IFSC Code of Bank of India, Park Market Branch, Jharkhand

Use this page as a one-stop reference for everything related to Bank of India's PARK MARKET branch in DHANBAD, JHARKHAND. The branch's IFSC code BKID0005874 is the key identifier you need whenever a remitter, employer or biller asks for a bank routing number to send funds to an account held at this branch. We have also included the branch's postal address, telephone number, banking hours, common services, and an extensive FAQ block that should answer almost every question that comes up when you are about to add this branch as a beneficiary in your net-banking app for the first time.

IFSC stands for Indian Financial System Code. It is an 11-character code that pinpoints a particular bank branch on the RBI's real-time payment rails. Every NEFT, RTGS or IMPS instruction must carry the destination branch's IFSC for the credit to land in the correct account.

In our case, BKID0005874 is the IFSC of Bank of India's PARK MARKET branch. The format is fixed: BKID = bank code, 0 = reserved, 005874 = branch identifier.

About Bank of India

Bank of India operates a wide network of branches across India, including the Park Market branch in Dhanbad. Each branch is enabled for NEFT, RTGS, IMPS and core banking, allowing customers to send and receive money anywhere in the country using a unique IFSC – in this case, BKID0005874.

Park Market branch overview

Located at AT PARK MARKET PO HIRAPUR DISTT DHANBAD, the Park Market branch handles regular banking operations such as account opening, fixed and recurring deposits, locker facilities, loans, and trade finance services where applicable. The IFSC BKID0005874 is required for all interbank electronic transfers routed through this branch.

Branch details at a glance

The role of IFSC in India's payments network

India's electronic payment infrastructure — NEFT, RTGS, IMPS, UPI and the National Automated Clearing House (NACH) — is built on a single principle: every participating bank branch must be uniquely identifiable by an alphanumeric code. The Reserve Bank of India introduced the IFSC system to fulfil this requirement, and that is how Bank of India's PARK MARKET branch came to be assigned the code BKID0005874.

Whether you are receiving a salary on the first of the month, paying a vendor invoice, settling an EMI, or accepting a refund from an e-commerce platform, the IFSC is the silent piece of metadata that tells the network where your account lives. Without IFSC BKID0005874, money simply cannot be routed to the PARK MARKET branch electronically.

MICR & cheque-truncation details

Cheques drawn on the Park Market branch are processed through the Cheque Truncation System (CTS). Each cheque carries a unique 9-digit MICR code that pairs with IFSC BKID0005874 for clearing. If you receive a cheque from this branch, both codes will be visible on the cheque leaf.

How to transfer money using IFSC BKID0005874

Online transfers in India are powered by three major channels — NEFT, RTGS and IMPS — and each one requires a destination IFSC. Below is a quick guide for using IFSC BKID0005874 across all three.

How to use IFSC BKID0005874 for an NEFT transfer

NEFT (National Electronic Funds Transfer) is the most widely used method for sending money to Bank of India's PARK MARKET branch. NEFT now settles on a 24x7 basis in half-hourly batches and has no upper limit for retail customers (individual banks may impose their own caps).

1. Log in to your internet banking or mobile banking app.
2. Choose Add Beneficiary and select NEFT / Other Bank.
3. Enter the beneficiary name, account number and the IFSC BKID0005874.
4. Confirm the bank name auto-populates as Bank of India and the branch as PARK MARKET.
5. Approve the beneficiary using OTP. Once activated, transfer any amount and the credit will reflect in the next NEFT cycle.

RTGS transfers via IFSC BKID0005874

RTGS (Real-Time Gross Settlement) is the fastest high-value transfer mechanism in India. It is meant for transfers of ₹2 lakh and above and settles each transaction individually and instantly. To remit through RTGS to Bank of India – PARK MARKET, ensure your bank's portal accepts IFSC BKID0005874 while registering the beneficiary. RTGS is also available 24x7.

IMPS to Bank of India PARK MARKET (IFSC BKID0005874)

IMPS (Immediate Payment Service) offers instant, 24x7 fund transfers up to ₹5 lakh per transaction. Provide the beneficiary's account number along with IFSC BKID0005874 in your mobile or internet banking app, and the money is credited to the PARK MARKET branch account within seconds.

Comparing NEFT, RTGS and IMPS for transfers to Park Market

The right transfer rail depends on how urgent the payment is, how large it is, and whether the receiving bank participates in the chosen scheme. Every option below works with the IFSC BKID0005874:

• NEFT — best for everyday transfers of any amount; settles in half-hourly batches around the clock.
• RTGS — best for transfers of ₹2 lakh and above; settles each transaction individually in real time.
• IMPS — best when speed matters more than batch scheduling; instant credit up to ₹5 lakh.
• UPI — best for small peer-to-peer payments using a VPA; the underlying account at PARK MARKET is still linked to IFSC BKID0005874.

For salary credits, vendor payouts and refunds, employers and merchants usually default to NEFT because of its zero per-transaction cost for retail customers and its 24x7 availability.

UPI payments and IFSC BKID0005874

UPI (Unified Payments Interface) has become the default way for individuals to send money in India. While most UPI transactions are addressed using a Virtual Payment Address (VPA) like name@bank, the underlying account at Bank of India – PARK MARKET is still mapped to IFSC BKID0005874. When a customer links a savings or current account to a UPI app for the first time, the app silently looks up this IFSC against the account number to verify the account exists. The VPA acts as a friendly alias on top of the same plumbing.

If a UPI transfer to or from this branch fails, the most common reasons are an inactive UPI handle, a daily limit breach or a temporary outage at one of the participating banks — not the IFSC. You can always fall back to NEFT or IMPS using the IFSC BKID0005874 and the beneficiary's account number to complete the transfer.

Account types you can open at the Park Market branch

Once you have an account at Bank of India – PARK MARKET, the IFSC BKID0005874 stays the same regardless of the type of account you hold. The branch typically supports the following options:

• Savings account — for individuals, with chequebook, ATM card and net-banking access.
• Current account — for sole proprietors, partnerships and companies that need higher transaction volumes.
• Salary account — opened in bulk for corporate employees, often with zero-balance benefits.
• NRE / NRO accounts — for non-resident Indians who want to repatriate or maintain rupee balances in India.
• Fixed deposit and recurring deposit — term-based investment accounts with quarterly or cumulative interest.
• Senior citizen accounts — concessional minimum balance and a small interest rate premium on FDs.
• Minor and student accounts — operated jointly with a guardian until the customer turns 18.

Eligibility, minimum balance and KYC requirements vary by product. Speak to a relationship officer at the branch for the latest schedule of charges and interest rates.

Products and services

Customers walking into the Park Market branch can access most of Bank of India's standard product suite, including:

• Account opening – savings, current, NRI, salary
• Term deposits and recurring deposits
• Retail and small-business loans
• Insurance and mutual-fund tie-ups
• Locker, safe deposit and ATM card services
• Online and mobile banking activation
• Electronic transfers via IFSC BKID0005874

Online banking and IFSC BKID0005874

Bank of India customers can register for net banking and the bank's official mobile app once their account at the PARK MARKET branch is active. Net banking lets you view balances, download statements, open fixed deposits, request cheque books and initiate NEFT/RTGS/IMPS transfers — all without setting foot in the branch. The IFSC BKID0005874 is pre-filled by the bank for transfers originating from your own account, and you only need to enter it manually when adding an external beneficiary or sharing your account details with a third party.

Reaching the branch

The Park Market branch sits at AT PARK MARKET PO HIRAPUR DISTT DHANBAD. If you are travelling from outside Dhanbad, search for the branch on a maps application using the bank name and locality, or call 91-7283233141 to ask for landmarks. Many customers find it easier to skip the trip altogether: net banking, mobile apps, NEFT, RTGS, IMPS and UPI all work using the IFSC BKID0005874 and your account number.

Common mistakes to avoid when using IFSC BKID0005874

An incorrect IFSC almost always results in a failed transfer or, worse, a credit to the wrong branch. Before you click Confirm on a transfer to Bank of India – PARK MARKET, double-check for these issues:

• Confusing 0 with O. The fifth character of every IFSC is the digit 0, not the letter O. Read carefully.
• Spaces or hyphens. Do not put spaces in the IFSC. It is exactly 11 characters: BKID0005874.
• Wrong branch. A bank can have dozens of branches in the same city. Make sure you are using the IFSC for the actual branch where the beneficiary holds the account, not just any nearby branch.
• Old IFSC after a merger. If two banks have merged, the IFSC may have been reissued. Always verify with a recent passbook or cheque leaf.
• Copy-paste from chat. Auto-correct on phones can silently change letters in IFSC codes. Type carefully or copy from a trusted source like the cheque book.

Working hours

Branch counters at Park Market are usually open from 10 AM to 4 PM on weekdays. Saturdays follow the RBI's alternate-Saturday rule. Even when the branch is closed, NEFT, RTGS, IMPS and UPI transfers addressed to BKID0005874 continue to work without interruption.

Other ways to verify the IFSC code

While this page already lists the verified IFSC BKID0005874 for Bank of India – PARK MARKET, you can cross-check the code from any of these sources before initiating a high-value transfer:

• The front of the cheque book issued by the branch – the IFSC is printed at the top of every leaf.
• The first page of your passbook.
• The bank's official website under the branch locator.
• The Reserve Bank of India's IFSC search portal.
• Net banking dashboards usually display the home-branch IFSC under account details.

Branch address & contact

Frequently asked questions

Summary

The IFSC code BKID0005874 belongs to Bank of India's PARK MARKET branch, located at AT PARK MARKET PO HIRAPUR DISTT DHANBAD in DHANBAD, JHARKHAND. Use this code along with the beneficiary's account number for any NEFT, RTGS or IMPS transfer to this branch. Bookmark this page for quick reference whenever you need the branch's banking details.