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IDFC Navi Mumbai Raigad Maharashtra MICR CODE

Find MICR Codes for IDFC Navi Mumbai Raigad Maharashtra

Bank IDFC Bank Ltd
Business Hours
Mode Of Payment Cash,Cheque,Demand Draft and Net banking
Branch Panvel Branch
Bank Details IDFC Bank Ltd Panvel Branch IDFB0040142
Location Navi Mumbai, Raigad
City Navi Mumbai
District Raigad
State Maharashtra
Pincode 410206
Country IN
Address Ground floor, shop no. S-01a, lakhani landmark, plot no. 19, sector no. 19, panvel matheran road, new panvel (east), navi mumbai - 410206
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 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 IDFC Bank, Panvel Branch branch makes the system almost error free and faster. Use of IDFC Bank MICR codes for Panvel Branch branch, makes the characters readable even if there are other marks and stamps on it.

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

>>Kalamboli Branch >>Panvel Branch

MICR code for IDFC Panvel Branch

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

Use of IDFC Bank MICR code for Panvel Branch branch in navi mumbai

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