State wise list of New India Cooperative Bank IFSC code, MICR code and addresses of all branches in India
(used for RTGS and NEFT transactions)
|MICR Code||MICR not provided.|
|Bank||NEW INDIA COOPERATIVE BANK|
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Money transfer today is no longer the long and arduous process it used to be, with the introduction of NEFT and RTGS services. The National Electronic Fund Transfer (NEFT) and the Real Time Gross Settlement (RTGS) were initiated by the Reserve Bank of India to ease the online money transfer process. Instead of filling out lengthy forms or waiting for cheques to clear, these services ensure seamless transfer of funds in a matter of hours to any bank account in the country.
To use these services for a fund transfer, the payee would need to fill in the beneficiary’s bank details and the branch’s IFSC Code. The IFSC (Indian Financial System Code) is a unique code assigned to every branch part of the NEFT network. This code was instituted to enable regulation of the online money transfer process. It also serves another purpose, which is to determine the payee and the beneficiary’s banks in a transaction.
The IFSC code is an 11 character long alphanumeric string and has three parts. The first part is the four letter bank name, the next is the number “0”, left blank for use later, and the third part is a 6 digit number. The IFSC Code for the New India Bank branch located in Ring Road, Surat district, Gujarat is NICB0000102. The “NICB” stands for New India Co-operative Bank, the fifth character is “0”, and “000102” is the code assigned to the branch in Ring Road.
You can find the IFSC and MICR codes for a particular bank branch on the New India Co-operative Bank website. You will find the codes for all of the bank’s branches that are registered on the NEFT network. The bank also prints the code on the leaves of the cheque books issued from the particular branch.
Alternatively, you could look for the code on sites like BankBazaar, where you will find the IFSC and MICR codes for all NEFT-enabled bank branches in India. Click on the “Bank IFSC Code” tab towards the end of the homepage. You will be directed to a page where you have to enter the name of the bank, and select the state, district and the branch name from drop-down menus. The IFSC and MICR codes will appear onscreen, with branch information like the location and contact number.
The NEFT and RTGS services are an efficient, quick and safe way to conduct money transfers online. They are also economical as compared to the charges for other money transfer services like demand drafts. Given below are ways you can utilise these services to transfer funds online.
NEFT (National Electronic Fund Transfer):
The NEFT service is available to bank customers from Monday to Saturday during banking hours as laid down by RBI. Transfer requests are generally settled on the same day the request is made. The bank does not offer this service on second and fourth Saturdays and on bank holidays. For transfer requests received after NEFT service hours or on bank holidays, the bank will process them on the following working day.
Transactions are settled in hourly batches through a Deferred Net Settlement (DNS), where all transaction requests made in the particular batch are settled together. There are 11 such batches per day.
There is no cap on amounts that can be transferred using NEFT, nor is there a minimum amount, making it a convenient and secure mode of money transfer.
The New India Bank charges its customers a nominal fee for transactions made using this service. The rates are given below:
RTGS (Real Time Gross Settlement):
The RTGS service is the fastest means of money transfer in India. Transactions are settled on a “real time” basis, where the transfer is made as soon as the bank processes the request. Each transaction is settled individually, and the money is deposited in the beneficiary’s account within 2 hours of the request being made.
Bank customers can avail this service from Monday to Saturday during hours as laid down by RBI. The service is not available on second and fourth Saturdays and on bank holidays. Transfer requests received after RTGS banking hours or on holidays are settled on the subsequent working day.
RTGS is a quick and secure money transfer service and there is no ceiling on the amount that can be transferred. However the minimum amount that can be transferred per transaction is Rs. 2 lakh.
The bank charges its customers a fee for using the RTGS service, the rates are given below:
The New India Co-operative Bank is a Scheduled Bank that was set up in 1968. Originally called the Bombay Labour Co-operative Bank, it was set up to facilitate the economic progress of the middle classes in Mumbai. The bank is steadily expanding, with over 32 branches spread over Maharashtra and Gujarat. The bank provides its customers with services from forex, debit/credit cards, fund transfer, loans and deposits as well as insurance.
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