The IFSC Code is a very important number used in India for digital banking and online money transfers that ensures seamless and accurate fund transfers. In case you are sending money through NEFT, RTGS, or IMPS, the bank requires you to enter the correct IFSC Code to route your payment to the right branch. If you are searching for the IFSC Code of Bank Of India for its Payal branch in Ludhiana, Ludhiana, Punjab, this complete guide will provide you with detailed information.
The banking system in India has changed over the years, and today customers of Bank Of India located in Ludhiana or anywhere in Punjab can transfer funds instantly by using the correct IFSC Code BKID0006517. Knowing how the IFSC Code works will help you stay informed and avoid transfer issues.
Details of IFSC Code for Bank Of India, Payal, Ludhiana
Below in the table are the key details related to IFSC Code BKID0006517 of Bank Of India for its branch located in Ludhiana, within the district of Ludhiana in the state of Punjab.
| Particulars | Details |
|---|---|
| Bank | Bank Of India |
| IFSC Code | BKID0006517 |
| Branch | Payal |
| City | Ludhiana |
| District | Ludhiana |
| State | Punjab |
| Address | Payaldistrict Ludhiana |
These details helps users in online banking and for businesses and individuals who use Bank Of India in Ludhiana for their financial transactions. In case you are depositing money, sending payments, or conducting commercial transfers, the IFSC Code BKID0006517 for the Payal branch of Bank Of India plays a vital 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, including Bank Of India located in Payal, Ludhiana, Punjab, is provided with a unique IFSC like BKID0006517 to ensure that online payments reach the right destination.
The IFSC Code is important because:
- It uniquely identifies the Bank Of India branch in Ludhiana.
- It helps NEFT, RTGS, and IMPS systems route the transfer securely.
- It avoids any errors or confusions between multiple branches of the same bank across different places like Ludhiana and Ludhiana.
- It reduces errors in fund transfers and improves accuracy.
- It allows sender banks to validate and confirm branch details before processing payments.
There are thousands of branches across Punjab and the rest of India and the IFSC Code ensures that transactions meant for Bank Of India in Payal do not get mixed with another location.
Format of the IFSC Code BKID0006517
The format of the IFSC Code for banks, including Bank Of India, has 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 Payal in Ludhiana.
For example, the IFSC Code BKID0006517 of Bank Of India for the Payal branch includes these elements, identifying the bank and the branch location in Ludhiana and Punjab correctly.
How to Find IFSC Code for Bank Of India?
If you are trying to find the IFSC Code BKID0006517 of Bank Of India for its Payal branch located in Ludhiana, 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 Ludhiana and Ludhiana, 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 Payal or Ludhiana to get the exact IFSC Code BKID0006517.
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 Ludhiana that will provide accurate information.
How to Use IFSC Code BKID0006517 for Online Transfers?
If you have the IFSC Code BKID0006517 for the Payal branch of Bank Of India in Ludhiana, you can easily go ahead with fund transfers using any digital method:
NEFT
Add beneficiary details including the name, account number, and IFSC Code BKID0006517. Transfers are processed in batches. 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. Asks for the recipient's account details and Bank Of India IFSC Code BKID0006517.
Whatever method you choose, the accuracy of the IFSC Code is important and needed. In case there is any mistake in entering the IFSC Code for Bank Of India Payal in Ludhiana, it may result in delayed or failed transactions.
Finding the MICR Code
MICR codes are used for cheque clearance and are very different from IFSC codes. If you are looking for the MICR code of Bank Of India in Payal, here are some of the ways you can get 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.
Knowing both IFSC and MICR code can help account holders in Ludhiana manage their online transfers and cheque clearances easily.
Frequently Asked Questions (FAQs)
The IFSC Code of the Payal Ludhiana branch is BKID0006517.
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 Payaldistrict Ludhiana.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.