Shivalik Mercantile Co Operative Bank IFSC Code Search

The 11-digit IFSC Code is a combination of 3 essential parts, of which:

• The first 4 characters represent the bank code
• The 5th characters is a ‘0’
• The remaining 6 characters signify the particular branch code

Shivalik Mercantile Co Operative Bank Ltd Code				Zero	Shivalik Mercantile Co Operative Bank’s Branch Code
S	M	C	B	0	0	0	1	0	1	0

The above mentioned (SMCB0001010) is the IFSC Code of Shivalik Mercantile Co-operative Bank Ltd, Indore, Madhya Pradesh. In the 11-digit code, the first 4 characters ‘SMCB’ represent the bank code, the 5th character is a ‘0’ and the last 6 characters ‘001010’ represent the branch code of Indore, Madhya Pradesh.

• It helps in the unique identification of a specific bank branch
• It is used for transferring funds online via NEFT, RTGS or IMPS
• It helps to eliminate errors in the fund transfer process

The account holders can find the IFSC Code by following any of the below-mentioned steps:

1. IFSC Code search tool by Paisabazaar: To know the IFSC Code of any bank branch, the user can go to the IFSC Code Locator Tool provided by Paisabazaar. The user needs to provide details like the bank name, state, city and branch name. IFSC Code along with MICR Code and other details gets displayed on the right-hand side of the page.
2. Cheque Book: The users can find the IFSC Code on the top left corner of the cheque leaf. The MICR (Magnetic Ink Character Recognition) Code is printed at the bottom side of the cheque.
3. Passbook: Both the IFSC Code and MICR Code can be found on the first page of the passbook provided by the bank.
4. Netbanking / Mobile Banking: The IFSC and MICR code can be found on the bank’s official website or mobile application. The same can be found by logging into net banking.
5. RBI: The IFSC and MICR codes can be found on the official website of the Reserve Bank of India.

When a fund transfer is initiated to a specific payee, the user has to provide the account number and the branch-specific IFSC code. After the remitter provides all the required details, the money is sent to the beneficiary. The IFSC code hence plays an important role in the online funds transfer via NEFT, RTGS or IMPS. Mentioned below is the detailed explanation of the process.

NEFT (National Electronic Fund Transfer) - This payment initiates the transfer of funds from one bank to another. All the transactions via NEFT are settled in a batch-wise format. Both the originating and the destination bank should be NEFT-enabled for the fund transfer process to take place.

RTGS (Real Time Gross Settlement) - The transfer via this payment system happens instantaneously and on a gross basis. The RTGS service is majorly used for large value transactions. Both banks should be RTGS-enabled to initiate the online fund transfer process.

IMPS (Immediate Mobile Payment Service) - IMPS is a real-time instant fund transfer system managed by the NPCI (National Payments Corporation of India). The IMPS service is available 24X7 throughout the year (including bank holidays).

Features of NEFT, RTGS, and IMPS

Service	Minimum transfer limit	Maximum transfer limit	Transaction Charges	Service Timings
NEFT	Re.1	No limit	Zero charges	Available 24x7, throughout the year
RTGS	Rs.2 lakh	No limit	Zero Charges	Between 8 am to 6 pm Monday to Saturday (except second and fourth)
IMPS	Re.1	Rs 50,000	Decided by individual bank branch	24x7 (throughout the year)

Note: The maximum and minimum transfer value limits mentioned above are as per the guidelines of Shivalik Mercantile Co-operative Bank Ltd.

Started in the small district of Saharanpur, Uttar Pradesh, Shivalik Mercantile Co-operative Bank Ltd. has become the first and largest multi-state urban co-operative bank in Uttar Pradesh. The bank has been serving both the urban and rural sector customers with the best of banking and financial services.