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Mahanagar Coop Bank IFSC and MICR Code:

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

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The Mahanagar Co-operative Bank Ltd. (Mahanagar Bank) IFSC Code:

Since the introduction of NEFT and RTGS, it has become much simpler, faster and safer to transfer money between accounts. Mahanagar Bank is enabled with both the services, NEFT and RTGS. These services require IFSC code for the transfer of funds. IFSC (Indian Financial System Code) consists of 11 characters, made up of both alphabets and numbers. Each branch of bank that participates in the NEFT is assigned a specific code. The first four characters of the IFSC code are alphabets and denotes the bank’s name. In the instance of Mahanagar Bank, this would be ‘MCBL’. The fifth character will be the digit 0, which is reserved for future use. The last six characters are specific to the branch of the bank. The purpose of the IFSC code is to help regulate the transfer of funds by identifying the source bank and the destination bank during a transaction.

How to Search for the The Mahanagar Co-operative Bank Ltd. (Mahanagar Bank) IFSC and MICR Codes?

Those who need to find the IFSC or MICR codes of Mahanagar Bank can simply look on a cheque book provided by the bank as the codes will be printed on the leaves. One can also find the codes on the official website of Mahanagar Bank. If you look online, you will find a complete list of all the banks in India provided by the government. Third party financial websites like BankBazaar.com also provide the codes in an easy-to-find format.

Simply visit the homepage of BankBazaar and scroll down to the bottom to find the ‘Bank IFSC Code’ tab. Clicking on it will open a second window with a few drop down menus including ‘Select Bank’, ‘Select State’, ‘Select District’ and ‘Select Branch’. In the drop down menu ‘Select Bank’, choose ‘Mahanagar Bank’. Choose the other appropriate drop down options available as well. As soon as your selection is made, BankBazaar will generate the IFSC and MICR codes of the branch of bank that you require. You will also be provided with other information about the branch such as the address, contact number etc.

Making use of NEFT and RTGS services to transfer money from Mahanagar Bank is safe, quick and hassle-free. As long as the beneficiary’s account is in a bank that is NEFT/RTGS enabled, you can use these services at Mahanagar Bank.

National Electronic Funds Transfer (NEFT):

NEFT was introduced by Reserve Bank of India to make transaction of money more economical, faster, reliable and expeditious system. All participating banks can send and receive funds using NEFT. Mahanagar Bank is a participating bank.

To do a transaction using NEFT at Mahanagar Bank, customers may simply fill up a form which will require information such as the receiver’s name, the receiver’s bank, branch name, IFSC Code of the receiver’s bank, the transfer amount, the receiver’s account number and any remark for the receiver (if any). Any amount of money can be transferred using NEFT transactions.

Currently, RBI carries out eleven settlements during the day from Monday to Friday. That is from 9.00AM to 7.00 PM. On Saturdays, settlements are carried out between 9.00AM and 1.00 PM.

If the message is sent before each of the settlements, the fund will be transferred on the same day. If not, it will be done in the next batch/next working day.

Following are the Service Charges on NEFT transactions at Mahanagar Bank:

NEFT transaction amount

Charges

Amount upto to Rs. 10,000/-

Rs. 2.50/- + Service Tax

Amount from Rs. 10,001/- to Rs.1. Lakh

Rs. 5/- + Service Tax

Amount above Rs. 1 Lakh upto Rs. 2 Lakh

Rs. 15/- + Service Tax

Amount above Rs. 2 Lakh

Rs. 25/- + Service Tax

Real Time Gross Settlement System (RTGS):

Reserve Bank of India maintains and operates the Real Time Gross Settlement (RTGS) System. RTGS is a system of fund transfer that is considered to be the fastest method. Funds settlements are done in real-time basis. There are over 62,000 designated bank branches in India that one can remit any amount (above Rs. 2 lakhs) to. It will reach the beneficiary the same day, in a matter of hours. The Mahanagar Co-op. Bank Ltd provides the service of RTGS at all its branches.

The cut-off timings for RTGS at Mahanagar Bank is as follows:

Customer Payment

Mon - Fri

09.00 to 16.30 Hours

Sat

09.00 to 13:30 Hours

Inter-Bank Payment

Mon- Fri

09:00 to 18:00 Hours

Sat

09:00 to 13:00 Hours

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

  • 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 Mahanagar Bank:

RTGS Transaction amount

Charges

Rs 2 lakhs to Rs 5 lakhs

Rs 25.00 per transaction + Service tax

Above Rs 5 lakhs

Rs 50.00 per transaction + Service tax

Mahanagar Bank was established in 1973 by Shri. G. S. Shelke and his colleagues. Initially the bank was named “The Ahmednagar Sahakari Bank Ltd.”. On January 21st, 1998, the bank was renamed as “The Mahanagar Co-operative Bank Ltd.”. In 1998, the bank got the coveted ‘A’ grade classification from Reserve Bank of India. Mahanagar Bank has 55 branches and boasts of the most modern financial products/services such as RTGS, NEFT, Home Banking, ATM Centers, Debit Card etc.


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