Ahmedabad Mercantile Coop Bank IFSC and MICR Code:

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The Ahmedabad Mercantile Co-operative Bank (AMCO Bank) IFSC Code:

Transferring money within India is no longer a cumbersome process, thanks to the National Electronic Fund Transfer (NEFT) and the Real Time Gross Settlement (RTGS) services introduced by the Reserve Bank of India (RBI). These services enable individuals to safely and securely send any amount of money from their bank account to a beneficiary’s account within the country. These services make queues to transfer money through a demand draft a thing of the past. The services also assure almost instant transfer, beating out the competition from other money transfer methods, which take longer and are also on the pricier side. In order to transfer money through these mediums, the bank you use has to be part of the NEFT network. With the digitization of the banking sector, most banks are now part of this network.

Those using the services are assured of security and delivery courtesy the IFSC code (Indian Financial Services Code). This is a unique code that is assigned to every bank branch that is a part of the NEFT network. When sending money, the sender as well as the beneficiary’s IFSC codes have to be mentioned. This makes it easier to identify the banks participating in the transaction and to avoid an instance of fraud or an accidental transfer.

The IFSC code is an 11 character long string of alphanumeric characters. The first four characters represent the bank’s name and the last six are the unique string of numbers assigned to a particular bank’s branch. The fifth character is the numeral zero, which is left blank for later use. To illustrate an example, the IFSC code for the AMCO Bank branch located in Vatva, located in Ahmednagar, Gujarat is AMCB0660014. Here, “AMCB” stands for AMCO Bank, while the fifth character is left blank and “660014” are the numbers assigned to the specific branch, in this case the Vatva branch.

How to Locate the Ahmedabad Mercantile Co-operative Bank (AMCO Bank) IFSC and MICR Codes?

When sending money via NEFT and RTGS, the IFSC code is very important as the transaction will be completed only if you enter a valid code. You should also ensure you have the correct IFSC code for the particular branch. If you are unaware of the IFSC or MICR codes for a particular bank branch, you can check them in a number of ways, both offline as well as online.

For those looking offline, the IFSC code can be found on the cheque leaves issued at the bank branch. The code is also printed on the first page of passbooks issued at the branch.

Those looking for the codes online can refer to the AMCO bank’s official website, which will have a list of all the IFSC and MICR codes for its branches. Another way to locate the codes is through a website such as BankBazaar. The site provides you with the MICR and IFSC codes for all banks in the country at a few mouse clicks. All you have to do is go to the BankBazaar website and scroll to the bottom, where you will find the Bank IFSC code tab. Click on it and fill in the details requested, which are the name of the bank whose code you are looking for, the state, district as well as the branch name. On doing so, you will be presented with the particular bank branch’s IFSC and MICR codes as well as additional information such as the branch’s contact details, address and working hours.

Sending money has been made much easier with the NEFT and RTGS services. The services are quick, efficient as well as affordable, making them the preferred modes of electronic fund transfer. Additional information on the services are provided below.

National Electronic Fund Transfer (NEFT):

The AMCO Bank provides its customers with the NEFT service from Monday to Saturday during branch banking hours. The service is not available on the second and fourth Saturdays in a month. NEFT services are also unavailable on bank holidays. Any transfer requests received after the close of NEFT service hours or received on bank holidays will be processed on the following working days.

NEFT transfers are settled in hourly batches during a branch’s working hours, with the first batch starting at 8:00 am and the last batch being at 7:00 pm. The NEFT service settles transfer requests using the Deferred Net Settlement (DNS), where requests are bundled together and settled within the hourly batches.

Customers using this service would have to provide certain details, such as

  • Sender’s name
  • Sender’s and beneficiary’s IFSC code
  • Beneficiary’s name and bank account number
  • Beneficiary’s bank name and branch name

There is no limit or cap on the amount that can be transferred through NEFT, making it a popular choice for those who wish to transfer small amounts as well as those seeking to transfer a large amount of money securely. The bank does not levy a charge for providing this service to its customers.

Real Time Gross Settlement (RTGS):

AMCO Bank provides RTGS facility to its customers from Monday to Saturday during branch banking hours. However this service is not available on second and fourth Saturdays and on bank holidays. Transfer requests received after RTGS service hours and on bank holidays will be processed on the next business day.

RTGS is the fastest mode of money transfer in the country, with transactions taking place as soon as the transfer request is made. This is because the transfers are made on a real time basis. The transfers are also made on a gross basis, meaning each transfer request is settled instantly, as soon as it is made. Due to these factors, a transfer request cannot be taken back once it has been made.

RTGS transactions have no upper limit, but the minimum amount that can be transferred is Rs. 2 lakh.

AMCO Bank does not charge its customers for incoming or outgoing RTGS money transfers.

The Ahmedabad Mercantile Co-operative Bank, popularly known as AMCO Bank is a co-operative bank with its headquarters in Ahmedabad. The bank was established in the year 1966 to cater to the banking needs of the merchant community. It has expanded from a solitary branch to a network of over 32 branches spread across Gujarat. The AMCO bank provides its customers with services such as lockers, franking, fund transfer as well as remittances.

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