New India Cooperative Bank IFSC Code or Indian Financial System Code is a unique 11-digit alphanumeric code used to transfer funds online via NEFT, RTGS or IMPS. IFSC. The IFSC code of each bank branch is assigned by the RBI hence helping in the unique identification of a specific bank branch.
Format of New India Cooperative Bank IFSC Code
In an 11-digit IFSC Code, the first 4 characters represent the bank code, the 5th character is a ‘0’ and the remaining 6 characters denote the specific branch code.
| New India Cooperative Bank Code | Zero | New India Cooperative Bank’s Branch Code | ||||||||
| N | I | C | B | 0 | 0 | 0 | 0 | 1 | 0 | 2 |
The above-mentioned example (NICB0000102) is an IFSC Code of New India Cooperative Bank, Surat, Gujarat. In the 11-digit code,the first 4 characters (NICB) represent the bank code, the 5th character is a ‘0’ and the last 6 characters (000102) signify the branch code of Ring Road, Surat.
Significance of IFSC Code
- IFSC Code helps in the unique identification of a particular bank branch, thus making the online fund transfer process hassle-free
- It is mandatory to provide the IFSC Code while making any online or electronic funds transfer using NEFT, RTGS or IMPS
- It is used by the RBI to monitor all the online transactions performed by an individual hence eliminating the chances of any discrepancy in the fund transfer process
Where to find New India Cooperative Bank IFSC Code?
There are ways in which a user can find the IFSC Code of New India Cooperative Bank. The code can be found either online or offline. Have a look at the below-mentioned ways to find out the IFSC Code:
Online
1. IFSC Code search tool by Paisabazaar: Visit the IFSC Code search tool page and select the bank name. After that select the other required details like the state name, city name, and the branch. The IFSC code along with the other details gets displayed on the right-hand side of the page.
2. New India Cooperative Bank Netbanking / Mobile Banking: The account holders can get the IFSC code from the official bank’s website or from logging into net banking.
3. RBI: The users can also look for the IFSC codes on the official website of the RBI (Reserve Bank of India).
Offline
1. Cheque Book: The IFSC Code can be found on the top side of the cheque leaf provided by the bank. The customers can also find the IFSC as well as MICR (Magnetic Ink Character Recognition) Code on their respective passbook. The picture given below will add to the understanding
2. Passbook: Both the IFSC and MICR Code can be found on the first page of the passbook provided by the bank.
Online Fund Transfer using IFSC Code
New India Cooperative Bank account holders can transfer funds online using the respective IFSC Code. The most commonly used methods include NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement) and IMPS (Immediate Payment Services). While making any bank transfer it is essential to identify the bank and branch of the beneficiary to avoid any possible errors.
NEFT: It is an electronic fund transfer system introduced by the Reserve Bank of India to process the online funds transfer from one account of NEFT participant bank branch to another account in some other NEFT participant bank branch.
- Fund transfer amount: No upper value or lower value limit for carrying out the transaction
- Operational Timings: 8 am to 7 pm, Monday to Saturday (except 2nd and 4th Saturdays)
RTGS: In this electronic fund transfer system the payments are processed and settled on a real-time and gross basis. The payee banks and the users get the funds during the tenure of the day, helping them to use the funds immediately. Both banks should necessarily be RTGS-enabled to avail the service.
- Minimum transfer value: Rs.2 lakh
- No maximum transfer limit
- Operational Timings: 8 am to 6 pm- Monday to Saturday (except 2nd and 4th Saturdays)
IMPS: It is a 24X7 instant online fund transfer system incorporated by the NPCI (National Payment Corporation of India). All individuals and corporate customers can process fund transfers 24X7, on all days (including bank holidays).
- Minimum transfer value: Re.1
- Maximum transfer value: Rs.2 lakh
- Instant and convenient fund transfer
- Round the year fund transfer facility (including bank holidays)
About New India Cooperative Bank
With its headquarters in Mumbai, New India Cooperative Bank was founded in the year 1968. The bank provides its customers with a wide range of services like trade services, forex services, home loans, small business loans and many more.