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 Panaji Retail Hub branch in Panaji, Panaji, or Goa, 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 Panaji or anywhere in Goa can transfer funds instantly by using the correct IFSC Code BKID0001032. 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, Panaji Retail Hub, Panaji
Here are the main details that are associated with the IFSC Code BKID0001032 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 | BKID0001032 |
| Branch | Panaji Retail Hub |
| City | Panaji |
| District | Panaji |
| State | Goa |
| Address | Rua De Ormuz Pb No 167Dist North Goapanaji |
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 BKID0001032 for the Panaji Retail Hub 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 Panaji Retail Hub, Panaji, Goa, is provided with a unique IFSC like BKID0001032 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 Panaji Retail Hub do not get mixed with another location.
Format of the IFSC Code BKID0001032
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 Panaji Retail Hub in Panaji.
For example, the IFSC Code BKID0001032 of Bank Of India for the Panaji Retail Hub branch has these elements, identifying the bank and the branch location in Panaji and Goa correctly.
How to Find IFSC Code for Bank Of India?
If you are trying to find the IFSC Code BKID0001032 of Bank Of India for its Panaji Retail Hub branch located in Panaji, 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 Panaji and Panaji, 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 Panaji Retail Hub or Panaji to get the exact IFSC Code BKID0001032.
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 Panaji, you'll get the correct details.
How to Use IFSC Code BKID0001032 for Online Transfers?
If you have the IFSC Code BKID0001032 for the Panaji Retail Hub branch of Bank Of India in Panaji, you can easily go ahead with fund transfers using any digital method:
NEFT
Add beneficiary details including the name, account number, and IFSC Code BKID0001032. 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 BKID0001032.
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 Panaji Retail Hub in Panaji, it 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 Panaji Retail Hub, 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 Panaji manage online transfers as well as cheque clearances with ease.
Frequently Asked Questions (FAQs)
The IFSC Code is BKID0001032.
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 Rua De Ormuz Pb No 167Dist North Goapanaji located in Panaji, Panaji, Goa.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.
