The explosive with a microchip, detonator and ammonium nitrate mixed with some oil was defused by the bomb disposal squad.
Police officers at the spot told rediff.com some locals had tipped them off about a suspicious-looking object wrapped in a packet near the Forum Mall in Koramangala.
Bengaluru Police Commissioner Shankar Bidri confirmed that the bomb was similar to the one used in the serial blasts on Friday.
Bidri added that a man wearing a red T-shirt had planted the bomb near the mall on Saturday morning.
The mall is a major shopping hub in the city and on weekends, a large number of people turn up there. Moreover, there is panic that has been caused due to the fact that on Friday four bombs had gone off in the vicinity.
The police have cordoned off the entire area and are even diverting traffic on this road.
Vehicles coming from the Hosur road are being diverted as the cops want no chaos at the moment. The police are now searching the Forum Mall to see whether there are any more such objects.
Bangalore had witnessed a series of blasts on Friday in which one person was killed and 7 others injured. While the special team continues to probe the case, no arrests have been made so far neither has anyone claimed responsibility for the attack.
Image: A member of the bomb disposal squad gets ready to defuse the bomb.
Photograph: PTI Photos