There is one important element for digital banking and online financial transactions in India that ensures seamless and accurate fund transfers is the IFSC Code. For sending money through NEFT, RTGS, or IMPS, the bank asks you to enter the correct IFSC Code to make the route of your payment to the right branch. In case you are searching for the IFSC Code of Bank Of India for its Paras branch in Akola, Paras, Maharashtra, then this comprehensive guide will provide you with detailed information.
The banking system in India has changed over time, and today the customers of Bank Of India situated in Akola or anywhere in Maharashtra can easily transfer funds instantly by using the correct IFSC Code BKID0VG6052. You should know how the IFSC Code works and how it helps you stay informed and avoid transfer errors.
Details of IFSC Code for Bank Of India, Paras, Akola
Below in the table are the key details related to IFSC Code BKID0VG6052 of Bank Of India for its branch located in Akola, within the district of Paras in the state of Maharashtra.
| Particulars | Details |
|---|---|
| Bank | Bank Of India |
| IFSC Code | BKID0VG6052 |
| Branch | Paras |
| City | Akola |
| District | Paras |
| State | Maharashtra |
| Address | Ap Paras Tal Balapur Dist Akola 444109 |
These details are crucial, not just for online banking users but also for businesses and individuals who use Bank Of India in Akola for recurring financial transactions. If you are depositing money, sending payments, or conducting commercial transfers, the IFSC Code BKID0VG6052 for the Paras branch of Bank Of India has an important role.
What Is IFSC Code and Why Is It Important?
IFSC stands for Indian Financial System Code, an 11-character alphanumeric code that is provided by the Reserve Bank of India. A unique IFSC like BKID0VG6052 is given to every bank branch, including Bank Of India located in Paras, Akola, Maharashtra, to make sure that online payments reach the right place.
The IFSC Code is important because:
- It uniquely identifies the Bank Of India branch in Akola.
- It helps NEFT, RTGS, and IMPS systems route the transfer securely.
- It avoids any kind of confusion between multiple branches of the same bank across different places like Akola and Paras.
- It removes errors in fund transfers and improves accuracy.
- It lets the sender banks validate and confirm branch details before they process the payments.
There are thousands of branches across Maharashtra and the rest of India, which is why the IFSC Code ensures that transactions meant for Bank Of India in Paras doesn't end up at another location.
Format of the IFSC Code BKID0VG6052
The format of the IFSC Code for banks, including Bank Of India, follows an 11-character structure:
AAAA0CCCCCC
Here's the breakdown:
- First 4 characters (AAAA): Show the bank code. For Bank Of India, these letters represent the bank's short name.
- 5th character: Is always zero and is kept for future use.
- Last 6 characters (CCCCCC): Represent the specific branch code assigned to branches such as Paras in Akola.
For example, the IFSC Code BKID0VG6052 of Bank Of India for the Paras branch includes these elements, identifying the bank and the branch location in Akola and Maharashtra accurately.
How to Find IFSC Code for Bank Of India?
If you are trying to find the IFSC Code BKID0VG6052 of Bank Of India for its Paras branch located in Akola, the following methods can help:
Cheque Book
The cheque books that are issued by Bank Of India include the IFSC Code which is printed on each cheque and you can easily spot the code on the top section.
Passbook
Most banks, including Bank Of India branches in Akola and Paras, print the IFSC and MICR codes on the first page of the passbook.
Bank Website
Visit the official website of Bank Of India and find the branch locator section. Search for Paras or Akola to get the exact IFSC Code BKID0VG6052.
Mobile Banking App
If you use Bank Of India's mobile app, you can easily check your account details to find your branch's IFSC code.
RBI Website
The Reserve Bank of India maintains an updated database of all IFSC codes to help you in searching for Bank Of India and Akola that will provide accurate information.
How to Use IFSC Code BKID0VG6052 for Online Transfers?
Once you have the IFSC Code BKID0VG6052 for the Paras branch of Bank Of India in Akola, you can start with your fund transfers using any digital method:
NEFT
Add beneficiary details including the name, account number, and IFSC Code BKID0VG6052. Transfers are processed in batches. Suitable for personal and business payments.
RTGS
Used for payments above ₹2 lakh. Real-time settlement using the IFSC Code of the recipient branch.
IMPS
Instant 24×7 transfers. You need the recipient's account details and Bank Of India IFSC Code BKID0VG6052.
Whatever method you choose, the accuracy of the IFSC Code is highly important. If there is any mistake in entering the IFSC Code for Bank Of India Paras in Akola, it can result in delayed or failed transactions.
Finding the MICR Code
MICR codes are used for cheque clearance and differ from IFSC codes. If you are looking for the MICR code of Bank Of India in Paras, here are some ways to obtain it:
- Check the bottom of your cheque leaf.
- Refer to the first page of your passbook.
- Visit the official Bank Of India website.
- Search the RBI portal.
Having both the IFSC and MICR codes makes it easy for account holders in Akola to handle online money transfers and get their cheques cleared smoothly.
Frequently Asked Questions (FAQs)
The IFSC Code is BKID0VG6052.
Yes, but it can change during merging or restructuring of the bank.
No, MICR is for cheque clearing and IFSC is for online transfers.
You can find it on your chequebook, passbook, the bank's website, the mobile app, or on the RBI portal.
The address of the branch is Ap Paras Tal Balapur Dist Akola 444109 located in Akola, Paras, Maharashtra.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.