For digital banking and online financial transactions in India, one essential element that makes sure of a seamless and accurate fund transfers is the IFSC Code. If you are sending money through NEFT, RTGS, or IMPS, the bank asks you to enter the correct IFSC Code to route your payment to the right branch. And so, in case you are searching for the IFSC Code of Bank Of India for its Somakhedi branch in Khargone, Khargone, Madhya Pradesh, this comprehensive guide will provide you with detailed information.
The banking system in India has changed significantly over the years, and today customers of Bank Of India located in Khargone or anywhere in Madhya Pradesh can transfer funds instantly by using the correct IFSC Code BKID0MG0238. Knowing how the IFSC Code works can help you stay informed and avoid transfer errors.
Details of IFSC Code for Bank Of India, Somakhedi, Khargone
Below in the table are the key details related to IFSC Code BKID0MG0238 of Bank Of India for its branch located in Khargone, within the district of Khargone in the state of Madhya Pradesh.
| Particulars | Details |
|---|---|
| Bank | Bank Of India |
| IFSC Code | BKID0MG0238 |
| Branch | Somakhedi |
| City | Khargone |
| District | Khargone |
| State | Madhya Pradesh |
| Address | Bus Stand Somakhedi |
These details are essential not only for online banking users but also for businesses and individuals who use Bank Of India in Khargone for day-to-day financial transactions. If you are depositing money, sending payments, or conducting commercial transfers, the IFSC Code BKID0MG0238 for the Somakhedi branch of Bank Of India plays an important role.
What Is IFSC Code and Why Is It Important?
IFSC stands for Indian Financial System Code, an 11-character alphanumeric code provided by the Reserve Bank of India. Every bank branch, along with Bank Of India located in Somakhedi, Khargone, Madhya Pradesh, are allotted a unique IFSC like BKID0MG0238 to ensure that online payments reach the right destination.
The IFSC Code is important because:
- It clearly tells which bank branch it is in Khargone.
- It helps NEFT, RTGS, and IMPS systems route the transfer securely.
- It prevents confusion between different branches of the same bank in places like Khargone and Khargone.
- It reduces errors in fund transfers and improves accuracy.
- It helps the sender banks to validate and confirm branch details before processing payments.
It makes sure that money sent to Bank Of India in Somakhedi reaches the right place, even though there are thousands of branches in Madhya Pradesh and across India.
Format of the IFSC Code BKID0MG0238
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 Somakhedi in Khargone.
For example, the IFSC Code BKID0MG0238 of Bank Of India for the Somakhedi branch includes these elements, identifying the bank and the branch location in Khargone and Madhya Pradesh accurately.
How to Find IFSC Code for Bank Of India?
If you are trying to find the IFSC Code BKID0MG0238 of Bank Of India for its Somakhedi branch located in Khargone, the following methods can help:
Cheque Book
The cheque book issued by Bank Of India includes the IFSC Code printed on each cheque leaf which you can easily spot on the top section.
Passbook
Most banks, including Bank Of India branches in Khargone and Khargone, print the IFSC and MICR codes on the first page of your passbook.
Bank Website
Visit the official website of Bank Of India and navigate to the branch locator section. Search for Somakhedi or Khargone to get the exact IFSC Code BKID0MG0238.
Mobile Banking App
If you use Bank Of India's mobile app, you can check your account details to find your branch's IFSC code.
RBI Website
The Reserve Bank of India keeps an updated list of all IFSC codes. If you search for Bank Of India and Khargone, you'll get the correct details.
How to Use IFSC Code BKID0MG0238 for Online Transfers?
Once you have the IFSC Code BKID0MG0238 for the Somakhedi branch of Bank Of India in Khargone, you can initiate your fund transfers using any digital method:
NEFT
Add beneficiary details including the name, account number, and IFSC Code BKID0MG0238. Transfers are processed in batches. This is suitable for personal and business payments.
RTGS
Used for high-value payments above ₹2 lakh. Real-time settlement using the IFSC Code of the recipient branch.
IMPS
Instant 24×7 transfers. Requires the recipient's account details and Bank Of India IFSC Code BKID0MG0238.
Regardless of the method you choose, the accuracy of the IFSC Code is crucial. Any mistake in entering the IFSC Code for Bank Of India Somakhedi in Khargone may result in delayed or failed transactions.
Finding the MICR Code
MICR codes are used for check clearances and are not the same as IFSC codes. If you are searching for the MICR code of Bank Of India in Somakhedi, you can find it by any of the following ways:
- Check the bottom of your cheque leaf.
- Go to the first page of your passbook.
- Visit the official Bank Of India website.
- Search the RBI portal.
Having both IFSC and MICR codes helps account holders in Khargone manage online transfers as well as cheque clearances with ease.
Frequently Asked Questions (FAQs)
The IFSC Code of the Somakhedi Khargone branch is BKID0MG0238.
Yes, the IFSC Code remains the same unless the bank undergoes a merger or restructuring.
No. IFSC is used for online fund transfers, while MICR is used for cheque processing and clearance.
You can find it on cheque books, passbooks, bank websites, mobile banking apps, and the RBI website.
The branch is located at Bus Stand Somakhedi.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.