This 11 character code is used in electronic payment. The name of the bank is revealed by its initial four digits. In this the fifth digit is zero. The last 6 digits indicate the branch code.
For those who have got their account in Bank of Baroda, there is an important update regarding IFSC. Actually, online banking system has made our life very easy. Whether to make a payment or transfer money to someone, we can transfer online within a few seconds. The one most important thing that is required in online transactions along with account number, bank, account holder details is IFSC.
IFSC means Indian Financial System Code. If you make a mistake while transferring money, then there can be a big loss. Therefore it is very important to fill it correctly. If the IFSC code of banks is changing, then more caution is needed. Those who have an account in Bank of Baroda, they should take information about the new IFSC code.
Old IFSC code will not work from July 1
The account has been made in Bank of Baroda… This means that those whose account was earlier in Vijaya Bank or Dena Bank. Actually, two years ago in the year 2019, Dena Bank and Vijaya Bank were merged with Bank of Baroda (BOB). After this decision, customers of Dena Bank and Vijaya Bank joined Bank of Baroda. Now the new IFSC code of the bank branches of the customers has been issued.
Get new IFSC code
Detailed information has been given in this regard by Bank of Baroda. According to the BOB, the IFSC of Dena Bank and Vijaya Bank will be closed after June 30. In such a situation, if your account is in both these banks, then take a new IFSC as soon as possible. Otherwise, you will not be able to do online transactions from July 1.
The new IFSC code is on the website
Actually, after the merger of banks, there has been a change in the IFSC code for the account holders. In such a situation, it is necessary for you to find out the new IFSC code and update the new code from where you are getting money. If you do not update the new IFSC code, the money credited to your account may get stuck. The list of new IFSC codes has been updated on the bank’s website.
Click here to know the new IFSC Code.
You can also find out the new code like this
- You can find out the new code by visiting your bank branch.
- Information about the new IFSC code has also been given in the letter and SMS sent to you.
- You can also find out by calling the toll free number 18002584455/18001024455.
- You can find out through SMS. For this, you can also find the IFSC code by sending the last four digits of the MIGR <Space> account number to 8422009988.
What is IFSC Code?
IFSC ie (IFSC) is an 11 digit code. This code is given to all banks by RBI (Reserve Bank of India). This 11 character code is used in electronic payment. The name of the bank is revealed by its initial four digits. In this the fifth digit is zero. The last 6 digits indicate the branch code. The IFSC code of BOB starts with BARB.
What if wrong IFSC code is entered?
Care should be taken in filling the IFSC code while doing online transactions. Entering the wrong code can lead to error. However, the transaction with the wrong code is possible only if the account number and name should be correct. For example, suppose you are in Lucknow branch of Bank of Baroda and while doing online transfer, you have entered the IFSC code of Noida branch instead of that branch, then the transaction will be done.
Understand by example
If you put the code of SBI Delhi instead of BOB Noida. That is, the bank is also wrong and the city is also wrong. Even then it is possible that your money may get transferred to the wrong account. However, this is possible only if the account number of a customer in the same bank is the same. Its chances are very less.
If the code or account number does not match, the online transfer will be cancelled. However, it is better to keep your correct IFSC code with you than to get into such a mess and keep away the apprehensions of loss.
Get a new check book
Bank of Baroda has informed through Twitter, ‘New IFSC Codes of old branches of Dena and Vijaya Bank can be easily obtained! Please obtain check book with new MICR from your branch by 30th June, 2021 or apply through Net Banking / Mobile Banking.’
