Following are the IFSC Code Details of Basna Branch Bank of Maharashtra Mahasamund MAHB0001579

Which Bank IFSC Code is MAHB0001579?

IFSC Code MAHB0001579 belongs to Branch Name: Basna of Bank of Maharashtra located at Ward No. 10, Gaurava Peth Basnapadampur Marg

What is IFSC Code?

IFSC stands for Indian Financial System Code. It’s an 11-digit alphanumeric code that uniquely identifies every bank branch in India that participates in online money transfer systems. It works as a crucial address for ensuring smooth and accurate electronic fund transfers. It acts as a crucial address for ensuring accurate electronic fund transfers.

Structure of an IFSC Code:

First 4 characters: Bank’s name (e.g., HDFC, SBI, ICICI)
5th character: Always 0 (zero)
Last 6 characters: Specific branch of the bank

Uses of IFSC Codes:

Online money transfers: NEFT, RTGS, and IMPS all require IFSC codes to specify the recipient’s bank branch.
Cheque clearance: Used for faster cheque clearance processes.
Linking bank accounts: Linking accounts for mutual funds, loan repayments, etc., often involves IFSC codes.

How to Find Your IFSC Code:

Cheque book: Printed at the top of the cheque leaf.

Bank passbook: Printed on the front page.

Bank website/app: Available in your account information.

Third-party websites: Several websites offer IFSC code search features.

Bank branch: Visit your branch for assistance.

Common Questions:

Do all bank branches have IFSC codes?

No, only those participating in online money transfer systems have IFSC codes.

Can I use the same IFSC code for all transfer types?

Yes, the IFSC code remains constant for NEFT, RTGS, and IMPS.

What happens if I enter an incorrect IFSC code?

The transfer may be delayed or returned, so double-check the code before initiating a transaction.

Can I find IFSC codes for international banks?

No, IFSC codes are specific to Indian banks. For international transfers, you’ll need SWIFT codes.

Additional Information:

IFSC codes are issued by the Reserve Bank of India (RBI).
They are essential for smooth and secure electronic fund transfers in India.
Always verify the IFSC code with the recipient before initiating a transfer to avoid errors or delays.

About Bank of Maharashtra:

Bank of Maharashtra (BoM) is a prominent public sector bank with a vibrant history and strong presence in India, particularly in the state of Maharashtra.

Here are some of the key features of Bank of Maharashtra:

• Founded in 1935: Established in Pune to serve the common man neglected by the banking system at the time.
• Growing with Maharashtra: Has played a significant role in the state’s economic development, with over 2,263 branches as of June 2023, the largest network of any nationalized bank in the state.
• Recent Achievements: Ranked top performer among public sector lenders in terms of loan and deposit growth in percentage terms during 2022-23.