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Bank of India IFSC Code
Bank of India, a leading nationalized bank in India, considers the safety of their customers as their first priority. With that in mind, the bank has adopted the use of the IFSC code.
How does the IFSC Code Help?
The IFSC code, short for Indian Financial System Code, is a boon for banks and account holders alike. The concept was developed keeping in mind the need for security in transactions. The IFSC code is an eleven digit alphanumeric code. The first four digits represent the bank’s identification, the fifth is a number (usually 0), and the last six digits represent the branch of the bank.Each and every Bank of India branch has its own IFSC code which is printed on the checkbook for an easy reference.
A Unique Approach to Security
To make a NEFT or IMPS transaction, the IFSC code is needed. A person holding an account with the BOI should provide the IFSC code of his/her home branch from where they opened their account. The online banking portal of BOI has made the transaction process involving the IFSC code into a user-friendly one.