BKID0005609 is the IFSC code of Bank Of India, that is assigned by the Reserve Bank of India (RBI). This code helps the Indian financial system to transfer funds from bank account numbers in India and internationally like NEFT/RTGS/IMPS
The details above validate that the Bank Of India has its operations in the Majhipali, Odisha branch located at the Bank Of India, Majhipali Branch, At-debeipali, Po-sason, Dist-sambalpur, Odisha - 756200. This confirms that if you plan on doing a financial transfer, you must be sure of the Bank Of India IFSC code to ensure that the transfer happens without any hassles.
While all of us understand IFSC codes by now, let’s understand MICR code as well. This is termed as Magnetic Ink Character Recognition which is a character recognition technology that helps in processing cheques faster. Bank Of India bank branch has a unique MICR code which helps RBI identify the Bank Of India branch, and speed up the cheque clearing process.
While Bank Of India IFSC is an 11 digit code, MICR is a 9 digit code, and the basic difference between these two codes is that IFSC code is used for Bank Of India online transactions, while MICR is used for Bank Of India offline transactions, like Cheque.
These two aspects are of great importance for Bank Of India financial transaction in both Bank Of India online transactions and Bank Of India offline transactions, and you can choose the one that works well for you.
Uses of Majhipali IFSC Code:
NEFT - National Electronic Fund Transfer. Enables you to electronically transfer funds from your bank account to any other account of the same bank or different bank.
RTGS - Real Time Gross Settlement. Transfer a minimum limit of Rs. 2 lakh.
IMPS - Immediate payment service. Bank account holder can transfer funds 24 x 7 365 days
Online Fund Transfer via NEFT, RTGS and IMPS.