State wise list of Bank Of Ceylon IFSC code, MICR code and addresses of all branches in India
(used for RTGS and NEFT transactions)
|MICR Code||MICR not provided.|
|Bank||BANK OF CEYLON|
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Electronic fund transfer has minimized paperwork in the world of banking in the recent times. Bank of Ceylon (BOC) offers facilities of electronic fund transfer like the NEFT and RTGS systems, to its customers. You can use your computer or phone to transfer money from one account to another, without having to visit the bank for the same. The old-school method of money transfer would have easily taken a week or so, however electronically it can be done in just a couple of hours. You can save on cost as well as time taken for couriering cheques. Electronic money transfer is also prone to fewer errors as the transaction proceeds only when correct details required for a fund transfer are entered. In order to make a successful electronic fund transfer, you will need to have the following data: beneficiary's name, beneficiary’s account number, beneficiary’s bank name and respective branch name and the most important IFSC code of the beneficiary bank branch.
IFSC code known as the Indian Financial System Code is a unique code given to all branches of banks that provide the facility of electronic fund transfer. It is an 11 character long code granted by the RBI and is a mix of alphabets and numbers. The first 4 characters denote the bank’s name, the 5th character is by default zero (0) and the last 6 characters is code for the bank’s branch. IFSC code is a very important bit of a NEFT and RTGS transfer.
Example: BCEY0000001 is the IFSC code of the head office branch of Bank of Ceylon in Chennai. To understand how the IFSC code has been assigned in this case, we can break it down. ‘BCEY’ stands for the name of the bank, ‘Bank of Ceylon’, the fifth digit is zero (0) which is left for later use and the last 6 characters ‘000001’ is the branch code of the head office of the bank.
You can avoid all the hassles of physical modes of payment settlement by utilizing Bank of Ceylon’s NEFT and RTGS services. Bank of Ceylon’s website can be considered safe, secure and efficient as it is operated by RBI.
National Electronic Fund Transfer at BOC:
Using NEFT, you can make fund transfers from one bank account to another anywhere at any time within India. Money can be transferred either between individuals or from an individual to an organization or firm. The transactions are processed at a centralized database by RBI in an hourly basis. This process is referred to as the Deferred Net Settlement basis.
Real Time Gross Settlement at BOC:
Real Time Gross Settlement also called as the RTGS is faster, uninterrupted and real-time. The payment transactions do not go through any lag period and are processed as soon as banks receive instructions. You can use RTGS to send money to a beneficiary at any point of time. By ‘gross’ settlement, it means that the transactions are not cleared batch wise, thereby making it a speedy process. RTGS is chosen when making high value transfers that are urgent and require a shorter process time than NEFT.
Bank of Ceylon came into existence in the year 1939 in Fort Colombo in Sri Lanka. The bank expanded its network all over the island owing to the Agricultural Productivity Law passed in 1979. Bank of Ceylon has offices in London, Male and Chennai. The bank is known to offer some of the best retail, wholesale and international, credit card services in Asia.
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