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To facilitate inter-bank electronic funds transfer the RBI uses the IFS code to identify all banks and their branches within the NEFT (National Electronic Funds Transfer) network. The IFSC enables you to receive payments or make transactions virtually.
The IFSC Format for Bank of Baroda IFSC Code:
The IFSC or Indian Financial System Code comprises of 11 digits in an alpha-numeric format.
The first four characters are alphabets denoting the name of a particular bank. For instance the Bank of Baroda IFSC code would have ‘BARB’ for the first four characters, Citibank has ‘CITI’ and so on.
The fifth character is always ‘0’ marked for later use irrespective of bank or branch.
The last 6 characters denote the branch of that particular bank and are unique to every branch. These last 6 characters are usually digits. But in Bank of Baroda IFS code these last 6 characters are alphabets which denote the branch. For instance the IFS Code BARB0ADAHYD would be decoded as:
- BARB- Bank of Baroda (Bank Name)
- 0-Which is the constant 5th character for all IFSC for all banks and branches.
- ADAHYD- Adarsh Nagar Hyderabad. (Branch)
How to Find the IFSC for Any Bank of Baroda Branch Office?
- To find the IFS code for any Bank of Baroda branch just go to their website and go to ‘Find IFSC code for Baroda Bank’ and feed in the required information regarding the State, District, City, and Branch in the appropriate spaces and the IFSC code will be generated along with the contact phone numbers and address of that particular branch.
- You can also go to http://banksifsccodes.com/ to determine the IFS code for any bank and any of its branches.
- The chequebook leaves also show the IFS code
- You can just ring up any Bank of Baroda office and get the information.
Uses of Bank of Baroda IFS code:
The IFS code enables virtual transactions like:
- RTGS- Real Time Gross Settlement:
- NEFT- National Electronic Fund Transfer:
- Internet Banking
- Online bill payment, shopping and booking
- To locate or find Bank branches in different cities & state.
RTGS is a system which allows money to be transferred from one bank to another. It is a real time transfer system, and the minimum amount of transfer is Rupees two lakhs. There is no upper limit for the amount which can be transferred by RTGS.
NEFT is an online system of amount transfer between banks and Accounts supported by RBI. There is no minimum amount limit for NEFT.
The IFSC is always specific to a particular branch of a bank and is a kind of unique identification number. This code facilitates virtual inter-bank transaction by specifying the two banks or branches at the two ends of the transaction.