The Nashik Merchants Cooperative Bank IFSC or Indian Financial System Code is an 11-character alphanumeric code that helps in uniquely identifying a particular bank branch. The IFSC Code is allotted by the Reserve Bank of India to all the banks and their respective branches. The use of IFSC Code is significant in the electronic or online funds transfer process via NEFT, RTGS or IMPS.
The Nashik Merchants Cooperative Bank IFSC Code Format
| The Nashik Merchants Cooperative Bank Code | Zero | The Nashik Merchants Cooperative Bank’s Branch Code | ||||||||
| N | M | C | B | 0 | 0 | 0 | 0 | 0 | 5 | 7 |
The above mentioned code (NMCB0000057) is the example of the IFSC Code of The Nashik Merchants Cooperative Bank, Nashik, Maharashtra. Here in the 11-digit IFSC Code, the first 4 characters ‘NMCB’ indicate the bank code; the 5th character is a ‘0’ and the last 6 characters ‘000057’ represent the branch code of Ashok Nagar, Nashik.
How to Search for The Nashik Merchants Cooperative Bank IFSC Code?
There are several ways in which a user can find the IFSC Code of a particular bank branch. Given below are some of the ways:
- IFSC Code search tool by Paisabazaar: Visit the IFSC Code search tool page provided by Paisabazaar and select the bank name. After that select the other required details like the state name, city name and the branch name. The IFSC Code along with the other details gets displayed on the right hand side of the page.
- Cheque Book / Passbook: The IFSC Code can be found on the top side of the cheque leaf provided by the bank. The customers can also find the IFSC as well as MICR (Magnetic Ink Character Recognition) Code on their respective passbooks.
- RBI: The users can also look for the Nashik Merchants Cooperative Bank IFSC Code on the official website of the Reserve Bank of India (RBI).
What is MICR Code?
Magnetic Ink Character Recognition or MICR Code is a 9-digit code used for the faster processing of cheques. MICR operates by uniquely recognizing the characters printed on the bottom of every cheque leaf. The MICR Code is also unique for each bank branch. In the 9-digit MICR Code, the first 3 digits signify the city code; the middle 3 denoted the bank code while the remaining 3 digits represent the specific branch code.
Online Funds Transfer using The Nashik Merchants Cooperative Bank IFSC Code
The use of IFSC Code is mandatory in processing the electronic or online transfer of funds from one bank branch to another. The most widely used payment services are listed below:
- NEFT - National Electronic Fund Transfer
- RTGS - Real Time Gross Settlement
- IMPS - Immediate Payment Service
| Basis of Comparison | |||
| Payment Service | NEFT | RTGS | IMPS |
| Minimum Transfer Amount | Re.1 | Rs.2 lakh | Re.1 |
| Maximum Transfer Amount | No limit | No limit | Rs.2 lakh |
| Operational Timings | Available 24x7 throughout the year | 8 am to 6 pm Monday to Saturday (except 2nd and 4th) | Available 24x7, 365 days (including bank holidays) |
| Turn Around Time | Settlement is made in half hourly batches | Settlement is made on real-time basis | Immediate and instant transfer of funds |
| Inward Transaction Charged | No charges | No charges | Decided by the individual bank |
Note: The above given information is as per the guidelines of the Reserve Bank of India (RBI).