Maharashtra State Cooperative Bank IFSC Code is a unique 11-digit code which is a combination of alphabets and numerals. The IFSC Code is assigned to each bank branch by the Reserve Bank of India (RBI) and hence helps in the unique identification of the branch making it easier for the fund transfer process to take place. The use of IFSC Code is mandatory in transferring funds online via NEFT, RTGS or IMPS.
Structure of Maharashtra State Cooperative Bank IFSC Code
The IFSC Code is unique for every branch, hence no 2 bank branch can have the same IFSC Code. In the 11 digit code, the first 4 characters represent the bank code, the 5th character is a ‘0’ and the remaining 6 characters signify the particular branch code.
|Maharashtra State Cooperative Bank Code||Zero||Maharashtra State Cooperative Bank’s Branch Code|
The above-mentioned example (MSCI0082039) is an IFSC code of Maharashtra State Cooperative Bank, Pune, Maharashtra. Here, the first 4 characters ‘MSCI’ denote the bank code, the 5th character is a ‘0’ and the last 6 characters ‘082039’ represent the branch code of Pune.
Key Features of IFSC Code
- It helps in the unique identification of both the originating and the destination bank branch
- It eliminates the chances of any discrepancy in the online fund transfer process
- The use of IFSC Code is mandatory in processing online funds transfer via NEFT, RTGS or IMPS
- It is used by RBI to keep track of all the online transactions initiated by an individual
How to search for Maharashtra State Cooperative Bank IFSC Code?
The account holders can search for the IFSC as well as MICR (Magnetic Ink Character Recognition) Code in the ways mentioned below:
1. IFSC Code search tool by Paisabazaar: The users can visit the IFSC Code search page provided by Paisabazaar. The user needs to provide information like the bank name, state, city, and the branch name. The IFSC Code along with MICR Code and other related information gets displayed on the right-hand side of the page.
2. Cheque Book & Passbook: One can find the IFSC and MICR on the cheque book and passbook provided by the bank. The IFSC Code can be found on the top left corner of the cheque leaf while the MICR Code is printed at the bottom. Look at the given picture for a better understanding. Also, both the IFSC and MICR Code can be found on the first page of the passbook.
3. Internet / Mobile Banking: The IFSC and MICR Code can be found on the bank’s official website or mobile application or by logging into the net banking. The below-displayed picture shows where one can find the codes on the official bank’s website.
4. Reserve Bank of India: One can also look for the IFSC and MICR Code on the official website of the RBI.
Use of IFSC Code in Online Funds Transfer
The use of IFSC Code is mandatory in carrying out the electronic or online funds transfer via NEFT, RTGS or IMPS. Given below is the detailed explanation of the fund transfer process via NEFT, RTGS or IMPS.
NEFT (National Electronic Funds Transfer)
NEFT is a payment system processing funds transfer from one bank to another in 23 half-hourly batches. Both banks should be NEFT-enabled to initiate the transfer process.
Features of NEFT:
- No maximum or minimum transfer limit value
- Operational 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 there is a continuous and real-time settlement of online money transfer. It is a safe and secure method of fund transfer. Both banks should be RTGS-enabled to initiate the fund transfer process.
Features of RTGS:
- Have no maximum transfer 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).
Features of IMPS:
- 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 State Cooperative Bank
With its headquarters in Mumbai, Maharashtra State Cooperative Bank holds a network of 52 branches, 6 regional offices, and 17 ATM Centres. MSC Bank is the biggest cooperative bank in the country. The bank is also listed in Schedule 2 of the Reserve Bank of India Act, 1934.