MICR Code: 587020502
| Bank: Indian Overseas Bank |
| IFSC Code: Ioba0003053 |
| MICR Code: 587020502 |
| Address: Mahalingpur, Bagalkote Dist, Karnataka 587312 |
| City: Bagalkote |
| District: Mahalingpur |
| State: Karnataka |
MICR is acronym of Magnetic Ink Character Recognition. Basically it is a character-recognition technology used by the banking industry to ease the processing and clearance of cheques and other documents.
Generally MICR code is nine character long. First three charaters represent city, next three charaters represents bank name and last three charaters represents bank branch.
Let's decode MICR code 587020502.
- In this case first three codes 587 is city code and it represents city Bagalkote.
- Next three characters 020 represents bank Indian Overseas Bank.
- Remaining characters which are 502 represents branch. In our case branch is located at address Mahalingpur, Bagalkote Dist, Karnataka 587312.
The easiest way to find MICR code is to check your
- Bank account statement
- Cheques
Please examine below sample cheque for more details
I hope this clears doubts.