Bank Of India IFSC Code

Technological advancement has had a great impact on businesses and financial transactions across the world. One of the most important changes and advancements brought about by such development is online banking. Internet banking and mobile banking has become an indispensable part of our daily lives today. Online banking has tremendously reduced the time taken for transfer of funds across the country or the world as well as the security of the funds being transferred.

IFSC code plays a key role in the online banking scenario. It is the most important aspect of online banking as it not only is useful in identifying the participating banks in the funds transfer but also can be used as a security tool against incorrect and invalid funds transfer.

Bank of India also has specific IFSC Codes for all its branches across the country. The details of the IFSC Code of Bank of India are mentioned in this article.

IFSC code is used to make online funds transfer through NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement) and IMPS (Immediate Payment Services) services. IFSC Code has to be mandatorily mentioned in all the online funds transfer transactions. Without the mention of correct IFSC code, customers cannot successfully transfer the funds within the same bank or to any other bank. The charges for NEFT, RTGS or IMPS transactions levied by Bank of India are nominal and details of the same can be found through customer care of the bank.

IFSC Code is the 11 digit code that is developed and approved by the RBI (Reserve Bank of India). It is a distinctive code that is specific to each bank and their respective branches. Every IFSC code begins with the bank name followed by ‘zero (0)’ and finally the code specific to the branch of that bank.

In case of Bank of India, the breakup of the IFSC code is explained as below,

• The first four characters represent the bank name as ‘BKID’
• The next character or the fifth character as mentioned above is always ‘zero (0)’
• The last six characters represent the branch code

IFSC Code of the specific branch of Bank of India can be found through many ways. The most common of them are the account information on the cheque book of the account holder or the passbook.

The other common ways of locating the IFSC code of any branch of Bank of India is through the account information on the internet banking account or mobile banking account of the account holder. Customers can find the IFSC Code of their branch in the ‘account information’ tab on either of these platforms.

Alternatively, customers can contact the branch directly to get information about the IFSC Code of such branch. The customer care service of Bank of India can also be used by the customers to get information about any of the branches of this bank. Customers can contact the customer care service of Bank of India through any of the following channels.

• Toll Free Number – 1800 220 229/ 1800 103 1906
• Other Number – 022 4091 9191 (chargeable)

Bank of India website can also be used to get information about IFSC Codes of any branches of the bank throughout the country. Customers can click on the following link to locate the IFSC Codes of the branches.

Home >> Locate Us

By clicking on the above link, customers will be taken to a new page where they can locate the required branch and its IFSC Code using the search parameters like

• Branch name
• State
• City

After entering the above search parameters, customers will get all the details of the branch required like

• Branch Name
• Branch Code
• IFSC Code
• Branch Address
• Contact Number
• Email id

IFSC Code of Bank of India like any other bank is the unique code allotted by the RBI to its branches across the country. There are many uses of the IFSC Code of any branch of the Bank of India.

The primary use of any IFSC Code is to identify the participating banks in the online funds transfer through mobile banking or internet banking. The other important use of IFSC code is to ensure the security of such online funds transfers.

The available options of online funds transfer are mentioned below.

NEFT (National Electronic Funds Transfer)

NEFT facility is available to all account holders of Bank of India through their mobile banking account or net banking account. NEFT transactions are regulated by RBI and are available at half-hourly basis. It is available from 8am to 7n pm on all working days including Saturdays except second and fourth Saturday.

The charges for NEFT transaction of Bank of India are,

• Outward NEFT Transactions up to Rs. 10,000 – Rs. 2.50 per transaction (excluding taxes)
• Outward NEFT Transactions above Rs. 10,000 – Rs. 5.00 per transaction (excluding taxes)

RTGS (Real Time Gross Settlement)

RTGS funds transfer facility is available to all Bank of India customers and is essentially transfer of funds on real time basis. The minimum limit for RTGS transfer is Rs. 2,00,000. The charges levied by Bank of India on the RTGS transactions are,

• Outward RTGS Transactions – Rs. 5.00 per transaction (excluding taxes)

IMPS (Immediate Payment Services) transfer services

IMPS funds transfer refers to immediate or instant transfer of funds from Bank of India to any other IMPS enabled bank or from one account to another within Bank of India. Unlike NEFT and RTGS funds transfer facility, this service of the bank is available 24x7 to all the banks that have the IMPS service enabled.

The charges for IMPS service of Bank of India are usually higher than NEFT or RTGS service of the Bank.

IFSC code is used to identify the payee bank account and the transferor bank account in the online bank transaction. For this purpose, the transferor account holder has to quote the IFSC code correctly of the transferee account. A wrong IFSC code has serious consequences in the online funds transfer.

In majority cases, if the transferor has quoted a wrong IFSC code of the payee, the funds earmarked for online transfer are routed back to the transferor account due to the error in the IFSC Code. In such case, the transferor can put in or update the correct IFSC code information and initiate the said funds transfer again.

In some cases, however, the funds can be credited to an incorrect bank account on account of wrong IFSC Code. Banks have set procedures to get the funds back to the transferor account in such cases. However, the process for the same is very cumbersome or lengthy and will require thorough verification of the payer and the payee. Customers can contact the respective branch of Bank of India or their customer care service to get more information regarding the procedure for the same.

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