Tamilnad Mercantile Bank IFSC Code is an 11-digit unique alphanumeric combination for a specific bank branch. All the IFSC codes are assigned to the banks by the Reserve Bank of India (RBI) and hence it helps in uniquely identifying a particular bank branch. The use of IFSC code is mandatory in the process of online funds transfer via NEFT, RTGS or IMPS.
IFSC Code Structure & Significance
In the 11-digit code, the first 4 characters indicate the bank code, the 5th one is a ‘0’ and the last 6 characters represent the branch code. Given below is an example of Tamilnad Mercantile Bank IFSC Code Madurai, Tamil Nadu.
|Tamilnad Mercantile Bank Code||Zero||Tamilnad Mercantile Bank’s Branch Code|
In the above example of IFSC Code (TMBL0000237), the first 4 characters ‘TMBL’ denotes the bank code, the 5th character is ‘0’ and the last 6 characters ‘000237’ signifies the branch code of Melur, Madurai, Tamil Nadu.
- IFSC Code helps in the unique identification of a specific bank branch, thus making the online funds transfer rather convenient
- It is mandatory to provide the IFSC Code while processing any online or electronic funds transfer via NEFT, RTGS or IMPS
- It helps RBI to monitor all the online transactions performed by an individual hence eliminating the chances of any discrepancy in the fund transfer process
How to find Tamilnad Bank IFSC Code?
There are several ways in which a user can find the IFSC as well as MICR (Magnetic Ink Character Recognition) Code online as well as offline. Following are the ways:
1. Search tool by Paisabazaar: To get the Tamilnad Mercantile Bank IFSC code or any other bank IFSC code, one can visit the IFSC Code search tool provided by Paisabazaar. Select the bank name, state, city, and branch and all the required details get displayed on the right-hand side of the page.
2. Cheque Leaf or Passbook: The IFSC & MICR code can be found on the top side and bottom line of the cheque leaf respectively. The given picture will add to the understanding. Both the IFSC and MICR Code can also be found on the first page of the passbook provided by the bank.
3. RBI: Account holders can check Tamilnad Mercantile Bank IFSC code and MICR code on the official website of RBI.
4. Mobile or Internet Banking: One can also find the IFSC & MICR Code by visiting the bank’s official website or mobile application or by logging into net banking.
*The MICR (Magnetic Ink Character Recognition) Code is a 9-digit numerical code used in the faster processing of cheques. The first 3 digits represent the city code, the middle 3 signifies the bank code and the last 3 digits denote the branch code.
How to transfer funds using Tamilnad Mercantile Bank IFSC Code?
The use of IFSC Code is mandatory in carrying out all the online transactions via NEFT, RTGS or IMPS. The electronic fund transfer cannot be initiated unless the IFSC Code of the beneficiary is provided along with the account number. Below mentioned is a detailed explanation of the process.
NEFT - National Electronic Fund Transfer
NEFT has been introduced by the RBI to carry out small value payments from one bank to another. In the NEFT process, there are 11 hourly settlements (9 am to 7 pm) in a day. There is no minimum or maximum transfer limit in the NEFT process. There are no charges for the inward transactions. Both the originating and receiving bank should be NEFT enabled to carry out the transaction.
RTGS - Real Time Gross Settlement
The fund transfer and settlement among banks via the RTGS process is a quick service. The fund transfer takes place on a real-time and gross basis. The settlement takes place continuously between 7 am to 6 pm and return time is allowed within the time span of one and a half hours. The RTGS inward transaction charges are free of cost. Also, both the banks should be RTGS-enabled for the fund transfer process to take place.
IMPS - Immediate Payment Service
IMPS is a real-time and very quick payment service that is available round the clock. The service is provided by the NPCI (National Payments Corporation of India) to transfer money instantly through banks. The service is functional on all days (including bank holidays) and can be initiated via mobile, internet or ATM channels.
About Tamilnad Mercantile Bank
With its headquarters in Thoothukudi, Tamil Nadu, Tamilnad Mercantile Bank was founded in the year 1921. The bank currently has nearly 509 branches and 12 regional offices throughout India. The bank holds tie-up arrangements with IDBI Bank and HDFC Bank.