State wise list of Prime Coop Bank IFSC code, MICR code and addresses of all branches in India
(used for RTGS and NEFT transactions)
|MICR Code||MICR not provided.|
|Bank||PRIME COOP BANK|
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Transferring money within the country has become a fast, convenient and secure process courtesy the NEFT and RTGS services offered by the Prime Co-operative Bank.
With the advent of internet banking, the banking processes have become faster and more secure. With services like automated teller machines, individuals can access their accounts and make transactions no matter where they are.
One of the services provided through this internet banking revolution have been the online money transfer services. An initiative by the Reserve Bank of India, the National Electronic Funds Transfer (NEFT) and the Real Time Gross Settlement (RTGS) services make it possible for people to transfer funds from their account to any other account within the country quickly and securely. These services are fast becoming the preferred choice when it comes to money transfers.
To make an electronic fund transfer using either if these service, one would require the IFSC or the Indian Financial Services Code of the banks. This code is a unique code assigned by RBI to every bank branch that is a part of the NEFT network. With internet banking now offered by many banks, most bank branches are a part of the NEFT network.
The IFSC code is used to identify the source and destination banks in a particular transaction, and it is also used to monitor the online fund transfers taking place within the country.
The IFSC code is an alpha-numeric string consisting of 11 characters. It comprises of the bank name and the branch code. The first four characters are the bank’s name, while the fifth character is left blank for later use. The last 6 characters are the unique code assigned to a branch. For example, the IFSC code for the Prime Co-operative Bank branch located in Bilimora, in Navsari district, Gujarat is PMEC0101313. Here, “PMEC” indicates the Prime Co-operative Bank, “0” is left blank, and “101313” is the special code assigned to the Bilimora branch.
The IFSC or MICR code is the most important component of the money transfer process. Since the transfer process takes place online, the IFSC or MICR codes are the only way to identify the particular bank branches in a transaction. Thus it should be ensured that those transferring money mention the correct codes.
If you wish to transfer money but are unsure about the IFSC or MICR codes, you can find them easily, either online or offline.
Those looking to find the codes offline can refer to the first page of the passbook issued by the bank branch, which will have the IFSC code printed on it. The bank also prints the code on cheque leaves issued by the branch in question.
If you are looking online, you can find the code for every bank branch on the bank’s official website. You can additionally find the IFSC and MICR codes of all bank branches across the country on sites such as BankBazaar. Simply go to the homepage and click on the “Bank IFSC” tab situated towards the end of the page. Fill in the details required, such as the bank name, the state, the district and the branch name. Once you have done so, you will be presented with the IFSC and MICR codes for the branch. You will also be presented with information such as the branch address, its operating hours and contact details.
Prime Co-operative Bank provides its customers with the NEFT and RTGS money transfer services, making it more convenient for them to transfer funds to any beneficiary within the country. This quick and secure process can be done wherever they are and is an almost instant process. Following are a few details regarding the two services.
National Electronic Fund Transfer (NEFT):
Prime Co-operative Bank offers its customers the NEFT facility every Monday to Saturday during banking hours. This service is not available on second and fourth Saturdays and on bank holidays. Money transfer requests received on these days will be settled on the subsequent working day.
NEFT transactions are settled through the DNS or Deferred Net System, where transactions are bundled and then settled together. NEFT transactions are settled in hourly batches. Any requests received after the close of NEFT service hours as stipulated by the bank will be settled on the following working day.
There is no limit on the amount that can be sent through NEFT, and the amount is transferred within 2 hours of the request being placed.
The bank levies a nominal charge for providing this service to its customers. There is no charge for amounts received through NEFT. Amounts sent via NEFT incur the below mentioned charges:
|Up to Rs. 1, 00, 000||Rs. 6 for each transaction|
|Rs. 1, 00, 001 to Rs. 2, 00, 000||Rs. 17 for each transaction|
The above mentioned charges are inclusive of service tax.
Real Time Gross Settlement (RTGS):
Real Time Gross Settlement (RTGS) services can be used to send funds electronically anywhere in the country. This is the fastest system of fund transfer in the country and funds are transferred on a real time basis. This implies that the money is sent as soon as the transfer request has been approved by the bank. The funds are also settled on a gross basis, which means each transfer request is settled individually.
There is no upper limit on the amount that can be sent through RTGS, but a minimum of Rs. 2 lakh is to be sent. This makes RTGS a good choice when sending large amounts of money wirelessly.
RTGS services are available to Prime Co-operative Bank customers from Monday to Saturday during hours as specified by the bank. Requests received after RTGS banking hours or those received on second and fourth Saturdays and on bank holidays will be processed on the following working day.
The bank does not levy a charge for amounts received through RTGS, but it charges a fee for money sent through RTGS. The charges are mentioned below:
|Rs. 2 lakh to Rs. 5 lakh||Rs. 28 for each transaction|
|Above Rs. 5 lakh||Rs. 57 for each transaction|
The charges mentioned above are inclusive of service tax.
Prime Co-operative Bank is a private Co-operative bank established in the year 1994 in Gujarat. The bank initially focussed on retail banking and gradually expanded to other financial products and services. It also began expanding its operations and currently operates 32 branches across Gujarat. The bank provides loans, deposits and money transfer services.
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