Maharashtra Gramin Bank IFSC Code or Indian Financial System Code is a unique 11-digit alphanumeric code allotted by the Reserve Bank of India (RBI) to all the banks and their specific branches. Any kind of online fund transfer from one bank to another requires the IFSC code. No two bank branches can have the same IFSC Code. The IFSC helps in the online funds transfer via NEFT, RTGS or IMPS.
Format of Maharashtra Gramin Bank IFSC Code
|Maharashtra Gramin Bank Code||Zero||Maharashtra Gramin Bank’s Branch Code|
Given above is an example of Maharashtra Gramin Bank IFSC Code Osmanabad, Maharashtra. In the 11-digit IFSC Code (MAHG0004420):
- First 4 characters (MAHG) indicates the bank code
- 5th character is always ‘0’
- Last 6 characters (004420) indicates the branch code of Maharashtra Gramin Bank Osmanabad branch
Significance of IFSC Code
- Easy fund transfer: IFSC Code is used in the electronic fund transfer via NEFT, RTGS or IMPS and has made the fund transfer process convenient and quick
- Unique identification: With the help of IFSC, one can uniquely identify a bank and its specific branch
- Elimination errors: IFSC helps customers to eliminate any discrepancy in the online fund transfer process
- Monitoring transactions: IFSC Code is used by the RBI to monitor all the online transactions by an individual
How to find the Maharashtra Gramin Bank IFSC & MICR Code?
Following are the ways in which one can find the IFSC as well as the MICR Code of a specific bank branch:
1. One can search for the IFSC Code on the ‘IFSC Code search tool’ provided by Paisabazaar. Visit the page, select the bank name, state, city, and branch. The IFSC & MICR Code along with the other details gets displayed on the right-hand side of the page.
2. The IFSC, as well as the MICR Code, can be found on the cheque leaf provided by the bank. The IFSC Code is located at the top side while the MICR Code is printed at the bottom side. The below-displayed picture will add more to the understanding. Also, one can find the IFSC & MICR Code on the first page of the passbook.
3. One can also find the IFSC & MICR Code on the Maharashtra Gramin Bank’s official website or mobile application or by logging into net banking.
4. The IFSC Code and MICR Code can also be found on the official website of the Reserve Bank of India (RBI).
Fund Transfer using Maharashtra Bank IFSC Code
IFSC Code is mandatory for all the online funds transfer via NEFT, RTGS or IMPS. It is necessary for processing any online transaction. The IFSC code uniquely identifies the originating as well as the destination bank branch.
NEFT (National Electronic Funds Transfer)
NEFT is a payment system that helps in the processing of funds transfer from one bank to another in 23 half-hourly batches. Both banks should be NEFT-enabled to initiate the transfer process.
- No maximum or minimum transfer limit value
- Service Timings: 8 am to 7 pm on all working days (except 2nd & 4th Saturdays)
- No inward transaction charges
RTGS (Real Time Gross Settlement)
RTGS is a payment system where a continuous and real-time settlement of online money transfer takes place. It is a safe and secure method of fund transfer. Both banks should be RTGS-enabled for the fund transfer process to take place.
- Have no maximum cap limit
- Minimum transfer value: Rs.2 lakh
- Operational Timings: 8 am to 6 pm on working days (except 2nd & 4th Saturdays)
- No inward transaction charges
IMPS (Immediate Payment Service)
IMPS is an instant electronic fund transfer system from one bank to another. The IMPS service is available round the clock and can be used anytime and from anywhere. This service was introduced in 2010 by NPCI (National Payments Corporation of India).
- Available 24X7, 365 days (including bank holidays)
- Maximum transfer value: Rs.2 lakh
- No minimum transfer limit
- Transactions charges are decided by the individual member banks
About Maharashtra Gramin Bank
Incorporated in the year 2009, Maharashtra Gramin Bank with its head office at Aurangabad is sponsored by the Bank of Maharashtra. It is an Indian Regional Rural Bank with branches in 6 regions of Maharashtra including Aurangabad, Beed, Nanded, Latur, Parbhani, and Thane.