New India Co Op Bank Ltd

New India Co Op Bank Ltd IFSC and MICR Codes

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New India Co Op Bank Ltd

IFSC code, MICR code and Bank Branches in India

List of NEW INDIA CO OP BANK LTD IFSC Code by state

New India Co Op Bank Ltd IFSC Code

The IFSC code of New India Cooperative bank will start from NICB0****. IFSC code is a unique code consisting of 11 characters. The first four characters give the name of the bank. The fifth character is generally a zero. The last six characters can be numbers or alphabets which are meant to represent the branch of the bank.IFSC code is required for the online fund transfers through national electronic fund transfer (NEFT) facility and real time gross settlement (RTGS) and immediate payment system (IMPs).

NEFT or RTGS
NEFT is the most commonly used way of transferring money from one bank account to another bank account. This is because NEFT doesn’t have any minimum transfer amount limit compared with RTGS. In case of RTGS the minimum amount to be transferred has to be atleast Rs 2 lakh. IN case of RTGS the transfer of funds happens within 30 minutes of the transfer request while in case of NEFT the transfer happens with a time lag. In a day there are 12 hourly settlement between 8 am to 7 pm. If you place a transfer request after 7 pm it will only be executed on the next day after 8 am.

About New India Co Op Bank Ltd

The bank was founded in Mumbai in the year 1968. It attained the scheduled commercial bank status in 1990. It got the multi state status in October 1999. However, the bank has presence limited to two states- Gujarat and Maharashtra. The bank implemented core banking solutions in all of its branches in 2004. In 2009, the bank implemented the technology enabled infrastructure.