Indian Overseas Bank Medchal Rangareddy Andhra Pradesh MICR CODE

Find MICR Codes for Indian Overseas Bank Medchal Rangareddy Andhra Pradesh

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MICR Code
Bank Indian Overseas Bank
Business Hours
Mode Of Payment Cash,Cheque,Demand Draft and Net banking
Branch Medchal
Contact 08418-220060
Bank Details Indian Overseas Bank Medchal IOBA0002177
Location Medchal, Rangareddy
City Medchal
District Rangareddy
State Andhra Pradesh
Pincode 501401
Country IN
Address Door no. 1-136 nh 7, medchal main road medchal pin : 501401
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 500020038 for Medchal 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 500020038 of IOB Bank, Medchal branch makes the system almost error free and faster. Use of IOB Bank MICR codes for Medchal branch, makes the characters readable even if there are other marks and stamps on it.

A total of 1 branches of Indian Overseas Bank are available with micr code -

>>Medchal

MICR code for Indian Overseas Bank Medchal

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 Medchal 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. 500020038 is the MICR code of Overseas Bank for Medchal branch. MICR code for Medchal 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 Medchal is presented in the table alongside.

Use of IOB Bank MICR code for Medchal branch in medchal

The MICR code 500020038 is used in RBI cheque clearing process to identify the branch Medchal 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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