Indian Overseas Bank Phagwara Kapurthala Punjab MICR CODE

Find MICR Codes for Indian Overseas Bank Phagwara Kapurthala Punjab

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MICR Code	-NA-
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	Phagwara
Contact	P Suresh Kumar, Senior Manager, Indian Overseas Bank, Funds Department, Central Office,
Bank Details	Indian Overseas Bank Phagwara IOBA0000344

Location	Phagwara, Kapurthala
City	Phagwara
District	Kapurthala
State	Punjab
Pincode	144401
Country	IN
Address	Opp. Bus stand;g t road;phagwara;144401

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 Phagwara 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, Phagwara branch makes the system almost error free and faster. Use of IOB Bank MICR codes for Phagwara 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 -

>>Phagwara

MICR code for Indian Overseas Bank Phagwara

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 Phagwara 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 Phagwara branch. MICR code for Phagwara 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 Phagwara is presented in the table alongside.

Use of IOB Bank MICR code for Phagwara branch in phagwara

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