IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
BOI IFSC Code is a Unique code which identifies each bank branch. The main purpose of IFSC Code is to participate each bank branch in the two main
payment and settlement systems in India.
1) RTGS : Real Time Gross Settlement
2) NEFT : National Electronic Fund Transfer
For Example :
BOI IFSC Code : BKID0000001 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : BKID for Bank : BANK OF INDIA
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 000001 for Bank Branch MUMBAI (MAIN)
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for boi represents Magnetic Ink Character Recognition technology which is printed on cheques. This MICR Code is used for the identification of the cheques for faster processing.
MICR Code is a Unique code which identifies each bank branch. The main purpose of MICR Code is to participate each bank branch in an Electronic Clearing System (ECS).
MICR Code for BANK OF INDIA : 400013087 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 400 for City : MUMBAI
Middle 3 digits reprents Bank Code: 013 for Bank : BANK OF INDIA
Last 3 digits represents Branch Code : 308 for Bank Branch MUMBAI (MAIN)
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