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 Miramar Panaji branch in Panaji, Panaji, Goa, 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 Panaji or anywhere in Goa can easily transfer funds instantly by using the correct IFSC Code BKID0001022. 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, Miramar Panaji, Panaji
Here are the main details that are associated with the IFSC Code BKID0001022 of Bank Of India for its branch located in Panaji, within the district of Panaji in the state of Goa.
| Particulars | Details |
|---|---|
| Bank | Bank Of India |
| IFSC Code | BKID0001022 |
| Branch | Miramar Panaji |
| City | Panaji |
| District | Panaji |
| State | Goa |
| Address | Near Youth Hostelmiramar |
These details help users in online banking and for businesses and individuals who use Bank Of India in Panaji for their financial transactions. In case you are depositing money, sending payments, or conducting commercial transfers, the IFSC Code BKID0001022 for the Miramar Panaji branch of Bank Of India has a very 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, including Bank Of India located in Miramar Panaji, Panaji, Goa, is provided with a unique IFSC like BKID0001022 to ensure that online payments reach the right destination.
The IFSC Code is important because:
- It uniquely identifies the Bank Of India branch in Panaji.
- 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 Panaji and Panaji.
- 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 Goa and the rest of India and the IFSC Code ensures that transactions meant for Bank Of India in Miramar Panaji do not get mixed with another location.
Format of the IFSC Code BKID0001022
The format of the IFSC Code for banks, including Bank Of India, follows an 11-character structure:
AAAA0CCCCCC
Here's the breakdown of this:
- First 4 characters (AAAA): Represent the bank code. For Bank Of India, these characters are the bank's short identifier.
- 5th character (0): Always zero which is reserved for future use.
- Last 6 characters (CCCCCC): Represent the specific branch code assigned to branches such as Miramar Panaji in Panaji.
For example, the IFSC Code BKID0001022 of Bank Of India for the Miramar Panaji branch includes these elements, identifying the bank and the branch location in Panaji and Goa accurately.
How to Find IFSC Code for Bank Of India?
If you are trying to find the IFSC Code BKID0001022 of Bank Of India for its Miramar Panaji branch located in Panaji, 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 Panaji and Panaji, 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 Miramar Panaji or Panaji to get the exact IFSC Code BKID0001022.
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 Panaji that will provide accurate information.
How to Use IFSC Code BKID0001022 for Online Transfers?
Once you have the IFSC Code BKID0001022 for the Miramar Panaji branch of Bank Of India in Panaji, you can initiate your fund transfers using any digital method:
NEFT
Add the beneficiary's name, account number, and IFSC Code BKID0001022. 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 BKID0001022.
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 Miramar Panaji in Panaji, your payment can get delayed or might not go through at all.
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 Miramar Panaji, here are some ways that 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.
If you know both IFSC and MICR codes, then it can help account holders in Panaji manage online transfers as well as cheque clearances with ease.
Frequently Asked Questions (FAQs)
The IFSC Code of the Miramar Panaji Panaji branch is BKID0001022.
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 Near Youth Hostelmiramar.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.
