Indian Overseas Bank Coimbotore Coimbotore Tamil Nadu MICR CODE

Find MICR Codes for Indian Overseas Bank Coimbotore Coimbotore Tamil Nadu

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MICR Code
Bank Indian Overseas Bank
Business Hours
Mode Of Payment Cash,Cheque,Demand Draft and Net banking
Branch Palladam
Contact
Bank Details Indian Overseas Bank Palladam IOBA0001883
Location Coimbotore, Coimbotore
City Coimbotore
District Coimbotore
State Tamil Nadu
Pincode 641664
Country IN
Address 321, thiru nagar, trichy road, palladam, coimbatore.
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 0 for Palladam 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 0 of IOB Bank, Palladam branch makes the system almost error free and faster. Use of IOB Bank MICR codes for Palladam branch, makes the characters readable even if there are other marks and stamps on it.

A total of 2 branches of Indian Overseas Bank are available with micr code -

>>C S I >>Palladam

MICR code for Indian Overseas Bank Palladam

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 Palladam 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. 0 is the MICR code of Overseas Bank for Palladam branch. MICR code for Palladam 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 Palladam is presented in the table alongside.

Use of IOB Bank MICR code for Palladam branch in coimbotore

The MICR code 0 is used in RBI cheque clearing process to identify the branch Palladam 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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