The IFSC Code is a very important number used in India for digital banking and online money transfers that ensures seamless and accurate fund transfers. In case you are sending money through NEFT, RTGS, or IMPS, the bank requires you to enter the correct IFSC Code to route your payment to the right branch. If you are searching for the IFSC Code of Bank Of India for its Nivali branch in Ratnagiri, Nivali, Maharashtra, this complete guide will provide you with detailed information.
The banking system in India has changed over the years, and today customers of Bank Of India located in Ratnagiri or anywhere in Maharashtra can transfer funds instantly by using the correct IFSC Code BKID0VG3050. Knowing how the IFSC Code works will help you stay informed and avoid transfer issues.
Details of IFSC Code for Bank Of India, Nivali, Ratnagiri
Here are the key points that are associated with the IFSC Code BKID0VG3050 of Bank Of India for its branch located in Ratnagiri, within the district of Nivali in the state of Maharashtra.
| Particulars | Details |
|---|---|
| Bank | Bank Of India |
| IFSC Code | BKID0VG3050 |
| Branch | Nivali |
| City | Ratnagiri |
| District | Nivali |
| State | Maharashtra |
| Address | A P Nivalikokaje Compoundtq Dist Ratnagiripin 415639 |
These details help users in online banking and for businesses and individuals who use Bank Of India in Ratnagiri for their financial transactions. In case you are depositing money, sending payments, or conducting commercial transfers, the IFSC Code BKID0VG3050 for the Nivali 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 that is provided by the Reserve Bank of India. A unique IFSC like BKID0VG3050 is given to every bank branch, including Bank Of India located in Nivali, Ratnagiri, 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 Ratnagiri.
- 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 Ratnagiri and Nivali.
- 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 Nivali doesn't end up at another location.
Format of the IFSC Code BKID0VG3050
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): 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 Nivali in Ratnagiri.
For example, the IFSC Code BKID0VG3050 of Bank Of India for the Nivali branch includes these elements, identifying the bank and the branch location in Ratnagiri and Maharashtra accurately.
How to Find IFSC Code for Bank Of India?
To find the IFSC Code BKID0VG3050 of Bank Of India for its Nivali branch located in Ratnagiri, 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 Ratnagiri and Nivali, 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 Nivali or Ratnagiri to find the exact IFSC Code BKID0VG3050.
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 Ratnagiri will provide accurate information.
How to Use IFSC Code BKID0VG3050 for Online Transfers?
Once you have the IFSC Code BKID0VG3050 for the Nivali branch of Bank Of India in Ratnagiri, you can start with your fund transfers using any digital method:
NEFT
Add beneficiary details including the name, account number, and IFSC Code BKID0VG3050. 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 BKID0VG3050.
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 Nivali in Ratnagiri, it can result in delayed or failed transactions.
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 Nivali, 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 Ratnagiri manage online transfers as well as cheque clearances with ease.
Frequently Asked Questions (FAQs)
The IFSC Code is BKID0VG3050.
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 A P Nivalikokaje Compoundtq Dist Ratnagiripin 415639 located in Ratnagiri, Nivali, Maharashtra.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.