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IDBI Margao South Goa Goa MICR CODE

Find MICR Codes for IDBI Margao South Goa Goa

Bank
State
District
City
Branch
Address

MICR Code	403259003
Bank	Idbi Bank Ltd
Business Hours	Monday to Saturday 10 am to 4 pm
Mode Of Payment	Cash,Cheque,Demand Draft and Net banking
Branch	Margao
Contact	0832-700400,701215
Bank Details	Idbi Bank Ltd Margao IBKL0000025

Location	Margao, South Goa
City	Margao
District	South Goa
State	Goa
Pincode	403601
Country	IN
Address	Jyoti plaza,isidorio baptista road

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 403259003 for Margao 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 403259003 of IDBI Bank, Margao branch makes the system almost error free and faster. Use of IDBI Bank MICR codes for Margao branch, makes the characters readable even if there are other marks and stamps on it.

A total of 2 branches of Idbi Bank Ltd are available with micr code -

>>Margao >>Margaon

MICR code for IDBI Margao

IDBI MICR (Magnetic Ink Character Recognition) code is a machine readable code used for processing and clearance of cheques. IDBI Bank MICR code for Margao 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. 403259003 is the MICR code of IDBI for Margao branch. MICR code for Margao 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 IDBI Bank Margao is presented in the table alongside.

Use of IDBI Bank MICR code for Margao branch in margao

The MICR code 403259003 is used in RBI cheque clearing process to identify the branch Margao and IDBI 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 IDBI is typically in either of these two font’s: E-138 and CMC-7.