Punjab and Maharashtra Cooperative Bank IFSC, an acronym for Indian Financial System Code is a unique 11-digit code which is a combination of alphabets and numbers. The IFSC Code of all banks and their respective branches is allotted by the Reserve Bank of India, which helps in keeping a track of all the online transactions performed by an individual hence minimizing the chance of any discrepancy in the fund transfer process. The role of Punjab and Maharashtra Cooperative Bank IFSC Code is significant in the electronic or online funds transfer via NEFT, RTGS or IMPS.
Format and Significance of Punjab and Maharashtra Cooperative Bank IFSC Code
|Punjab and Maharashtra Cooperative Bank Code||Zero||Punjab and Maharashtra Cooperative Bank’s Branch Code|
The above-mentioned example (PMCB0000074), is the IFSC Code of Punjab and Maharashtra Bank, Mumbai. In this 11-digit code:
- The first 4 characters ‘PMCB’ indicate the bank code
- The 5th character is a ‘0’
- The last 6 characters ‘000074’ represent the branch code of Dharavi, Mumbai
- Electronic fund transfer system: With the help of IFSC code one can transfer funds instantly and conveniently from one bank to another via NEFT, RTGS or IMPS. The online banking service hence saves a lot of time. One needs to mention the beneficiary’s bank account number, bank branch, and IFSC Code to carry out convenient transactions
- Minimal fraud chances: IFSC is used for transferring funds in a secure manner. IFSC Code is unique for a specific bank branch and hence it becomes easy to find the bank and its respective branch
- Reserve Bank of India: The IFSC code is used by the RBI to monitor all the online transactions hence minimizing the chance of any fraudulent activity
- Online bill payments: IFSC code can be used to pay online bills. The transactions can be performed using mobile phones, tablets or laptops
How to find Punjab and Maharashtra Cooperative Bank IFSC Code?
The account holders can find the IFSC as well as MICR (Magnetic Ink Character Recognition) Code in the below-mentioned ways:
1. IFSC Code locator tool by Paisabazaar: The users can visit the IFSC Code search page provided by Paisabazaar. One needs to enter the required details including the bank name, state, city, and the branch code. Both the codes will be displayed on the right-hand side of the page.
2. Chequebook and Passbook: The IFSC Code is located at the top left corner of the cheque leaf while the MICR code is printed at the bottom. Have a look at the given picture. Also, both the codes can be found on the first page of the passbook provided by the bank.
3. Netbanking / Mobile Banking: The IFSC and MICR Code can be found by logging into Punjab and Maharashtra Cooperative Bank net banking portal or using mobile banking app provided by the bank.
4. Reserve Bank of India: The IFSC code of Punjab and Maharashtra Cooperative Bank can also be found on the official website of the Reserve Bank of India.
Funds Transfer using Punjab and Maharashtra Cooperative Bank IFSC Code
The use of IFSC Code is mandatory in transferring funds online from one bank to another. All electronic or online fund transfer via NEFT, RTGS or IMPS cannot be done without the use of IFSC Code. Hence, it is necessary to provide the beneficiary’s bank IFSC Code along with the account number to carry out the transaction.
1. Fund transfer via NEFT
National Electronic Fund Transfer (NEFT) helps the user to transfer funds from one bank to another. The whole process is based on a deferred settlement process through which the transactions are carried out in settlements. The funds transfer via NEFT settles in 23 half-hourly batches. Following are the things one should keep in mind before using NEFT:
- Minimum transfer limit for NEFT is Re.1/-
- There is no cap limit to the maximum transfer value
- Service timings: 8 am to 7 pm on all working days (except 2nd and 4th Saturday)
2. Fund transfer via RTGS
Fund transfer via RTGS is initiated instantaneously and on a real-time and gross basis. The majority of high-value transactions are facilitated via RTGS system. The remitter needs to provide the basic bank account details of the beneficiary required for the fund transfer. Following are the things one should keep in mind before using RTGS:
- The minimum fund transfer limit is Rs.2 lakh
- No maximum transfer limit
- Operational Timings: 8 am to 6 pm for all working days (except 2nd & 4th Saturdays)
3. Funds transfer via IMPS
IMPS provides an instant 24X7 electronic fund transfer facility via mobile phones. IMPS is considered a secure and faster mode of fund transfer. The transfer of money can be initiated using the beneficiary account number and IFSC Code, in addition to the beneficiary mobile number and MMID.
- Minimum money transfer value: Re.1/-
- Rs.2 lakh is the maximum transfer value
- Is available 356 days, 24X7
*There are no holiday restrictions or timing issues for IMPS remittances. Also, there are no charges for using this service.
About Punjab and Maharashtra Cooperative Bank
Incorporated in the year 1984, Punjab and Maharashtra Cooperative Bank is a multi-state Scheduled Urban Co-operative Bank. The bank has a large network of 137 branches spread across 6 states in India including Delhi, Maharashtra, Karnataka, Gujarat, Goa, Madhya Pradesh, and Andhra Pradesh.