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Shamrao Vithal Bank South Goa Margao Goa MICR CODE

Find MICR Codes for Shamrao Vithal Bank South Goa Margao Goa

Bank
State
District
City
Branch
Address

MICR Code	403089003
Bank	Shamrao Vithal Co-Op 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	9158332310
Bank Details	Shamrao Vithal Co-Op Bank Ltd Margao SVCB0000123

Location	South Goa, Margao
City	South Goa
District	Margao
State	Goa
Pincode	403601
Country	IN
Address	Ground floor, shop no 1& 2, vasant arcade,comba, margao, goa- 403601

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 403089003 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 403089003 of Shamrao Bank, Margao branch makes the system almost error free and faster. Use of Shamrao Bank MICR codes for Margao branch, makes the characters readable even if there are other marks and stamps on it.

A total of 1 branches of Shamrao Vithal Co-Op Bank Ltd are available with micr code -

>>Margao

MICR code for Shamrao Vithal Bank Margao

Shamrao Vithal Bank MICR (Magnetic Ink Character Recognition) code is a machine readable code used for processing and clearance of cheques. Shamrao 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. 403089003 is the MICR code of SVC Bank 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 Shamrao Bank Margao is presented in the table alongside.

Use of Shamrao Bank MICR code for Margao branch in south goa

The MICR code 403089003 is used in RBI cheque clearing process to identify the branch Margao and Shamrao 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 SVC Bank is typically in either of these two font’s: E-138 and CMC-7.