Find Mashreq IFSC Code, MICR Code and branch details for NEFT, RTGS & IMPS transactions.
Sending money online has become an easy task nowadays. Thanks to the Reserve Bank of India for introducing and allocating a unique IFSC system in net banking across banks in India. For example, you need Mashreq Bank IFSC Code to send money to a Mashreq bank account.
Each branch has a different IFSC code. The code identifies the two branches participating in the wire transfer. IFSC code enables a hassle-free and reliable cash transfer from one branch to another of the same bank or a different bank.
It is mandatory to carry cash transactions online through modes like IMPS and NEFT. Another significant code is MICR used by the banks. MICR recognizes the cheques during their processing and validates them. It differs from the IFSC code as it is not mandatory in online cash transfers.
It is essential to understand the codes and the way they work. The article will talk about Mashreq Bank IFSC Code and MICR code. We will also learn the multiple sources that help you in finding the valid IFSC and MICR codes online and offline. The article also includes details of Mashreq bank.
RBI assigns the Indian Financial Security Code to each branch of every bank in India. It is a unique code that is mandatory for wire transfers between two branches. IFSC is a reliable and safe code that identifies the branches participating in the online cash transfer making the process error-free.
IFSC reduces the chances of fraud in online money transfers. It contains 11 characters with a combination of letters and alphabets.
For example, the Mashreq Bank Mumbai Branch, Maharashtra IFSC Code is MSHQ0000001.
Here, the first four letters MSHQ signify the bank name. Then next is a universal zero (0). The remaining six digits 000001 signify the specific code of the branch. Mashreq bank has a single branch in India located at Nariman Point, Mumbai.
You have to provide the correct IFSC code details to the bank to make a valid online transaction. You need to know the Beneficiary's IFSC code to identify the branch name and address, after which you can transfer funds through IFSC, NEFT, and IMPS methods..
MICR is another critical code in the banking system of India. The banks utilize the MICR code for verifying cheques' validity and authority, resulting in quick processing. The code is faster and more straightforward than the traditional clearing cheques that took longer.
The Magnetic Ink Character Recognition identifies the ink used to print the codes and verifies the authenticity of cheques through Electronic Clearing System. RBI assigns a unique MICR code to each branch separately.
MICR code is a 9-character numeric code. The MICR code of Mashreq Bank, Nariman point branch, Mumbai is 400205002. Here, 400 is the city code (Mumbai), while the next three digits 205 are the bank code (Mashreq bank).
The last three digits are 002, which is the branch code (Nariman point). RBI assigns MICR codes to all banks in India except Regional Rural Banks (RRBs).
You might have now estimated the importance of IFSC and MICR codes in wire transfer and quick processing of cheques. But you have to provide valid codes to the bank for a smooth transaction without delays.
So, where do you find the codes? There are various online and offline sources available from where you can get them. Here is an explanation of some reliable sources.
One of the online sources is the website Find Your Bank, where you can easily find Mashreq Bank IFSC Code. It is a reliable and user-friendly website where you have to follow some simple steps to access the codes.
Ensure you put all the details correctly. You will then get Mashreq Bank IFSC Code and MICR code. You can also get the codes for several other banks in India.
You can download the Find Your Bank app from the Play store for free. It enables you to search IFSC and MICR codes for any bank from any place with internet connectivity.
Your branch will issue a cheque book once you open an account with it. Your cheque book has MICR and IFSC codes in it. Each cheque leaf has IFSC code on the top while MICR is at the bottom. The codes are specific to the branch in which you have an account.
Each branch issues a passbook to the account holder to help you track online and offline transactions in your account. The passbook contains your details like the account holder's name, address, email id, contact number, and account number.
It also has your customer/user ID, bank's name and address, and contact information. The passbook mentions the branch's IFSC and MICR codes.
Each bank has its website from where you can find all details online. Mashreq bank has a website where you can get the Mashreq Bank IFSC Code. You can also access the MICR code of the branch from the website.
RBI is the primary bank that controls the operations of other banks in India. RBI assigns the IFSC and MICR codes to all the branches across all banks. You can visit RBI's website https://www.rbi.org.in/Scripts/IFSCMICRDetails.aspx which allows you to access the correct codes of a specific branch.
If you cannot find the valid codes from the above sources, customer care service is always available. You can contact the customer care center of a bank and request them for a branch's IFSC and MICR codes. You will get the customer care number or email id of a bank from the bank's website.
Online banking has made it convenient to transfer money online from one branch to another from any location. You can send money online through mobile and net banking. Banks' standard methods for wire transfers are NEFT, IMPS, and RTGS.
Let us learn the details of the methods.
The majority of the users transfer money through NEFT. National Electronic Funds Transfer is a straightforward and reliable way of making online transactions. NEFT is based on Deferred Net Settlement (DNS) in batches of 2-3 hours.
The bank settles the transactions received till the specific cut-off time. So, NEFT does not transfer funds immediately. The service is not available on holidays as the bank will settle transaction requests on the next working day.
NEFT is preferred to make medium to long-range transactions. It does not have a minimum and maximum limit on funds.
You have to log into your internet banking account to process transactions through NEFT. You will have to provide the correct IFSC code of the Beneficiary for funds transfer.
You will need the following details for the NEFT transaction.
RTGS is a quick, safe, and easy method of transferring funds. It transfers money instantly and takes place in real-time without delays. Real-time Gross Settlement is suitable for transactions above Rs 2 lakhs.
It has a minimum limit of Rs 2 lakhs with no maximum limit. You will have to provide the following information for the RTGS transaction.
IMPS or Immediate Payment Service is a quick and instant method of transferring money online. The service is faster than NEFT and RTGS. You can access IMPS through the internet, mobile, bank, SMS, and ATM channels.
You can avail yourself of IMPS anytime, even on public holidays and Sundays. It does not have a minimum limit for funds transactions, while the maximum limit is Rs 2 lakhs.
You need the following information for transactions through IMPS.
You can visit your branch to apply for a mobile money identifier for a phone-to-phone transfer.
Mashreq bank PSC is a privately owned bank in the United Arab Emirates with headquarters in Dubai. It is the oldest private bank and was established in 1967 as the Bank of Oman.
Mashreq bank is a leading financial institution in UAE that provides conventional and Islamic personal banking services, including loans, credit cards, deposits.
Mashreq Bank also provides conventional and Islamic investment banking that involves advisory on mergers and acquisitions, Islamic and conventional management services, and wealth management.
Mashreq bank has 45 domestic branches and overseas offices in 12 countries, including the United States, Europe, Asia, and Africa. It is present in Qatar, Egypt, Bahrain, Kuwait, the UK, the USA, Bangladesh, Hong Kong, Pakistan, and Nepal.
The bank has an extensive ATM network in the UAE. In India, Mashreq bank has only one branch in Mumbai, Maharashtra.
Mashreq bank is a state-owned private bank in the UAE, having headquarters in UAE.
The interest range of Mashreq bank ranges between 5.99% -15.99% based on products and services you avail of with terms and conditions.
You require a minimum monthly salary of AED 10,000 to open an account in Mashreq bank.
Yes, the Dubai Financial Services Authority is the independent regulator of financial services in Dubai, UAE. The DFSA regulates Mashreq bank operations.
Yes, Mashreq bank is a private financial institution.