IFSC code for Model Co-operative Bank, Vasai east, Thane, Maharashtra
Updated on: Monday, July 1, 2024
IFSC CODE
MDBK0000021
Model Co-operative Bank
Vasai East, Mumbai, Maharashtra
Address
Prime Trade Centre,sativli Road,valiv,vasai East
Model Co-operative Bank
Vasai East, Mumbai, Maharashtra
Address
Prime Trade Centre,sativli Road,valiv,vasai East
Bank Details
IFSC Code
MDBK0000021
MICR Code
400807013
Bank Code
(Based on IFSC)
MDBK
Bank Code
(Based on MICR)
807
Contact
+912502450221
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IFSC Code of Model Co-operative Bank
Every Model Co-operative Bank branch in India has a unique Model Co-operative Bank IFSC Code. Model Co-operative Bank IFSC Code enables Model Co-operative Bank account holders to send and receive money electronically. Model Co-operative Bank IFSC Code is assigned by RBI (Reserve Bank of India) to each branch as it helps in carrying out RTGS and NEFT transactions smoothly.
Benefits of IFSC Code
Unique Identification: IFSC code helps in unique identification of all banks and their respective branches.
Smooth Fund Transfer: IFSC code enables convenient and hassle-free transfer of funds from one bank account to another.
Monitoring Transactions: IFSC code is used by RBI to keep track of all the bank transactions. It lowers the chances of discrepancy.
Format of Model Co-operative Bank IFSC Code MDBK0000021
The IFSC code of all accounts in the same branch of the bank is standard. It is an 11 digit alphanumeric code.
The first four letters of the code, i.e., MDBK, denotes the name of the bank which is Model Co-operative Bank.
The fifth character is 0.
The last six digits of the code, i.e., 000021, represents the branch which is Model Co-operative Bank
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MICR Code of Model Co-operative Bank
Every Model Co-operative Bank branch in India has a unique Model Co-operative Bank MICR Code. MICR code for Model Co-operative Bank can be found on a cheque leaf and bank passbook. It is a 9 digit code printed on the last line of a cheque leaf. One can also find MICR code on the website of Model Co-operative Bank. MICR code is used for faster and secure processing of cheques.
Benefits of MICR Code
High Level of Security: The use of magnetic ink ensures MICR characters are readable even if a document is obscured by marks.
Authentication of Docs: MICR code authenticates the originality and legality of paper based docs. in the banking system.
Faster Processing: There is no manual input and hence the processing of MICR information is fast and errors are reduced.
