IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
INDIAN OVERSEAS BANK SAONER 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 SAONER ifsc code : IOBA0003553 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 : 003553 for Bank Branch SAONER
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 saoner 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 : NA is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : NA for City : SAONER
Middle 3 digits reprents Bank Code: NA for Bank : INDIAN OVERSEAS BANK
Last 3 digits represents Branch Code : NA for Bank Branch SAONER
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