IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
INDIAN OVERSEAS BANK CHAKAN ifsc code is a Unique code which identifies each bank branch. The main purpose of IFSC Code is to participate each bank branch in the two main
payment and settlement systems in India.
1) RTGS : Real Time Gross Settlement
2) NEFT : National Electronic Fund Transfer
For Example :
INDIAN OVERSEAS BANK CHAKAN ifsc code : IOBA0002742 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : IOBA for Bank : INDIAN OVERSEAS BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 002742 for Bank Branch CHAKAN
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for indian overseas bank chakan represents Magnetic Ink Character Recognition technology which is printed on cheques. This MICR Code is used for the identification of the cheques for faster processing.
MICR Code is a Unique code which identifies each bank branch. The main purpose of MICR Code is to participate each bank branch in an Electronic Clearing System (ECS).
MICR Code for INDIAN OVERSEAS BANK : 411020024 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 411 for City : CHAKAN
Middle 3 digits reprents Bank Code: 020 for Bank : INDIAN OVERSEAS BANK
Last 3 digits represents Branch Code : 002 for Bank Branch CHAKAN
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