Sir M Visvesvaraya Co-Operative Bank Ltd IFSC or Indian Financial System Code is an 11 character alphanumeric code. The IFSC code stands unique for every bank and their respective branches. The code is assigned by the Reserve Bank of India (RBI) to facilitate the online or electronic transfer of funds via NEFT, RTGS or IMPS.
Format of Sir M Visvesvaraya Co-operative Bank Ltd IFSC Code
In the 11-digit IFSC Code, the first 4 characters represent the bank code, the 5th character is a ‘0’ and the last 6 characters stand for the particular branch code.
|Sir M Visvesvaraya Co-Operative Bank Ltd Code||Zero||Sir M Visvesvaraya Co-Operative Bank Branch Code|
The 11-digit code (MVCB0000006) mentioned above is the IFSC Code of Sir M Visvesvaraya Co-Operative Bank Ltd, Bangalore, Karnataka. The IFSC code is a combination of 3 important parts:
- The first 4 characters ‘MVCB’ indicate the bank code
- The 5th character is a ‘0’
- The last 6 characters ‘000006’ represent the branch code of Vijaynagar, Bangalore
Importance of Sir M Visvesvaraya Co-Operative Bank Ltd IFSC Code
- Netbanking: The use of IFSC code is vital for all the net banking transactions. In order to process the online transaction, it is mandatory for the user to provide the IFSC code of the beneficiary’s bank branch
- Minimal chances of fraud: All the banks have unique IFSC codes that make the transaction secure. Because of its unique identity, there are less or no cases of fraud noticed
- Online Fund Transfer: For all the electronic or online funds transfer via NEFT, RTGS or IMPS, it is mandatory to provide the IFSC code for the transfer process to take place
How to find Sir M Visvesvaraya Co-Operative Bank Ltd IFSC Code?
There are several ways in which a user can know the IFSC code. Listed below are the different ways:
- IFSC Code locator tool by Paisabazaar: The account holders can visit the IFSC code search tool provided by Paisabazaar. The users need to enter details like the bank name, state, city and branch name. IFSC code along with MICR (Magnetic Ink Character Recognition) Code and other details gets displayed on the right-hand side of the page.
- Cheque Book: The IFSC code can be found on the top left corner of the cheque leaf while the MICR Code is printed at the bottom.
- Passbook: Both the IFSC Code and MICR Code can be found on the first page of the passbook provided by the bank.
- The Reserve Bank of India: Sir M Visvesvaraya Co-Operative Bank Ltd IFSC Code and MICR Code can also be found on the official website of the RBI.
- Netbanking / Mobile Banking: The users can find the IFSC code by logging into the net banking portal or mobile banking app provided by the bank.
Online Money Transfer using IFSC Code
Sir M Visvesvaraya Co-Operative Bank Ltd account holders can transfer funds online from one bank to another via NEFT, RTGS or IMPS payment processes. The transfer process cannot be initiated without the use of IFSC code. The following are the things one needs to provide while processing the online fund transfer:
- Amount to be transferred
- Name of Beneficiary Bank
- Name of Beneficiary Customer
- Account number of Beneficiary
- IFSC Code of receiving branch
NEFT or National Electronic Funds Transfer is a payment system used to facilitate the transfer of funds from one bank branch to any other bank branch. The funds transfer transactions via NEFT are settled in batches. The beneficiary receives the money on the same day or next day depending upon the time of batch settlement.
|Timings for NEFT|
|From Monday to Sunday||Available 24x7 (even on bank holidays)|
|Transfer amount limit (NEFT)|
RTGS or Real Time Gross Settlement is a payment mechanism where the transfer of funds takes place from one to another in real-time and on a gross basis. In RTGS, there is no waiting period for the settlement of transactions. The RTGS service is primarily used for large value transactions. Both the originating and destination should be RTGS-enabled for the fund transfer process to take place.
|Timings for RTGS|
|From Monday to Friday||10 am to 6 pm|
|On Saturdays (except 2nd and 4th)||10 am to 6 pm|
|Transfer amount limit (RTGS)|
IMPS or Immediate Payment Service is an instant interbank electronic fund transfer service. IMPS can be initiated via mobile phones and the service is available 24X7 throughout the year (including bank holidays). The IMPS service is available via Samarth Bank mobile app.
|Transfer amount limit (IMPS)|