Bank of India IFSC code & MICR code

In this article, an individual can find the IFSC codes of a couple of branches of Bank of India located in Bangalore (Urban):

What is an MICR Code? 

The Magnetic Ink Character Recognition (MICR) code is a distinctive nine-digit number found at the bottom of a bank cheque, designed to streamline the automation of cheque processing. Each MICR code is unique to a specific bank branch, enabling swift and precise identification during cheque sorting and clearing. Printed in magnetic ink, these codes are formatted for easy reading by high-speed MICR readers, ensuring efficient processing. 

What is the format of the MICR code? 

The format of MICR code is as follows: 

The MICR code comprises three parts: the first three digits represent the city code, the next three denote the bank code, and the final three indicate the specific branch code. The format of the code is as follows:

Significance of IFSC Code: 

The significance of IFSC code is as follows: 

1. The Indian Financial Security Code (IFSC) serves as a unique identifier for the bank and branch where the beneficiary's account is located, ensuring funds are transferred accurately and promptly to the correct account, minimizing errors or delays. 

1. The IFSC code facilitates online transactions, including bill payments, insurance premiums, EMIs, tax transactions, and more. It also supports e-commerce payments and fund transfers to friends and family, offering a seamless banking experience. 

1. Additionally, the IFSC code assists in monitoring and tracking transactions, reducing the risk of fraud or misappropriation of funds. By using IFSC, the Reserve Bank of India (RBI) can oversee and regulate all electronic transactions within the financial system, promoting transparency, accountability, and consumer protection within the banking sector. 

Significance of MICR Code: 

The significance of MICR code is as follows: 

1. The MICR code is printed in a machine-readable format, allowing for the swift and precise identification of the originating bank branch. 

1. The secure, machine-readable nature of the MICR code helps prevent fraudulent activities, adding an extra layer of protection to financial transactions and preserving the integrity of the banking system. 

1. The use of magnetic ink in the MICR code enhances the durability of documents, ensuring that the encoded information remains clear and reliable despite handling and wear.

How to Search for Bank of India (BOI) IFSC & MICR Codes?

To find IFSC and MICR codes for Bank of India branches, use third-party websites or visit the bank website. The codes can also be found on cheque book leaves. 

To find IFSC codes for Bank of India, visit BankBazaar's website and click on the link labelled 'Bank IFSC code'. Select bank, state, district, and branch from drop-down menus to insert code. Direct link redirected to another page. 

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.

How to Transfer Money using Bank of India (BOI) NEFT and RTGS?

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.

Bank of India IFSC Code & MICR Code

Information Required for RTGS/NEFT Fund Transfers

To complete an online fund transfer through RTGS or NEFT, you need to provide the following details: 

1. Beneficiary Account Number 

1. Beneficiary Name 

1. Beneficiary Address 

1. Beneficiary Account Type (for NEFT) 

1. IFSC Code of the Beneficiary's Bank Branch 

Fund Transfer Methods in Bank of India: NEFT, RTGS, and IMPS

National Electronic Funds Transfer (NEFT)

NEFT is a system where funds are transferred from the sender's account to the recipient's account in batches. Managed by the Reserve Bank of India (RBI), NEFT transactions are processed every half hour. Since 10 July 2017, settlements occur 23 times a day from 8 a.m. to 7 p.m. on all working days, excluding the 2nd and 4th Saturdays of the month. 

Real-Time Gross Settlement (RTGS)

RTGS allows instant fund transfers between banks, ensuring that money is credited to the recipient's account in real-time. It is one of the fastest and most secure ways to transfer large sums of money through banking channels in India. 

Immediate Payment Service (IMPS)

IMPS facilitates instant money transfers between banks and is available 24/7, including weekends and holidays. This service is accessible through net banking, mobile banking, and ATMs. 

How IMPS Works: 

1. The sender selects the IMPS option under the "Transfers" section. 

1. The remitting bank verifies the sender's details and debits the specified amount. 

1. The bank forwards the transaction to the National Payments Corporation of India (NPCI). 

1. NPCI routes the request to the recipient's bank, which then verifies and credits the amount to the beneficiary's account. 

1. The recipient receives an SMS confirmation of the credited amount. 

1. NPCI updates the remitting bank, which then notifies the sender of the successful transaction via SMS.