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Nutan Nagarik Sahakari Bank IFSC and MICR Code:

State wise list of Nutan Nagarik Sahakari Bank IFSC code, MICR code and addresses of all branches in India

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Nutan Nagarik Sahakari Bank (Nutan Bank) IFSC Code:

Payment settlements have always been a time-taking and a lengthy process. From posting cheques, to depositing amounts, to handing over cash. All this is not only mind-stressing but is prone to human errors, along with prolonged processing time. The innovation of electronic fund transfer in the banking sector has helped us all breathe a sigh of relief. Most banks are now enabled with this technology and people all around the country are now opting for it. Along with the rest of the banks, Nutan Nagarik Sahakari Bank Limited is also a part of the bandwagon of electronic fund transfer technology.

The Reserve Bank of India has created two channels of electronic fund transfers- National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS). Both these systems are operated under RBI’s patronage and hence are safe and secure. One of the most important prerequisite for both these modes of transfer is an IFSC Code, assigned by RBI.

IFSC code stands for Indian Financial System Code. Allotted by RBI, IFSC serves an identification for banks participating in fund transfer electronically. During an electronic fund transfer process, the significance of IFSC code is that it helps in identifying the beneficiary bank’s branch, to ensure an error-free smooth transfer. An IFSC code is a collection of 11 alpha-numeric characters, which can be deciphered in 3 parts. The first part comprising of 4 characters, denoting the name of the bank. Zero (0) being the 5th character, by default, reserved for future usage. The third part comprising of the last 6 characters, which is either completely numeric or a mix of alphabets and numbers, represents the branch of the specific bank.

Example: The IFSC code of Andheri branch of the Nutan Nagarik Sahakari Bank in Mumbai, Maharashtra is NNSB0128051. To better understand this, you can break it down. ‘NNSB’ as described earlier is code for the bank’s name, in this case – Nutan Nagarik Sahakari Bank. The 5th character is 0 by default. The last 6 characters, ‘128051’ is used to identify the bank branch of Andheri.

How to Search for Nutan Nagarik Sahakari Bank (Nutan Bank) IFSC and MICR Codes?

If you were looking to transfer funds online through Nutan Nagarik Sahakari Bank, you would need to gather all details of the beneficiary bank, before you request for a transaction. One of the most important data points to collect is the IFSC code of the specific bank branch, where you want to send the money to. There are many ways to look up the IFSC and MICR codes of the bank branches, one of the easiest being just locating the IFSC code printed on the leaves of Nutan Nagarik Sahakari Bank’s cheque book issued while opening an account.

RBI gives you a complete authenticated list of all banks within the NEFT/RTGS grid. The list also includes information such as the IFSC, MICR codes, addresses and phone numbers. Apart from this, the easiest place to locate IFSC and MICR codes is the official website of Nutan Nagarik Sahakari Bank.

One of the popular third-party websites where you can find all sorts of information about all banks including Nutan Nagarik Sahakari Bank is BankBazaar. On the homepage of BankBazaar, at the bottom left corner, there is a tab called ‘Bank IFSC Code’. Upon clicking on the tab, a window pops open displaying a comprehensive list of all NEFT/RTGS enabled banks. You can also select Nutan Bank from the drop-down menu. Once the bank is selected, you will have to select, the state, the district and the bank branch in a similar fashion. The result displayed comprises of the Nutan Nagarik Sahakari Bank branch’s IFSC code, MICR code, address and contact number as well.

Electronic fund transfer facilitates transferring money from one account to another of an individual or an organization, be it in the same bank or a branch of a different bank. This technology of money transfer enables you to settle payments from anywhere within the country at any time.

NEFT at Nutan Nagarik Sahakari Bank:

NEFT is a batch-wise payment settlement process. Anyone can avail the NEFT system of transfer as long as the bank to which the fund is being sent to, is also NEFT enabled. Usually the payment is settled within a span of 2 hours. This mode of fund transfer is fast, efficient and error-free. There is no set limit on the amounts that can be sent or received via NEFT. The transactions are cleared by RBI in six batches: 09:00AM, 11:00AM, 12:00AM, 1:30PM, 3:00PM and the final batch at 5:00PM.

The beneficiary details needed to be input in a NEFT transaction are: account number, bank name, branch name, IFSC code of the bank branch and the account type.

NEFT Transaction Charges:

Value Charge per transaction
Up to Rs.10,000 Rs.2.5
Rs.10,000 to Rs.1,00,000 Rs.5
Rs.1,00,000 to Rs.2,00,000 Rs.15
Above Rs.2,00,000 Rs.25

RTGS at Nutan Nagarik Sahakari Bank:

RTGS is a payment channel which processes instructions real time. As soon as the payment is requested, the electronic clearing system takes effect and the beneficiary bank receives credit almost instantaneously. It is the quickest mode of fund transfer, electronically. Preferred for high value transactions, through RTGS you can send payments anywhere within the country real-time. The payments are not settled in batches like in NEFT and is carried out independently.

The lower cap for RTGS transactions is Rs.1 lakh and the information required for a RTGS transaction is the same as in an NEFT transaction.

Nutan Nagarik Sahakari Bank was founded in 1971 and in 1986, it received its license. The bank achieved a ‘Scheduled Bank’ status in January, 2000. Nutan Bank ventured into core banking services in 2008 and expanded its reach with 18 aesthetic branches in Ahmedabad. The bank boasts of a wide array of clients from various fields, offering loans and advances from professionals to entrepreneurs.

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