To make safe and instant banking transaction bank of India (BOI) avails this facility to all its existing customers by enabling services like RTGS (real time grass settlement) and NEFT (national electronic fund transfer) this type of transaction comes under electronic fund transfer. Reserve bank of India (RBI) introduced these two services and these services will be effective with Indian financial system code (IFSC) that facilitates individual customers to make transaction with ease. As these codes makes online and offline transaction quite convenient. All banks that come under NEFT will be granted this facility by RBI and all bank branches will get the facility of sending and receiving banks branches account. MICR and IFSC code are quite integral part of Indian banking system, particularly in transaction related queries.
As we know that IFSC is combination of 11 digits alpha numeric characters and contain the information about three section. For example BKID0009000 is Indian bank Bhopal branch IFSC code, here, BKID refers to name of bank that is bank of India, and fifth character will be zero and remaining one will refers to branch address, state and district. Bank of India (BOI) is one of the frontier financial instructions of our country. Reserve bank of India, grant the identity of nationalized bank in 1969 and currently bank is serving nation and customers through its more than 4000 branches across the country. Bank also offers other exclusive financial services like credit card, mortgage, private banking, retail banking, internet banking, asset management and commercial banking.
If you are looking for MICR and IFSC code of any branch of BOI then, it is quite easy to get through official website, reserve bank of India (RBI) or any third party service offering platform like applykaroo.com to get the authentic information of IFSC and MICR about particular bank branch. Customer may also get information through cheque book issued by the bank to customers. Applykaroo.com is one of the convenient platforms where customer just needs to enter information about bank name, branch and state to get information about bank branch.
NEFT and RTGS services availed by the bank of India makes transaction facility extremely comfortable. These two services can be utilized only via online or internet banking.
Real Time Grass Settlement (RTGS)
This is one of the prominent ways of transferring amount in real time. As its name suggest that it complete the processing instantly. While performing RTGS transaction use of IFSC code is mandatory to identify sender or source and receiver or destination bank.
National Electronic Fund Transfer (NEFT)
Reserve bank of India (RBI) has introduced this electronic fund transfer method known as NEFT. This service allows banks as well as individuals to transfer money with ease. One thing that customer must always remember is both bank must be in NEFT network. Under NEFT network RBI offers this facility along with unique IFSC code for all associated banks.