Bank of America IFSC Code or Indian Financial System Code is an alpha-numeric code of 11 characters used to identify a specific bank branch. The code is a unique identifier for any bank branch participating in the process of funds transfer. IFSC code helps to route the fund transfer to the concerned banks and their branches. The IFSC is designated to every bank branch by the Reserve Bank of India (RBI) making the online funds transfer via NEFT, RTGS or IMPS convenient and hassle-free.
Bank of America IFSC Code: Format & Importance
Format
The 11-digit of IFSC code is structured in 3 important parts:
- First 4 characters indicate the bank code
- 5th characters is a ‘0’
- Last 6 characters signify the specific branch code
| Bank of America Code | Zero | Bank of America Branch Code | ||||||||
| B | O | F | A | 0 | N | D | 6 | 2 | 1 | 6 |
In the above example, ‘BOFA0ND6216’ is the IFSC Code of Bank of America New Delhi branch. Here the first 4 characters ‘BOFA’ denote the bank code, the 5th character is a ‘0’ and the last 6 characters ‘ND6216’ represents the branch code of New Delhi.
Importance
- The IFSC code helps in uniquely identifying a specific bank branch. For the fund process to take place, it is mandatory to know about the IFSC Code of originating and destination bank branches
- RBI uses the IFSC Code to keep a track of all the online transactions hence eliminating the chances of any fraudulence in the process of online funds transfer
- The use of IFSC code is vital in the process of electronic or online funds transfer via NEFT, RTGS or IMPS
Where to find Bank of America IFSC Code?
The Bank of America account holders can find the IFSC as well as MICR (Magnetic Ink Character Recognition) code either online or offline. Below-mentioned are different ways:
Online
1. IFSC search tool by Paisabazaar: One can visit the page and enter details like the bank name, state, city and branch name. The IFSC & MICR Code along with additional information gets displayed on the right-hand side of the page visited.
2. The Reserve Bank of India: The users can find the IFSC as well as MICR code on the official website of RBI.
3. Internet Banking or Mobile Banking: The IFSC and MICR code can also be found on the bank’s official website or mobile application or by logging into net banking.
Offline
1. Bank of America Cheque book: The account holders can find the IFSC Code at the top of the cheque leaf. The MICR code is printed at the bottom side. MICR is a 9-digit code used for the faster processing of cheques.
2. Passbook: The account holders can find the IFSC as well as the MICR code on the first page of the passbook given by the bank.
Use of Bank of America IFSC Code in Online Funds Transfer
The use of IFSC code is mandatory in electronic or online funds transfer via NEFT, RTGS or IMPS. It is important to know the IFSC code of both the originating and destination bank branch to process the money transfer successfully. Below mentioned are the different ways to transfer funds online using IFSC code:
| Payment Service | Description | Key Features |
| NEFT |
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| RTGS |
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| IMPS |
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About Bank of America
An American multinational bank based in Charlotte, North Carolina, The Bank of America Corporation is the 2nd largest banking institution in the United States of America. Incorporated in the year 1998, Bank of America has 5000 branches nationwide and approximately 16,000 ATMs. The bank provides its customers with products like banking, investing, asset management, risk management, and other financial products.