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 Patiala Retail Hub branch in Patiala, Patiala, Punjab, 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 Patiala or anywhere in Punjab can easily transfer funds instantly by using the correct IFSC Code BKID0006554. 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, Patiala Retail Hub, Patiala
Here are the main details that are associated with the IFSC Code BKID0006554 of Bank Of India for its branch located in Patiala, within the district of Patiala in the state of Punjab.
| Particulars | Details |
|---|---|
| Bank | Bank Of India |
| IFSC Code | BKID0006554 |
| Branch | Patiala Retail Hub |
| City | Patiala |
| District | Patiala |
| State | Punjab |
| Address | Sco 6 Choti Barandarithe Mall Patiala |
These details are crucial, not just for online banking users but also for businesses and individuals who use Bank Of India in Patiala for recurring financial transactions. If you are depositing money, sending payments, or conducting commercial transfers, the IFSC Code BKID0006554 for the Patiala Retail Hub branch of Bank Of India has an 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, along with Bank Of India located in Patiala Retail Hub, Patiala, Punjab, are allotted a unique IFSC like BKID0006554 to ensure that online payments reach the right destination.
The IFSC Code is important because:
- It clearly tells which bank branch it is in Patiala.
- It helps NEFT, RTGS, and IMPS systems route the transfer securely.
- It prevents confusion between different branches of the same bank in places like Patiala and Patiala.
- It reduces errors in fund transfers and improves accuracy.
- It helps the sender banks to validate and confirm branch details before processing payments.
It makes sure that money sent to Bank Of India in Patiala Retail Hub reaches the right place, even though there are thousands of branches in Punjab and across India.
Format of the IFSC Code BKID0006554
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 Patiala Retail Hub in Patiala.
For example, the IFSC Code BKID0006554 of Bank Of India for the Patiala Retail Hub branch includes these elements, identifying the bank and the branch location in Patiala and Punjab correctly.
How to Find IFSC Code for Bank Of India?
If you are trying to find the IFSC Code BKID0006554 of Bank Of India for its Patiala Retail Hub branch located in Patiala, 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 Patiala and Patiala, 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 Patiala Retail Hub or Patiala to get the exact IFSC Code BKID0006554.
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 Patiala that will provide accurate information.
How to Use IFSC Code BKID0006554 for Online Transfers?
Once you have the IFSC Code BKID0006554 for the Patiala Retail Hub branch of Bank Of India in Patiala, you can start with your fund transfers using any digital method:
NEFT
Add beneficiary details including the name, account number, and IFSC Code BKID0006554. 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 BKID0006554.
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 Patiala Retail Hub in Patiala, 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 Patiala 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 Patiala manage online transfers as well as cheque clearances with ease.
Frequently Asked Questions (FAQs)
The IFSC Code of the Patiala Retail Hub Patiala branch is BKID0006554.
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 Sco 6 Choti Barandarithe Mall Patiala.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.