Bank of India (BOI) IFSC Code refers to a unique code which is a combination of alphabets and numbers and is assigned to all the Bank of India branches in the country by Reserve Bank of India. This code helps in electronically transfer of funds to another individual, corporate or firm. In the process of a fund transaction, this IFSC Code is significant in identifying a specific branch of Bank of India.
Bank of India (BOI) IFSC Code Format
The IFSC Code of Bank of India Mehrauli Gurgaon Road (Gurgaon) branch is UTIB0006704.
|Bank of India Code||Zero||Bank of India's Branch Code|
- In Bank of India IFSC Code, the first 4 characters ‘BKID’ stands for the ‘Bank Name’
- The 5th character is ‘0’ which is same for all the banks
- The last 6 characters ‘006704’ stands for the Bank of India's MGF Plaza, Gurugram branch code
How does Bank of India IFSC Code work?
In order to transfer funds to a particular payee of Bank of India, one has to provide the following details:
- Name of the Payee
- Bank Account Number
- IFSC Code of receiving Bank of India's Branch
Once the remitter provides all these details, he/she will be able to transfer funds to the beneficiary as BOI IFSC code will help in identifying the exact branch of the beneficiary's bank account.
How to search Bank of India IFSC Code & MICR Code?
BOI customers can easily find the IFSC Code by any of the below-mentioned ways:
1. PaisaBazaar's IFSC Search Tool
BOI account holders can search for the BOI IFSC Code using the online IFSC Search Tool offered by Paisabazaar by following the steps mentioned below:
- Find the IFSC search tool at the top of the page.
- Bank of India is the default bank name selected.
- Enter the essential information like state and city name.
- Select the bank's branch to check its IFSC Code and other details.
Customers can also search IFSC and MICR Codes for any Bank of India branch using the following platforms –
2. Bank of India Cheque Book
- Bank of India IFSC code of a particular branch is mentioned at the top of the cheque provided by the bank
- Cheque number and MICR code is present at the bottom of the cheque.
3. Bank of India Passbook
Account holders can also check these financial system codes on their account passbook provided by the bank.
4. Bank of India Mobile Banking App or Net banking portal
Account holders can also find these codes using the mobile banking app or internet banking portal provided by the bank.
Alternatively, customers can go to Reserve Bank of India’s website to find the IFSC Code for their desired branch of BOI..
How to make fund transfer using Bank of India IFSC Code?
BOI customers can transfer funds via below-mentioned modes:
National Electronic Funds Transfer (NEFT) refers to an electronic funds system by Reserve Bank of India which enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts. However, In order to carry out transactions using National Electronic Funds Transfer (NEFT), BOI IFSC code or any other bank IFSC Code is mandatory for NEFT transactions. In case of incorrect IFSC, the fund is not transferred to the beneficiary’s account.
Real-Time Gross Settlement (RTGS) is another payment system in which the money is credited in the beneficiary’s account in real-time and on a gross basis. The RTGS system is primarily meant for large value transactions that require and receive immediate clearing. In order to make a transaction using RTGS, the sender needs to provide the following details
- Name of the Payee
- Account Number
- IFSC Code of the Beneficiary’s Bank Branch
- Amount to be Paid
Immediate Mobile Payment Services (IMPS) is a real-time instant inter-bank fund transfer system managed by National Payment Corporation of India. IMPS is available 24 x 7 throughout the year including bank holidays, unlike NEFT and RTGS. In order to send money, the sender needs to provide the following details –
- Account Number of Beneficiary
- Type of Account (Savings/Current Account)
- IFSC Code of Beneficiary’s Bank Branch
- Name of the Beneficiary
About Bank of India
Headquartered in Mumbai, Bank of India is a commercial bank founded in 1906. It is a government owned bank which provides retail as well as commercial banking facility to the consumers with more than 4545 bank-branches controlled through 50 Zonal offices.