Bank of India IFSC Code

Bank of India (BOI) is one of the leading banks in India that makes the use of IFSC code a must for carrying out online financial transactions. Bank of India IFSC code helps an individual transfer funds using the NEFT, RTGS and IMPS payment systems. To ensure funds are transferred to the right person, the Bank of India IFSC code has come into being. Using the Bank of India IFSC code gives a transferor a sense of surety that the transfer is not ridden with any discrepancies. To transfer money to a Bank of India account holder, it is a must for the transferor to know the branch bank IFSC code of the person to whom the money has to be transferred. Similarly, if a Bank of India account holder wants to transfer funds to an individual having an account in the same bank or another bank, then it is a must for him to enter the right IFSC code of the transferee bank. Without a valid IFSC code, the funds' transfer process would not be initiated and the transaction would be declined.

What is Bank of India IFSC Code?

Bank of India IFSC code is an 11-digit alphanumeric code that is issued to the bank by the Reserve Bank of India.

IFSC code of Bank of India makes it easy for an individual to know the bank name and bank branch.

The first four digits of the Bank of India IFSC code represents the name of the bank, the fifth digit is ‘0’, while the last six characters denote the location of the bank.

Each and every branch of BOI has a unique code that gives it a different identity.

For example, The Bank of India IFSC code of Andheri East branch is BKID0000146

Similarly, the IFSC code of BOI Turner Road branch is BKID0000063.

How to Search for IFSC and MICR code?

Knowing the IFSC and MICR code of Bank of India bank is easy. If you are a Bank of India account holder, then you can look for the IFSC code on the chequebook or the passbook issued by your bank branch. The MICR code can be found at the bottom of the cheque as well as the passbook. In case you don’t have your passbook or chequebook handy, then you can always look for the IFSC code of BOI online. If you know the branch of the Bank of India where the transfer needs to be made, then all you need to do is enter the ‘IFSC code of the Bank of India (branch name)’ and you will get the results online in no time.

Information required for transferring funds to Bank of India bank account

If you want to transfer to an individual holding an account with the Bank of India, then you would require the below details.

Name of the account holder
Contact details of the account holder
Branch name of the account holder
IFSC code of the branch bank
Bank of India account number
Contact details of the account holder

Information required for transferring funds from Bank of India bank account

To successfully initiate a fund transfer from your Bank of India bank account, you would require the below details

Name of the beneficiary
Contact details of the beneficiary
Branch name of the beneficiary
IFSC code of the branch bank
Contact details of the beneficiary

All about Bank of India NEFT, RTGS and IMPS service

A Bank of India account holder can easily transfer funds online via NEFT, RTGS and IMPS services provided by the bank. However, the funds can be transferred only if the transferee bank provided has these payment systems enabled.

NEFT service by Bank of India:

NEFT stands for National Electronic Funds Transfer. Through this payment service, money can be transferred to the same bank account or third party in a hassle-free way. For the NEFT transaction to be successful, it is necessary that the receiver should have a NEFT enabled network.

Presently, over 30,000 Bank of India branches are NEFT enabled. Outward NEFT at Rs.2.50/- per transaction + ST @applicable for transactions up to Rs.10000/-* and charges at Rs.5/- per transaction + ST @applicable for transactions above Rs.10000/-.

Bank of India allows NEFT transactions between Monday to Saturday, (2nd and 4th Saturday excluded) 08:00 AM to 06:30 PM. The money is credited to the receivers account on the same day or next day, depending on the timing of the transaction.

RTGS services by the Bank of India:

RTGS stands for real-time gross settlement, meaning that the transfer is made online from the BOI bank to another account or bank in ‘real-time’. The fund transfer through RTGS can be done only to the bank that is RTGS enabled. Transaction charges for RTGS payment system are Rs.5.00/- per transaction + ST @ applicable. Timings for making money transfer through RTGS is 08:00 am – 04:30 pm on Regular days including Saturdays, except Second and Fourth Saturdays of the Month.

IMPS services by the Bank of India:

IMPS is Immediate Payment Service which means Bank of India customers can transfer money to same bank accounts or to third party banks on an instant basis. The service is available on a 24*7 basis.

About Bank of India

Bank of India is a commercial bank, headquartered at BKC, Mumbai. The bank is one of the top 5 nationalised banks in India, founded in the year 1906. As of January 2017, the bank has over 5100 branches and 50 offices outside India. As of now, the bank has presence in over 22 countries overseas.