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Indian Overseas Bank

MULGAON GOA BRANCH

2215235

IFSC CODE
IOBA0000694
MICR Code 403020007
Branch Code 000694
City / District ASSONORA
State GOA
Office Address E 9 BHAGWADA,MULGAON,BICHOLIM TALUK,P.O. ASSANORA GOA,MULGAON,PIN 403503
Phone 2215235
📍 View Branch on Google Maps

Understanding IFSC Code: The Digital DNA of Indian Overseas Bank

When performing any digital transaction in India, the Indian Financial System Code (IFSC) acts as a critical identifier. For the MULGAON GOA branch of Indian Overseas Bank, the code IOBA0000694 ensures that your funds are routed through the Reserve Bank of India's (RBI) structured network without manual errors. In an era of instant payments, having the correct IFSC is as important as the account number itself.

Anatomy of the IOBA0000694 Code

An IFSC is an 11-character alphanumeric code. Let's break down the logic behind the code for this specific branch:

First 4

Bank Identity

"IOBA" represents Indian Overseas Bank

5th Digit

Control Character

Always '0' (Reserved for future use)

Last 6

Branch Locator

Unique code for MULGAON GOA

Payment Systems Supported by IOBA0000694

System Transfer Limit Processing Time
NEFT No Minimum (Up to ₹50 Lakhs+) Half-hourly batches (24x7)
RTGS Minimum ₹2 Lakhs Real-time settlement
IMPS Up to ₹5 Lakhs Instant (Mobile/P2P)

Why do you need the MICR Code?

While IFSC is for digital transfers, the Magnetic Ink Character Recognition (MICR) code—403020007—is primarily used for the processing and clearance of physical cheques. This 9-digit code helps in identifying the bank and branch during the Cheque Truncation System (CTS) cycle, making clearing faster and error-free.

Bank Holidays & Availability

The Indian Overseas Bank in ASSONORA typically follows the RBI holiday calendar. Digital transfers via IOBA0000694 for NEFT/RTGS are now available 365 days a year, regardless of physical branch timings or Sunday closures.

Security Warning & Verification

Always verify the branch details before making a large payment. While IOBA0000694 is the valid code for MULGAON GOA at ASSONORA, ensure the beneficiary name matches perfectly in your mobile banking app.

RBI Verified NEFT Enabled RTGS 24x7

Bank Search Indexing & Metadata

Related Searches

  • • Indian Overseas Bank Branch List
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Financial Tools

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Branch Context

  • • MULGAON GOA Contact
  • • Address of Indian Overseas Bank
  • • MICR Code Finder
  • • GOA Banking Circle

Platform Links

  • • Anand Design DevBox
  • • SEO Performance Hub
  • • Webmaster Tools
  • • IFSC Finder v2.0

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