State wise list of Bank of India IFSC code, MICR code and addresses of all branches in India
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BOI IFSC Code is an 11 digit alpha-numeric code which can be broken down into three parts. The first four characters denote the name of the bank, the fifth character is always 0 while the remaining six characters denote the branch code of the respective bank.
The IFSC code is required to make swift and secure money transfers either through NEFT, RTGS, IMPS and net banking. The 11-digit code is issued to every bank participating in the NEFT network and is unique to every bank and its branches. The code helps identify the source and destination bank in the event of a transaction.
In this article, an individual can find the IFSC codes of a couple of branches of Bank of India located in Bangalore (Urban):
IFSC Code | BKID0008400 | BKID0008479 |
Remittance Services | NEFT | NEFT |
Mode of payment | Cash, Cheque, Demand Draft and Net Banking | Cash, Cheque, Demand Draft and Net Banking |
Open Hours (Monday to Saturday) | 10:00 am to 4:00 pm | 10:00 am to 4:00 pm |
Open Hours (Monday to Saturday) | Bank of India Bangalore Main BKID0008400 | Bank of India Bangalore Main BKID0008400 |
To find out the IFSC code and MICR code for any Bank of India branch, individuals can take help from third-party websites present online which provide such information or visit the bank website. The IFSC and MICR codes for any branch can also be found on cheque book leaves issued by the bank.
Another convenient way of finding out IFSC codes for Bank of India is to visit the BankBazaar website. At the bottom of the website’s main page, individuals can find the link labelled ‘Bank IFSC code’. Once the link is opened on that you will be redirected to another page, and you will find 4 drop down menus where you must select the bank, state, district and branch of the bank that you’re searching for need to be inserted.
It needs to be mentioned that MICR code is a 9-digit number which stands for Magnetic Ink Character Recognition. It is required to verify the legitimacy of cheques offered by the bank. The nine-digit MICR code can be broken down into three parts of three numbers each. The first three numbers represent the city code, the next three represents the bank code while the last three numbers signify the branch code.
Bank of India has made it extremely easy for customers to transfer money using the NEFT and RTGS services of electronic money transfer. Both these facilities can be availed online by customers and are extremely quick and safe.
National Electronic Fund Transfer (NEFT):
Introduced by RBI, NEFT or National Electronic Funds Transfer is an online service allowing electronic funds transfers. With the help of this service, individuals and banks can transfer money to other bank accounts with the same bank or to accounts held with other banks. In order to carry out a NEFT transaction, the sender and receiver bank must be a part of the NEFT network. RBI issues unique IFSC codes to each partner bank under the NEFT network to help ensure security of all monetary transactions carried out between banks.
Real Time Gross Settlement (RTGS):
Similar to NEFT is RTGS or Real Time Gross Settlement. This is another mode of electronic money transfer which is used to process fund transfers of higher monetary value. RTGS transfers take place much quicker as they are processed in real time, i.e. a transaction is carried out as soon as it is received, one at a time. RTGS also involves the use of an IFSC code which identifies the source and destination banks.
Founded in the pre-independence period, Bank of India (BOI) is one of the frontier financial institutions of India. The bank was nationalized in the year 1969 and currently operates via a country wide network of over 4000 branches. Serving a diverse customer base, the bank offers a wide range of financial products and services like private banking, commercial banking, retail banking, asset management, mortgage and credit cards.
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