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 Mulund East branch in Mumbai, Mumbai, 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 Mumbai or anywhere in Maharashtra can easily transfer funds instantly by using the correct IFSC Code BKID0000050. 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, Mulund East, Mumbai
The table below shows the main details of the IFSC Code BKID0000050 for the Bank Of India branch in Mumbai, which falls under the Mumbai district in Maharashtra.
| Particulars | Details |
|---|---|
| Bank | Bank Of India |
| IFSC Code | BKID0000050 |
| Branch | Mulund East |
| City | Mumbai |
| District | Mumbai |
| State | Maharashtra |
| Address | Shree Vallabh Apartmenthanuman Chowk |
These details helps users in online banking and for businesses and individuals who use Bank Of India in Mumbai for their financial transactions. In case you are depositing money, sending payments, or conducting commercial transfers, the IFSC Code BKID0000050 for the Mulund East 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 that is provided by the Reserve Bank of India. A unique IFSC like BKID0000050 is given to every bank branch, including Bank Of India located in Mulund East, 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 Mulund East doesn't end up at another location.
Format of the IFSC Code BKID0000050
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 Mulund East in Mumbai.
For example, the IFSC Code BKID0000050 of Bank Of India for the Mulund East 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?
To find the IFSC Code BKID0000050 of Bank Of India for its Mulund East branch located in Mumbai, the following methods can help you out:
Cheque Book
The cheque book issued by Bank Of India includes the IFSC Code printed on each cheque leaf. 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 go to the branch locator section. Then search for Mulund East or Mumbai to find the exact IFSC Code BKID0000050.
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 maintains an updated database of all IFSC codes. Searching for Bank Of India and Mumbai will provide accurate information.
How to Use IFSC Code BKID0000050 for Online Transfers?
Once you have the IFSC Code BKID0000050 for the Mulund East branch of Bank Of India in Mumbai, you can start with your fund transfers using any digital method:
NEFT
Add beneficiary details including the name, account number, and IFSC Code BKID0000050. 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 BKID0000050.
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 Mulund East in Mumbai, it can 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 Mulund East, 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.
Frequently Asked Questions (FAQs)
The IFSC Code is BKID0000050.
Yes, but it can change if the bank merges or goes through restructuring.
No. MICR is for cheque clearing; IFSC is for online transfers.
You can find it on cheque books, passbooks, the bank's website, mobile app, or the RBI portal.
The address of the branch is Shree Vallabh Apartmenthanuman Chowk located in Mumbai, Mumbai, Maharashtra.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.