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 Phansgaon branch in Ratnagiri, Phansgaon, 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 Ratnagiri or anywhere in Maharashtra can easily transfer funds instantly by using the correct IFSC Code BKID0VG3030. 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, Phansgaon, Ratnagiri
The table below shows the main details of the IFSC Code BKID0VG3030 for the Bank Of India branch in Ratnagiri, which falls under the Phansgaon district in Maharashtra.
| Particulars | Details |
|---|---|
| Bank | Bank Of India |
| IFSC Code | BKID0VG3030 |
| Branch | Phansgaon |
| City | Ratnagiri |
| District | Phansgaon |
| State | Maharashtra |
| Address | A Pphanasgaon Tal Deogad Dist Ratnagiripin 416811 |
These details helps 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 BKID0VG3030 for the Phansgaon 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 provided by the Reserve Bank of India. Every bank branch, along with Bank Of India located in Phansgaon, Ratnagiri, Maharashtra, are allotted a unique IFSC like BKID0VG3030 to ensure that online payments reach the right destination.
The IFSC Code is important because:
- It clearly tells which bank branch it is in Ratnagiri.
- It helps NEFT, RTGS, and IMPS systems route the transfer securely.
- It prevents confusion between different branches of the same bank in places like Ratnagiri and Phansgaon.
- 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 Phansgaon reaches the right place, even though there are thousands of branches in Maharashtra and across India.
Format of the IFSC Code BKID0VG3030
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 Phansgaon in Ratnagiri.
For example, the IFSC Code BKID0VG3030 of Bank Of India for the Phansgaon 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?
If you are looking for the IFSC Code BKID0VG3030 of Bank Of India for its Phansgaon branch located in Ratnagiri, the following methods can help:
Cheque Book
The cheque book that is issued by Bank Of India includes the IFSC Code printed on each cheque leaf. You can easily spot the code at the top section.
Passbook
Most of the banks, including Bank Of India branches in Ratnagiri and Phansgaon, print the IFSC and MICR codes on the first page of the passbook.
Bank Website
You can visit the official website of Bank Of India and look for the branch locator section, then search for Phansgaon or Ratnagiri to get the exact IFSC Code BKID0VG3030.
Mobile Banking App
If you use Bank Of India's mobile app, you can check your account details to easily find your branch's IFSC code.
RBI Website
The Reserve Bank of India has an updated database of all IFSC codes and if you are searching for Bank Of India and Ratnagiri, then it will provide you proper information.
How to Use IFSC Code BKID0VG3030 for Online Transfers?
Once you have the IFSC Code BKID0VG3030 for the Phansgaon 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 BKID0VG3030. 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 BKID0VG3030.
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 Phansgaon 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 Phansgaon, 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 BKID0VG3030.
Yes, but it can change during merging or restructuring of the bank.
No, MICR is for cheque clearing and IFSC is for online transfers.
You can find it on your chequebook, passbook, the bank's website, the mobile app, or on the RBI portal.
The address of the branch is A Pphanasgaon Tal Deogad Dist Ratnagiripin 416811 located in Ratnagiri, Phansgaon, Maharashtra.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.
