Find Bombay Mercantile Co Operative Bank IFSC Code, MICR Code and branch details for NEFT, RTGS & IMPS transactions.
Established in 1939, Bombay Mercantile has been a prominent contributor to socio-economic and banking development. Operating as an urban cooperative bank headquartered in Mumbai since 1941, the Bombay Mercantile Co-operative Bank IFSC code is used for a variety of online banking services.
Established in 1939, Bombay Mercantile has been a prominent contributor to socio-economic and banking development. Operating as an urban cooperative bank headquartered in Mumbai since 1941, the Bombay Mercantile Co-operative Bank IFSC code is used for a variety of online banking services.
The IFSC, MICR, and SWIFT codes are significant parts of the banking protocol. These can be used for online money transfers as well as document verification across bank branches. In this article, you will read about Bombay Mercantile Co-operative's banking codes, their structure, use case, and quick availability.
The IFSC code is a combination of the bank, and particular branch's code strung together to form an 11-digit code. For example, the Bombay Mercantile Co-operative Bank Maulana Azad Road branch IFSC code is UTIB0SBMCB1. In this code, "UTIB" is the bank code.
Followed by a standard digit 0, "SBMCB1" is the branch code. This is the code you'd need to punch in for an NEFT or RTGS service to transfer money online. Even a digit's difference in the IFSC code can lead to a faulty transaction. Thus, understanding your bank branch's IFSC code is significant.
The MICR code is completely different from other banking codes. It doesn't facilitate digital transactions but helps in the authentication and verification of physical cheques and documents. MICR code is a 9-digit code designed for this purpose.
For instance, Bombay Mercantile Co-operative Bank's MICR code for the Mohammed Ali Road branch is "400069001". Here, the first three digits, "400," are indicative of the city code, next, "069" is the bank code, and "001" points to the specific branch.
Having understood the composition and significance of IFSC and MICR codes, let's talk about some reliable sources for finding these codes. It is a constant struggle to keep a tab on updated codes and ensure only the right ones are used in transactions. Here are some ways you can do the same:
Starting with the simplest yet most reliable option - use an IFSC search tool. Advanced IFSC search tools like Find Your Bank can help narrow down the right Bombay Mercantile Co-operative Bank IFSC code and even other banking codes and details in no time.
Here are the steps you can follow to make the search using Find Your Bank:
With these details, the page is redirected to search results for your particular Bombay Mercantile Co-operative Bank branch. Here you can view not only banking codes but other details as well for the branch.
Want to go another step forward? Go ahead and download the Find Your Bank Mobile app from the PlayStore. You can have it ready for any time your want to do a quick search!
Some other alternatives for confirming your IFSC and MICR codes are listed below:
NEFT, RTGS, and IMPS are some of the most popular modes of online money transfer. Let's take a look into what NEFT and RTGS entail for Bombay Mercantile Co-operative Bank.
NEFT or National Electronic Fund Transfers are used for quick and reliable transfers from anywhere between under ₹10,000 right up to over ₹2 Lakhs. This service is available 24x7 and runs in 30-mins interactive batch settlements.
Bombay Mercantile Co-operative Bank's working hours are Monday to Saturday - 10 AM to 4 PM except for 2nd and 4th Saturdays. You can avail of their branch NEFT service in these hours or initiate an online one at any time. No charges are applicable for the same.
NEFT Inward |
Free |
NEFT Outward - at brach/internet banking |
Free |
You need to provide or fill in these details to follow through with the NEFT process:
RTGS stands for Real-Time Gross Settlement. It is used for high-value money orders that need to be processed urgently. The Bombay Mercantile Co-operative Bank IFSC code is required for these transactions involving fund transfers above ₹2 Lakhs.
Bombay Mercantile Co-operative Bank offers its RTGS services from Monday to Saturday - 10 AM to 4 PM except for 2nd and 4th Saturdays. These are, however, not available 24x7. Bombay Mercantile Co-operative doesn't levy any charges for the RTGS service as well.
RTGS Inward |
Free |
RTGS Outward - at brach/internet banking |
Free |
The following details are required to process your RTGS transaction:
The Bombay Mercantile Co-operative Bank was started by Shaikh Mohammedally Allabaux and Zain G. Rangoonwala. By 1939, it became the largest cooperative across Asia and India. The bank has 52 branches across India and is headquartered in Mumbai.
With its services fine-tuned as a cooperative, Bombay Mercantile Co-operative Bank was the first to extend credit for purchasing taxis, micro-financial schemes for women, and provision for the weaker sections of society. The bank has now merged with HDFC Bank and continues working for its objectives as a cooperative.
The interest rates for savings deposits for Bombay Mercantile Co-operative bank are as follows as of 18th June 2021:
Tenor | For GENERAL & CO-OP. SOCIETIES (%PA) | For SENIOR CITIZEN (% PA) |
15 days to 45 days | 2.90 | 3.40 |
46 days to 90 days | 3.90 | 4.40 |
91 days to 179 days | 3.90 | 4.40 |
180 days to less than 12 months | 5.10 | 5.60 |
1 Year to less than 24 months | 5.25 | 5.75 |
2 Years to less than 36 months | 5.30 | 5.80 |
3 Years to less than 60 months | 5.35 | 5.85 |
5 Years to 10 year | 5.40 | 6.20 |
Tax Saving Scheme (under 5 years) | 5.40 | 6.20 |
To open a Bombay Mercantile Co-operative Bank account, you will be required to do the following:
Bombay Mercantile Bank has merged with HDFC bank. The popular Delhi district's current HDFC bank branch's IFSC code is HDFC0CBMCDL, clearly indicating the bank code.
Shaikh Mohammedally Allabaux and Zain G. Rangoonwala founded the Bombay Mercantile Cooperative in 1939.
You can use NEFT, RTGS, and traditional deposits and transfers to transfer money to and from Bombay Mercantile bank.
Yes. Bombay Mercantile is one of the scheduled banks under the list of scheduled banks and urban cooperatives.
You can log in to your BMC bank account at https://www.bmcbankltd.com/ to check your balance. Alternatively, you can also visit your bank branch to do the same.