• Bank of Maharashtra IFSC and MICR Code:

    State wise list of Bank of Maharashtra IFSC code, MICR code and addresses of all branches in India

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    Bank of Maharashtra IFSC Code:

    Bank Of Maharashtra IFSC Code

    Bank of Maharashtra provide their customers with NEFT and RTGS facilities which allow them to transfer funds to other bank accounts easily and safely. The process of transferring funds using these platforms involves mentioning the IFSC code of the receiver’s bank. This IFSC code or Indian Financial System Code is an alphanumeric code with 11 characters that is specific for each branch of each bank. The first four characters of the 11 are alphabets which denote the bank’s name. For Bank of Maharashtra, this would be MAHB. The fifth character of the IFSC will be a zero. The last six characters denotes the branch and are usually numeric.

    How to Search for the Bank of Maharashtra IFSC and MICR codes?

    The IFSC and MICR codes of the bank can be found on the official website of the Bank of Maharashtra. It can also be found on the leaflets of their cheque books.

    You can also find this information on other websites which show the information of all the banks in India at one shot for free. Websites like BankBazaar is an example of such a site which provide both the IFSC and MICR codes of all banks in one place.

    It is a simple task to use BankBazaar to find this information:

    1. Visit the website, scroll down the homepage, find the ‘Bank IFSC Code’ tab and click on it.
    2. You will be directed to another page where you will have to select from certain information from the drop down menus.
    3. In the ‘Select Bank’ drop down options, you must choose ‘Bank of Maharashtra’. There are also drop down options available for ‘Select State’, ‘Select District’ and ‘Select Branch’. You may choose the options that are appropriate for you. As soon as you select the mentioned information, the codes will be generated by BankBazaar.
    4. You can also choose to browse through the list of banks which are provided on the same page and find the bank manually to get the IFSC code.

    It is a hassle-free, simple process to transfer money using the Bank of Maharashtra NEFT and RTGS services. Look no further for a secure and reliable way to transfer funds from one bank account to another.

    National Electronic Funds Transfer (NEFT):

    The NEFT facility can be used by all the customers to make fund transfers from one bank to another at any of the Bank of Maharashtra branches. Internet Banking Customers of Bank of Maharashtra can also use the NEFT funds transfer facility. You can avail the service on weekdays between 9 am and 7 pm. On Saturdays the service is available between 9 am and 1 pm. You will be charged a small fee to use the NEFT service. NEFT service is permitted only for Customer transactions, while RTGS permits both Customer and Inter-Bank transactions.

    You will need the following information to use NEFT service at the Bank of Maharashtra:

    • The name of the receiver
    • The name of the receiver’s bank and branch
    • The receiver’s account number
    • The IFSC code of the receiver’s bank branch
    • The amount to be transferred

    Following are the Service Charges on NEFT transactions are revised as under w.e.f. 01.09.2013

    NEFT transaction

    Revised Charges per Transaction w.e.f. 01.09.2013 (excluding service tax)

    Upto 1 Lakh

    Nil

    Above 1 Lakh to 2 Lakh

    Rs. 15/-

    Above 2 Lakh

    Rs. 25/-

    Inward transactions will not be charged.

    Real Time Gross Settlement System (RTGS):

    The RTGS service is the fastest method to transfer money. You can expect the processing to begin as soon as your request reaches the bank. You will be charged a small fee for this service.

    For Customer Transactions, the RTGS service is available on weekdays between 9.00 AM and 4.30 PM for settlement at RBI. On Saturdays, the service is available between 9.00 AM and 1.30 PM for settlement at RBI. For Inter-Bank Transactions, the RTGS service is available on weekdays between 9.00 AM and 6 PM for settlement at RBI. On Saturdays, the service is available between 9.00 AM and 3 PM for settlement at RBI.

    You will need the following information to use RTGS service at the Bank of Maharashtra:

    • The receiver’s name
    • The receiver’s bank and branch name
    • IFSC Code of the receiver’s bank
    • The transfer amount
    • The receiver’s account number
    • A remark for the receiver, if any

    The following are the charges for availing the RTGS service (for outward transactions) at Bank of Maharashtra:

    RTGS Transaction

    Time band

    Charges per transaction w.e.f. 01/09/2013 (exclusive of service tax)

    Less than 2 Lakh

    -

    Not Applicable ( Minimum threshold is Rs. 2 Lakh)

    2 Lakh to 5 Lakh

    09.00 hrs to 12.00 hrs

    Rs. 25/-

    After 12.00 hrs to 15.30 hrs

    Rs. 26/-

    After 15.30 hrs to 17.30 hrs

    Rs. 30/-

    After 17.30 hrs

    Rs. 30/-

    Above 5 Lakh

    09.00 hrs to 12.00 hrs

    50/-

    After 12.00 hrs to 15.30 hrs

    51/-

    After 15.30 hrs to 17.30 hrs

    55/-

    After 17.30 hrs

    55/-

    Inward transactions will not be charged.

    Founded in 1935 by a group of visionaries led by the late D. K. Sathe and the late V. G. Kale, Bank of Maharashtra has flourished into one of the largest public sector banks in India today. The bank's headquarter is located in Pune and it has over 1868 branches around the country which serves over 15 million customers. The government of India holds 81.61% of the total shares of the bank.

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    News Related to Bank of Maharashtra IFSC Code

    • Bank of Maharashtra’s stock go up by 19% as cost-cutting measures kick in

      In recent news, Bank of Maharashtra’s stocks went up by 19% as the company decided to implement several cost-cutting measures.

      Supposedly, the bank has a total of 1,940 branches, out of which over 300 were running on losses. Instead of letting these banks suffer, the executive board has decided to cut their losses by scrapping these branches.

      As soon as the news of this activity spread, the bank’s shares rose to a 52-week high to trade at Rs.38.70. This move was absolutely essential considering that the bank had posted a loss of Rs.182.5 crores during the last quarter which ended on December 31.

      All the cost-cutting measures has actually impacted the bank’s stocks well as they have risen by about 27% in just the last month alone, and again rose by 12% in the last week and so. It remains to be seen whether the measures taken by the board will have any more impact on how the bank is performing.

      21st February 2017

    • Bank of Maharashtra Receives Capital Infusion

      In exchange for Rs. 394 crore as capital infusion, the Bank of Maharashtra will issue shares more than 10 crore to the Government. The shares to be offered to the Indian government will each be priced at Rs. 37.47 and will be presented in an Extraordinary General Meeting to be held next month.

      According to a report filed to the BSE, the state-owned bank said that they would be assigning over 10 crore shares each worth Rs. 10 to the Government of India on a preferential basis. The shares would each be allotted at a price of Rs. 37.47 per share along with the premium which would come up to an aggregate of Rs. 394 crore.

      In August, the government had announced a capital infusion for 13 public sector banks including IDBI, SBI, Canara Bank and Bank of Baroda, to the tune of Rs. 20,088 crore. According to the ongoing plan, Bank of India will receive Rs. 2455 crore, while SBI receives Rs. 5531 crore. Bank of Maharashtra is a public sector bank which offers various facilities such as internet banking and easy transfer of funds through IFSC codes.

      23rd November 2015

    • Bank of Maharashtra Plans to Roll out Mobile Wallet By Feb 2016

      Banking as a process has evolved with the changing times. With the increasing number of smartphone users, banks are focusing more and more on the mobile aspect of transacting. Emergence of internet and mobile banking have further helped in making financial services accessible to a far larger volume of customers.

      Speaking of internet and mobile banking, mobile wallets have been a rising trend, given the convenience they offer. Now, customers of Bank of Maharashtra customers can experience the same convenience as the bank plans to launch its very own mobile wallet facility. The service, which is scheduled to be launched by February 2016, shall be a step forward in making banking operations more technology-oriented while also allowing customers to perform a variety of banking functions right from their smartphone. While you may not be able to perform hard-core banking functions like transferring money using an IFSC codes, a mobile wallet does allow you to make payments for a variety of services online, making the entire process extremely quick.

      24th August 2015

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