeds up the processing of cheque as it reduces manual efforts of sorting. Thus the 160020001 of IOB Bank, Chandigarh branch makes the system almost error free and faster. Use of IOB Bank MICR codes for Chandigarh branch, makes the characters readable even if there are other marks and stamps on it.

A total of 12 branches of Indian Overseas Bank are available with micr code -

>>Asset Recovery Management Branch Chandigarh >>Chandigarh >>Chandigarh Sector 22 D >>Mid Corporation Chandigarh >>Naya Nangal >>Ptl Mohali >>R.O.Chandigarh >>Rapid Retail Centre Chandigarh >>Sec 32 Chandigarh >>Sector 18 Noida >>Sector 28 Chandigarh >>Sector 46 Chandigarh

MICR code for Indian Overseas Bank Chandigarh

Indian Overseas Bank MICR (Magnetic Ink Character Recognition) code is a machine readable code used for processing and clearance of cheques. IOB Bank MICR code for Chandigarh is a 9 digit code, in which first 3 digit represents the city code, next 3 digit to bank code and later 3 digit to branch code. 160020001 is the MICR code of Overseas Bank for Chandigarh branch. MICR code for Chandigarh branch includes document type indicator, bank code, cheque number, etc. When a cheque goes for clearing, this code is read by a magnetic reader and then automatically sorted. MICR code for IOB Bank Chandigarh is presented in the table alongside.

Use of IOB Bank MICR code for Chandigarh branch in chandigarh

The MICR code 160020001 is used in RBI cheque clearing process to identify the branch Chandigarh and IOB Bank bank for clearing processes. The MICR characters, which are printed using magnetic ink, are passed before a MICR reader. Initially the ink gets magnetized and when it is read, each character produces a unique waveform which can be easily identified. MICR code of Overseas Bank is typically in either of these two font’s: E-138 and CMC-7.

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