The Municipal Cooperative Bank Limited IFSC or Indian Financial System Code is an 11-character alphanumeric code allotted by the Reserve Bank of India, helping in the unique identification of a particular bank branch. The use of IFSC Code is significant in facilitating electronic or online funds transfer using NEFT, RTGS or IMPS.
Structure of The Municipal Cooperative Bank Limited IFSC Code
|The Municipal Cooperative Bank Code||Zero||The Municipal Cooperative Bank’s Branch Code|
In the above-mentioned example of 11-digit IFSC Code of The Municipal Cooperative Bank (MUBL0000008), Mumbai, Maharashtra, the first 4 characters ‘MUBL’ indicate the bank code, the 5th character is a ‘0’ and the last 6 characters ‘000008’ represent the branch code of Bandra, Mumbai.
Where to Find The Municipal Cooperative Bank IFSC Code?
The users can find the IFSC as well as MICR (Magnetic Ink Character Recognition) Code in the following listed ways:
- IFSC Code search tool by Paisabazaar: The customers can visit the Paisabazaar IFSC Code Search Tool to know about the IFSC as well as MICR Code:
- Select The Municipal Cooperative Bank under ‘Bank’ head
- Select the state, city and then the branch name
- All the details along with IFSC & MICR Code will be displayed on the right-hand side of the page
- Cheque Book / Passbook: The IFSC Code is printed on the top left corner of the cheque, while the MICR Code is present at the bottom. The IFSC code and MICR code can also be found on the passbook issued by the respective bank as well.
- Netbanking / Mobile Banking: Account holders can look for IFSC Code on the official net banking portal or mobile banking application by simply logging in using the customer ID and password.
- The Reserve Bank of India (RBI): The Reserve Bank of India also provides the list of IFSC and MICR Codes of all banks in India and their respective branches.
Online Funds Transfer using IFSC Code
IFSC Code helps in carrying out the electronic or online transfer of funds by routing messages to the specific bank branch. The three main processes through which online funds transfer is initiated include:
- NEFT - National Electronic Fund Transfer
- RTGS - Real-Time Gross Settlement
- IMPS - Immediate Payment Service
|Basis of Comparison (NEFT, RTGS & IMPS)|
|Minimum Transfer Limit||Re.1||Rs.2 lakh||Re.1|
|Maximum Transfer Limit||No limit||No limit||Rs.2 lakh|
|Operational Timings*||Available 24x7 throughout the year||Monday to Friday: 8 am to 8 pm|
Saturday: 9 am to 3:30 pm
|Available 24x7, 365 days (including Sundays and bank holidays)|
|Transactions Charges||No charges||No charges||Decided by the individual banks|
*The operational timings mentioned above are as per the guidelines of The Municipal Cooperative Bank.
About The Municipal Cooperative Bank
The Municipal Cooperative Bank was registered under the Co-operative Societies Act in the year 1952 and started functioning from April, 1953. The bank has a wide network of 22 branches and provides its customers with all the advanced banking services and financial products.