IFSC Code of Bank Of India, Lower Parel, Mumbai, Maharashtra- BKID0000176

Digital banking and online financial transactions in India uses one essential element that ensures you have a seamless and accurate fund transfers, it is the IFSC Code. Banks need the correct IFSC Code for NEFT, RTGS, or IMPS transfers to reach the right branch. If you are looking for the IFSC Code of Bank Of India for its Lower Parel branch in Mumbai, Mumbai, or Maharashtra, this guide will help you with all the details.

There have been major changes in the banking sector in India and today, the customers of Bank Of India located in Mumbai or anywhere in Maharashtra can transfer funds instantly by using the correct IFSC Code BKID0000176. You should definitely 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, Lower Parel, Mumbai

Here are some of the key details that come with the IFSC Code BKID0000176 of Bank Of India for its branch located in Mumbai, within the district of Mumbai in the state of Maharashtra.

These details are important not only for users using online banking but also for businesses and individuals who use Bank Of India in Mumbai for everyday financial transactions. If you are depositing money, sending payments, or managing any commercial transfers, the IFSC Code BKID0000176 for the Lower Parel branch of Bank Of India is vital.

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 BKID0000176 is given to every bank branch, including Bank Of India located in Lower Parel, Mumbai, 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 Mumbai.
• 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 Mumbai and Mumbai.
• 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 Lower Parel doesn't end up at another location.

Format of the IFSC Code BKID0000176

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): These represent the bank code. In Bank Of India, they are a short identifier for the bank.
• 5th character (0): This is always zero and is reserved for future use.
• Last 6 characters (CCCCCC): These are what represent the specific branch code which is assigned to branches like Lower Parel in Mumbai.

For example, the IFSC Code BKID0000176 of Bank Of India for the Lower Parel branch has these elements, identifying the bank and the branch location in Mumbai and Maharashtra correctly.

How to Find IFSC Code for Bank Of India?

If you are trying to find the IFSC Code BKID0000176 of Bank Of India for its Lower Parel branch located in Mumbai, 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 Mumbai and Mumbai, 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 Lower Parel or Mumbai to get the exact IFSC Code BKID0000176.

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 Mumbai that will provide accurate information.

How to Use IFSC Code BKID0000176 for Online Transfers?

Once you have the IFSC Code BKID0000176 for the Lower Parel branch of Bank Of India in Mumbai, you can initiate your fund transfers using any digital method:

NEFT

Add the beneficiary's name, account number, and IFSC Code BKID0000176. The transfer is completed in batches instead of instantly. It is useful for both 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 BKID0000176.

No matter which payment method you use, the IFSC Code must be correct. If you enter the wrong IFSC Code for the Bank Of India Lower Parel in Mumbai, your payment can get delayed or might not go through at all.

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 Lower Parel, 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 Mumbai manage online transfers as well as cheque clearances with ease.