Bank of India IFSC Code & MICR Code Directory

IFSC stands for Indian Financial System Code. IFSC code is an 11-character alphanumeric code assigned to each bank branch in India, serving as a unique identifier for electronic money transfers.

The structure of the IFSC code includes:

The IFSC code for your bank can be easily found on the first page of your passbook or in the chequebook. For all forms of digital money transfers, including RTGS, NEFT, and IMPS, this code is essential. Any bank-to-bank transfer cannot be processed without a valid IFSC code. Make sure you have the recipient's information before starting a transfer, including the name of the account holder, the bank name, the branch, and the destination branch's IFSC code.

The front page of your passbook or the chequebook are right places to look for your bank's IFSC code. Whether transferring money via RTGS, NEFT, or IMPS, this code is necessary. Without a valid IFSC code, no electronic transfer can be completed.
Make sure you have the recipient's information before starting a transfer, including the name of the account holder, the bank name, the branch, and the branch's IFSC code.

The Magnetic Ink Character Recognition (MICR) code is a unique nine-digit number printed at the bottom of a bank cheque. It is essential to accelerate the automated cheque processing process. Every MICR code is associated with a particular bank branch, facilitating prompt and precise identification when clearing checks.

Printed in magnetic ink, these codes are easily read by high-speed MICR machines, making the entire process more efficient.

Every MICR code has three parts. The city code is represented by the first three digits of the MICR code, the bank code by the next three, and the branch code by the last three.

The format of the MICR Code is as follows:

1 2 3 - 4 5 6 - 7 8 9
• First three digits (1-3): City Code
• Next three digits (4-6): Bank Code
• Last three digits (7-9): Branch Code

You can find the MICR code printed at the bottom of your Bank of India cheque, along with the cheque number. The MICR code appears as a series of numbers in a specific magnetic ink that can be read by automated processing machines.

The Indian Financial System Code (IFSC) uniquely identifies the bank and branch of the beneficiary's account, ensuring funds are routed correctly and without delay. It is vital in enabling secure online transactions- from bill payments and EMIs to insurance premiums, tax payments, and e-commerce purchases.

Beyond facilitating transfers, IFSC codes also help track and monitor transactions, reducing the risk of fraud. By standardising digital transfers, IFSC allows the Reserve Bank of India (RBI) to regulate and oversee electronic payments, enhancing transparency and consumer protection in the banking system.

When processing a cheque, the machine-readable format of the MICR code allows for precise and speedy identification of the issuing bank branch.

Its tamper-resistant, secure design is essential for preventing fraud, enhancing the security of financial transactions, and maintaining the reliability of the banking system.

Additionally, the use of magnetic ink increases durability of the cheques by guaranteeing that the encoded information remains intact and readable even after repeated handling.

Bank of India offers multiple secure methods for transferring funds electronically.

The regulatory authority oversees the hourly batches of fund transfers made possible by NEFT. Payments are settled 23 times daily between 8 a.m. and 7 p.m. on all working days (apart from the second and fourth Saturdays) since July 10, 2017. Perfect for transfers of low to mid-value.

High-value transfers are handled instantly and separately using RTGS. It's among the safest and quickest ways for Indian banks to settle funds in real time.

IMPS provides instant money transfers via ATMs, net banking, and mobile banking around-the-clock, including on holidays. It's practical for short-term, low-value transfers.

To open an account in Bank of India:

• The applicant must be at least eighteen years old and an Indian citizen in order to pen a savings account. A parent or legal guardian may open and manage a minor's account on their behalf.

• The applicant must present legitimate identification and proof of address that has been authorised by the government.

• An initial deposit, which may differ depending on the type of savings account and its minimum balance requirements, is necessary after the aforementioned requirements are satisfied and the bank approves the application.