SBI Malvan Sindudurg Maharashtra MICR CODE

Find MICR Codes for SBI Malvan Sindudurg Maharashtra

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MICR Code
Bank State Bank Of India
Business Hours
Mode Of Payment Cash,Cheque,Demand Draft and Net banking
Branch Malvan
Contact 02365-252044/251340
Bank Details State Bank Of India Malvan SBIN0000420
Location Malvan, Sindudurg
City Malvan
District Sindudurg
State Maharashtra
Pincode 416606
Country IN
Address Dist sindhudurg maharashtra 416606
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 416002886 for Malvan 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 416002886 of State Bank Of India, Malvan branch makes the system almost error free and faster. Use of State Bank Of India MICR codes for Malvan branch, makes the characters readable even if there are other marks and stamps on it.

A total of 1 branches of State Bank Of India are available with micr code -

>>Malvan

MICR code for SBI Malvan

SBI MICR (Magnetic Ink Character Recognition) code is a machine readable code used for processing and clearance of cheques. State Bank Of India MICR code for Malvan 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. 416002886 is the MICR code of SBI Bank for Malvan branch. MICR code for Malvan 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 State Bank Of India Malvan is presented in the table alongside.

Use of State Bank Of India MICR code for Malvan branch in malvan

The MICR code 416002886 is used in RBI cheque clearing process to identify the branch Malvan and State Bank Of India 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 SBI Bank is typically in either of these two font’s: E-138 and CMC-7.

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