Indian Overseas Bank Panchkula Panchkula Haryana MICR CODE

Find MICR Codes for Indian Overseas Bank Panchkula Panchkula Haryana

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MICR Code	160020007
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	Swastik Vihar
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 Swastik Vihar IOBA0001565

Location	Panchkula, Panchkula
City	Panchkula
District	Panchkula
State	Haryana
Pincode	160101
Country	IN
Address	Swastik vihar sec -5 pkl

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 160020007 for Swastik Vihar 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 160020007 of IOB Bank, Swastik Vihar branch makes the system almost error free and faster. Use of IOB Bank MICR codes for Swastik Vihar branch, makes the characters readable even if there are other marks and stamps on it.

A total of 4 branches of Indian Overseas Bank are available with micr code -

>>Panchkula >>Panchkula Sector 20 >>Panchkula Sector 8 >>Swastik Vihar

MICR code for Indian Overseas Bank Swastik Vihar

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 Swastik Vihar 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. 160020007 is the MICR code of Overseas Bank for Swastik Vihar branch. MICR code for Swastik Vihar 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 Swastik Vihar is presented in the table alongside.

Use of IOB Bank MICR code for Swastik Vihar branch in panchkula

The MICR code 160020007 is used in RBI cheque clearing process to identify the branch Swastik Vihar 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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