Indian Overseas Bank Visakhapatnam Vishakapatnam Andhra Pradesh MICR CODE

Find MICR Codes for Indian Overseas Bank Visakhapatnam Vishakapatnam Andhra Pradesh

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MICR Code	530020001
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	Visakhapatnam
Contact	P Suresh Kumar, Senior Manager, Indian Overseas Bank, Funds Department, Central Office,
Bank Details	Indian Overseas Bank Visakhapatnam IOBA0000121

Location	Visakhapatnam, Vishakapatnam
City	Visakhapatnam
District	Vishakapatnam
State	Andhra Pradesh
Pincode	530016
Country	IN
Address	47-15-12;station road;dwaraka nagar;visakhapatnam;530016

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 530020001 for Visakhapatnam 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 530020001 of IOB Bank, Visakhapatnam branch makes the system almost error free and faster. Use of IOB Bank MICR codes for Visakhapatnam 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 -

>>Akkayyapalem >>Jagadamba Centre >>Satara >>Visakhapatnam >>Visakhapatnam Madhavadhara >>Vuda Visakhapatnam

MICR code for Indian Overseas Bank Visakhapatnam

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 Visakhapatnam 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. 530020001 is the MICR code of Overseas Bank for Visakhapatnam branch. MICR code for Visakhapatnam 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 Visakhapatnam is presented in the table alongside.

Use of IOB Bank MICR code for Visakhapatnam branch in visakhapatnam

The MICR code 530020001 is used in RBI cheque clearing process to identify the branch Visakhapatnam 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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