Tumkur Grain Merchants Coop Bank IFSC and MICR Code:

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Tumkur Grain Merchants Co-operative Bank (TGMC Bank) IFSC Code:

Internet banking has changed the face of financial services provided by banks and financial institutions nowadays, with TGMC Bank providing its customers with a range of online options to make their banking experience a convenient one. With the advent of services like ATM’s and online banking, processes have speeded up and become more transparent. This has also made it possible for customers to make transaction no matter where they are.

As part of the online banking services, the Reserve Bank of India has introduced wireless online money transfer in the form of two services- the NEFT (National Electronic Fund Transfer) and RTGS (Real Time Gross Settlement). Both of these services can be used to transfer money to another bank account within the country using a safe and convenient method. Not only are the services secure, they are also quick and can be initiated wherever the individual is.

In order to make an online fund transfer, the beneficiary and the individual initiating the money transfer’ bank branches should be part of the country-wide NEFT network. Every bank branch part of this network is assigned a special code, known as an IFSC or India Financial Systems Code. This code helps to identify the source and destination bank branches involved in a particular transaction. The IFSC code also enables RBI to keep track of the various online money transfers taking place within the country.

The IFSC code is 11 characters long and is made up of both alphabets as well as numbers. The first 4 characters make up the name of the bank, while the fifth character is the numeral “0”, which is left blank for use at a later stage. The last 6 digits are the unique code assigned to every branch in the NEFT network. To illustrate, the IFSC code for the TGMC Bank branch located in Vijanagar, in the Mysore district in Karnataka state is TGMB0000023. In the code, “TGMB” stands for the bank name, “0” is left blank, and “000023” is the unique code assigned to the Vijanagar branch.

How to Search for Tumkur Grain Merchants Co-operative Bank (TGMC Bank) IFSC and MICR Codes?

When transferring money online using either the NEFT or RTGS services, you will be required to input the IFSC code of your branch as well as your beneficiary’s bank branch. The transaction will be complete only if the correct IFSC code has been entered, so it is essential to fill in the correct code.

If you are unsure about the IFSC code for a particular bank branch, you can find the code in a number of ways.

The bank prints the code on the first page of passbooks issued at the particular bank branches. You can also find the code on first page of cheque books issued at the bank branch. Banks also have the IFSC codes of their bank branches on their official website.

If you’re looking for the IFSC or MICR codes of different banks and want to find all the information in one place, then visit BankBazaar’s website. Click on the “Bank IFSC” tab on the bottom of the page. You will be directed to a page where you have to fill in the details of the bank, branch name, state and district whose IFSC code you are looking for. After entering these details the IFSC and MICR codes will be displayed on the screen. Additional information such as the branch’s contact details, address and working hours will be displayed as well.

If you’re looking for a quick and convenient way to transfer money within the country, the NEFT and RTGS services offered by TGMC Bank are a good option. They not only offer you an assurance of a quick transfer of funds, but are also a secure means to do so. Given below is some additional information on the two services.

National Electronic Fund Transfer (NEFT):

The NEFT service is available for TGMC Bank customers from Monday to Saturday during hours as specified by the bank. The service is unavailable on bank holidays and second and fourth Saturdays. Any transfer requests received on these days will be processed on the following working day.

To use the NEFT service to transfer money, individuals are required to enter details such as the name of the beneficiary, his bank details, as well as the IFSC code and the amount to be transferred.

Once the request is placed, it will be processed in hourly batches using the Deferred Net Settlement, where all transaction requests made within an hour are bundled and settled together. Thus, it would take a maximum of two hours for the money transfer to take place using a secure server.

There is no limit on the amount that can be sent through NEFT, making it an ideal choice for those who wish to send money securely. The charges associated with the service are also nominal, further adding to the benefits of choosing this service over others, such as demand drafts.

TGMC Bank does not charge its customers for money received through NEFT. It charges a nominal rate for money transfers made through NEFT, depending on the amount transferred.

Real Time Gross Settlement (RTGS):

The Real Time Gross Settlement (RTGS) service is the fastest means of transferring money within the country. It is a safe and secure way to send money wirelessly and can be used by TGMC Bank customers from Monday to Saturday during hours as specified by the bank. Transfer requests received after working hours, and those received on bank holidays will be processed on the subsequent working day.

When sending money through RTGS, the individual will have to enter details such as the beneficiary’s name and bank account details, as well as the branch IFSC code and the amount to be sent.

RTGS transfers do not have an upper limit but the minimum amount that can be sent is Rs. 2 lakh. Thus RTGS is generally used to transfer large amounts of money instantly.

RTGS services are made on a real time basis, with the money being transferred as soon as the transfer request is approved by the bank. RTGS requests are made on a gross basis, with each individual transaction being settled separately.

TGMC Bank charges its customers a small fee for sending money through RTGS.

The Tumkur Grain Merchants Co-operative Bank, popularly known as TGMC Bank, is an urban co-operative bank headquartered in Tumkur, in the state of Karnataka. The bank was set up in the year 1963, and was originally known as the Bangalore Grain Merchants Co-operative Bank. The bank soon expanded its operations and now operates out of 18 branches. The bank provide sit customers with services such as deposits, loans as well as online fund transfers in the form of NEFT and RTGS services.

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