IFSC Code and MICR Codes for BANK OF INDIA for Barbigha - Bihar
Get IFSC code and MICR code of Bank Of India, Situated in Bihar, Located in the city of Sheikhpura Kadim, Along with the address and contact number of that branch.
IFSC Code: BKID0005816
|Bank||BANK OF INDIA|
|Address||BARBIGHA BRANCH,THANA ROAD,PO-BARBIGHA,DIST-SHEIKHPURA,|
IFSC Code: BKID0005816 and MICR Code: 811013801 for BANK OF INDIA, Located at Barbigha Branch,Thana Road,Po-Barbigha,Dist-Sheikhpura,, Sheikhpura Kadim, Bihar
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IFSC stands for Indian Financial System Code. It is an 11-character alphanumeric (containing both letters and numbers) that gives a unique ID to every single bank branch in the country that participates in inter-bank electronic funds transfer. For instance, if you have 2 accounts in the same bank but in different branches, each branch will have a different IFSC number.
You can find the most recent exhaustive list IFSC Codes for all bank branches participating in electronic funds transfer at the Reserve Bank of India
The format of this 11-character code is as follows:
The first 4 letters represent the bank name;
The fifth character is 0 (for future use);
The last six characters (numbers or letters) represent the individual branch.
Anytime you want to transfer funds electronically, without using physical cheques or DDs, you will need to know to the IFSC number of both the transferring bank branch as well as the transferee branch. There are many thousands of branches that participate in electronic transfer, spread across the country. SBI alone has more than 15,000 branches that conduct electronic transfers.
The IFS Code is a requirement for any transaction on the main electronic funds transfer systems operational in India – including RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer) and IMPS ( Immediate Payment System). These systems make money transfers across the country speedier, safer and less cumbersome.
All participating bank branches will also have a list of the IFSC Codes of the branches, bank-wise.Additionally, all participating banks are advised by the RBI to print the IFS code of the branch on the cheque leaf as well as in the passbook and statement of account sent to the customer.
First, it is important to understand the terms NEFT and IFSC mean.
National Electronic Funds Transfer (NEFT) is a nation-wide payment system that enables transfer of funds from one account to another without the use of physical cheques or DDs. Under this scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate account. However, both the transferring and receiving branch need to be part of the NEFT system. There are tens of thousands of bank branches that are NEFT-enabled, spread across the country.
IFSC (Indian Financial System Code) is an 11-character code that serves as a unique ID for each bank branch that participates in NEFT. If you have 2 accounts in different branches of the same bank, each branch will have a different IFSC number. You need the IFSC number of your bank branch and the beneficiary branch in order to conduct a NEFT transaction.
How does the NEFT system operate?
You need to fill an application form at your bank, providing details of the beneficiary (like name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number) and the amount to be remitted. The application form will be available at the originating bank branch where you have an account. On the form you authorize your bank branch to debit your account and remit the specified amount to the beneficiary’s bank account.
If you have net banking facilities, you can carry out the funds transfer request online, without even going to the branch to fill out the form. There is a small fee depending on the amount that is being transferred. The beneficiary does not have to pay any fee.
The NEFT system can also be used to pay credit card bills and loan EMIs. You will need to quote the IFSC of the beneficiary bank when initiating the transaction.
What are the advantages of using NEFT?
NEFT is safe, easy and quick.
• You need not send the physical cheque or Demand Draft to the beneficiary.
• The beneficiary need not visit his / her bank for depositing the cheque/DD.
• There is no chance of any loss of the physical cheque/DD or of any fraudulent encashment.
• Confirmation of credit by SMS or email.
• You can initiate an online NEFT request from home/work at your convenience without having to go to your bank during working hours.
IFSC and RTGS are two separate, though linked, terms.
IFSC (Indian Financial System Code) is an 11-character code. It is a unique ID for each bank branch that participates in inter-bank electronic funds transfer in the country. If you have accounts in 2 branches of the same bank, each branch will have a different IFSC number.
RTGS (Real Time Gross Settlement) is a system of electronic funds transfer in India. You need the IFS code of the originating and destination branch in order to initiate an RTGS transaction. RTGS is primarily used for large value transactions as the minimum amount is a few lakhs, while there is no upper limit.
RT (Real Time) refers to continuous processing of fund transfer order as soon as the instruction is received (and not done at a later time), while GS (Gross Settlement) means that each transaction is processed individually and not bundled with other transactions. The beneficiary bank has to credit the beneficiary's account within 30 minutes of receiving the funds transfer message.
For a funds transfer to go through RTGS, both the sending bank branch and the receiving bank branch have to be RTGS enabled. There are more than 110,000 RTGS–enabled branches across 30,000 towns and talukas in India and where you can find a list of participating branches.
In order to initiate an RTGS remittance, you need to furnish the following details to the bank:
1. Amount to be remitted
2. Remitting customer’s account number which is to be debited
3. Name of the beneficiary bank and branch
4. The IFSC Number of the receiving branch
5. Name of the beneficiary customer
6. Account number of the beneficiary customer
IMPS stands for Immediate Payment Service. It is an inter-bank electronic payment system in India and transactions can be initiated online (through net banking) or on phone (through mobile banking.) You can send and receive money between any two accounts in participating banks. The funds are credited instantly - as compared to physical cheques which can take some time to clear and for the funds to be credited to the account.
IFSC stands for Indian Financial System Code. It is an 11-character code (containing both letters and numbers) that serves as a unique ID for each and every branch that participates in electronic funds transfer in the country. You need to know the IFS code of the branch of the account you are sending funds to.
What is the advantage of using IMPS?
The advantage of using IMPS is that it is open for use 24 hours a day, 7 days a week, including Sundays and bank holidays. Some banks charge a nominal fee for using IMPS depending on the amount to be transferred. IMPS is instant and in real time (i.e. your order is processed as soon as you initiate it, rather than being bundled with other transactions.)
Does your beneficiary also have to register for IMPS?
If you are using IMPS online with your beneficiary’s account number and IFSC number, then your beneficiary does not have to be registered. If you use IMPS on your phone through mobile banking, then both you and your beneficiary need an MMID (Mobile Money ID). MMID is a 7 digit code that links a customer’s mobile number to his/her bank account, to ensure safety in case you enter a wrong mobile number for the beneficiary.
There are two ways of finding the IFSC (Indian Financial System Code) for any bank-branch in India:
1. All participating bank branches will have a list of the IFSC Codes of the branches, bank-wise.
Additionally, all participating banks are advised by the RBI to print the IFS code of the branch on the cheque leaf as well as in the passbook and statement of account sent to the customer.
IFSC (Indian Financial System Code) is a unique identity for every bank-branch in India that participates in inter-bank electronic funds transfer in the country. It is an 11-character alphanumeric code that identifies every single bank branch that is part of one of the two main electronic funds transfer systems in the country.
The format of the code is as follows:
The first 4 letters represent the bank name;
the fifth character is 0 (for future use);
the last six characters (numbers or letters) represent the individual branch.
The IFS Code is a pre- requisite for any transaction on the two main electronic funds transfer systems operational in India – RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds Transfer) as well as IMPS (Immediate Payment System).
NEFT, RTGS and IMPS are all electronic funds transfer systems in operation in the country. All three systems ensure speedy, safe and convenient transfer of funds between accounts within the country. Instead of using physical instruments like cheques or DDs, these electronic payment systems allow you to transfer money without the danger of loss or fraudulent encashment of cheques. It is a far quicker and more convenient way to transfer money, especially if you have access to online/mobile phone banking facilities. NEFT and RTGS were introduced around 20 years ago, while IMPS was introduced in 2010.
Below is a comparison of the three systems in key categories:
|National Electronic Funds Transfer||Real Time Gross Settlement||Immediate Payment Service|
|Launched by||RBI||RBI||National Payment Corporation of India|
|Medium of initiating order||-Branch visit or
|-Branch visit or
|Limit||Small Value transfers. No max or min limit specified by RBI, each bank sets own limit (but for cash remittances, Rs. 50,000 limit per transaction)||Large Value transfers. Minimum value – Rs 2 lakhs No maximum limit, left to each bank||Encrypted messaging format – Rs. 50,000 per account per day Unencrypted messaging format – Rs. 1000 per account per day|
|Basis of settlement||Transactions settled in batches. 12 batches on each weekday and 6 batches on Saturday||Done in real-time (continuously) and on an order-by-order basis. Not bundled with other transactions||Transactions settled individually and instantly|
|Time taken for credit to appear in beneficiary account||Can take up to 2 hours. If done late in the day, transaction will go through only the next day||Beneficiary account should be credited within 30 minutes of order initiated||Instant|
|Timings||( As of July 15) Mon-Fri 8 am-7 pm Sat 8 am-1 pm but varies depending on each bank’s timings.||(as of July15) Mon-Fri : 9am-4:30pm Sat: 9am-2pm Done continuously throughout the day. Timings vary depending on bank’s customer timings||Available 24x7 including Sundays and bank holidays|
|Fees||(as of July 2015)
Inward – No fee
-Up to Rs 10,000: not exceeding Rs 2.50 plus service tax
- Rs. 10,000-Rs. 1 lakh: not exceeding Rs 5 plus service tax
- Rs. 1lakh-Rs.2 lakhs : not exceeding Rs. 15 plus tax
- Above Rs. 2 lakhs: not exceeding Rs.25 plus tax.
|(as of July 2015)
Inward – No fee
Rs 2 -5 lakhs : Not exceeding Rs. 30 per transaction
Above Rs. 5 lakhs: Not exceeding Rs. 55 per transaction
|Some banks offer it free, some banks charge for the service.|
|Requirements||NEFT-enabled originating and beneficiary branches plus
1.Beneficiary account number
2. IFSC number of beneficiary branch
|RTGS enabled originating and beneficiary branches plus
1.Benficiary account number
2. IFSC number of beneficiary branch
|For order initiated online:
1.Beneficiary’s account number
2.IFSC number of beneficiary branch
For order initiated on phone:
1.Beneficiary’s registered mobile number and
2.Beneficiary’s MMID (Mobile Money Identifier)
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