South Indian Bank Raigad Panvel Maharashtra MICR CODE

Find MICR Codes for South Indian Bank Raigad Panvel Maharashtra

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MICR Code	-NA-
Bank	South Indian Bank
Business Hours	Monday to Saturday 10 am to 4 pm
Mode Of Payment	Cash,Cheque,Demand Draft and Net banking
Branch	Panvel
Contact	484-2365657
Bank Details	South Indian Bank Panvel SIBL0001007

Location	Raigad, Panvel
City	Raigad
District	Panvel
State	Maharashtra
Pincode
Country	IN
Address	ã½shop no.2-6, ground floor, plot 105-106,gurudwara road,new panvel

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

A total of 1 branches of South Indian Bank are available with micr code -

>>Panvel

MICR code for South Indian Bank Panvel

South Indian Bank MICR (Magnetic Ink Character Recognition) code is a machine readable code used for processing and clearance of cheques. South Indian Bank MICR code for Panvel 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 South Indian Bank for Panvel branch. MICR code for Panvel 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 South Indian Bank Panvel is presented in the table alongside.

Use of South Indian Bank MICR code for Panvel branch in raigad

The MICR code 0 is used in RBI cheque clearing process to identify the branch Panvel and South Indian 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 South Indian Bank is typically in either of these two font’s: E-138 and CMC-7.

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