Bank of India (BOI) is one of those banks which were established in the pre-independence era. It caters to all the customers’ requirements providing them with varied options in multiple products ranging from retail banking, corporate banking, loans, asset management, etc. For carrying out electronic fund transfers the bank has switched to the new format of 15 digit Bank of India account number from the traditional way of short account numbers.
The primary reason for this was the RBI directive to standardize account numbers in the entire banking ecosystem of India. Reserve bank of India is focusing on uniformity amongst all the account numbers across all the banks in India. This is done in order to ease the inter-bank transactions for the customers. This 15 digit account number that is provided to the customers is important for carrying out all the transactions whether carried out through electronic mode or offline mode. 15 digit account number offered by Bank of India is a part of the standardized format that is required for carrying out transaction like:
For switching your existing traditional short account number to the new 15 digit format the customer just has to visit any nearest branch of Bank of India and place a request to obtain the new account number. Upon doing so the bank officials provide you with your new 15 digit account number. The composition of the account number is coded as per the account type held by the customer in Bank of India. A customer can hold the following types of accounts with BOI:
- Savings Account
- Current Account
- Loan Account
- Deposits Account
All these accounts have a different account number so if a customer wants to deposit money into a loan account then it can be done by providing the loan account number.