Indian Overseas Bank Margao South Goa Goa MICR CODE

Find MICR Codes for Indian Overseas Bank Margao South Goa Goa

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MICR Code	403020012
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	Margao
Contact	P Suresh Kumar, Senior Manager, Indian Overseas Bank, Funds Department, Central Office,
Bank Details	Indian Overseas Bank Margao IOBA0001463

Location	Margao, South Goa
City	Margao
District	South Goa
State	Goa
Pincode	403601
Country	IN
Address	I floor;n a p mansion;martires dias road;malbhat;margao;403601

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 403020012 for Margao 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 403020012 of IOB Bank, Margao branch makes the system almost error free and faster. Use of IOB Bank MICR codes for Margao branch, makes the characters readable even if there are other marks and stamps on it.

A total of 6 branches of Indian Overseas Bank are available with micr code -

>>Chinchinim >>Davorlim Dikarpale >>Margao >>Margao Gogol >>Seraulim >>Zuari Nagar

MICR code for Indian Overseas Bank Margao

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 Margao 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. 403020012 is the MICR code of Overseas Bank for Margao branch. MICR code for Margao 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 Margao is presented in the table alongside.

Use of IOB Bank MICR code for Margao branch in margao

The MICR code 403020012 is used in RBI cheque clearing process to identify the branch Margao 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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