Below are the complete branch details for Bank of India, SOMALWADA branch, located in NAGPUR, MAHARASHTRA. The IFSC assigned by the Reserve Bank of India to this branch is BKID0008740. Whether you want to transfer money, add a beneficiary, verify a cheque or simply confirm the branch address, you will find authentic, up-to-date information on this page that has been cross-checked against the bank's branch directory and the RBI's master list of participants in the National Electronic Funds Transfer system.
The IFSC code is one of the most frequently asked-for pieces of information when somebody wants to send you money or set up a recurring credit such as a salary, EMI auto-debit or supplier payment. Knowing exactly which IFSC belongs to your branch — in this case BKID0008740 for Bank of India – SOMALWADA — saves you from rejected transfers, returned credits and the back-and-forth that follows them.
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, BKID0008740 is the IFSC of Bank of India's SOMALWADA branch. The format is fixed: BKID = bank code, 0 = reserved, 008740 = branch identifier.
Bank profile
Bank of India is among the recognised banks listed on the Reserve Bank of India's payments network. The Somalwada branch — IFSC BKID0008740 — extends the bank's services to customers in and around Nagpur, Maharashtra.
About this branch
The branch is located at PLOT NO9 MAYASMRUTIWARDHA ROAD SOMALWADA. It serves the Nagpur region and is connected to the bank's core banking platform, which means transactions initiated here are instantly visible across all other branches of Bank of India. The IFSC BKID0008740 is used to identify this branch on the RBI payments network.
Branch details at a glance
| Bank Name | Bank of India |
|---|---|
| Branch | Somalwada |
| IFSC Code | BKID0008740 |
| MICR Code | Refer to cheque leaf |
| Branch Address | PLOT NO9 MAYASMRUTIWARDHA ROAD SOMALWADA |
| City | Nagpur |
| District | Nagpur |
| State | Maharashtra |
| STD Code | 712 |
| Phone | 7122284839 |
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 SOMALWADA branch came to be assigned the code BKID0008740.
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 BKID0008740, money simply cannot be routed to the SOMALWADA branch electronically.
MICR code & cheque clearing
Apart from IFSC, every cheque book issued by Bank of India carries a 9-digit MICR (Magnetic Ink Character Recognition) code that is read by cheque-sorting machines. The MICR code, the IFSC BKID0008740 and the account number together uniquely identify the Somalwada branch and your account. The MICR for this branch is printed at the bottom of your cheque leaves.
How to transfer money using IFSC BKID0008740
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 BKID0008740 across all three.
NEFT to Bank of India, SOMALWADA using IFSC BKID0008740
National Electronic Funds Transfer is the simplest way to move money into an account at this branch. NEFT works around the clock, including Sundays and public holidays, and settles in half-hourly batches.
To send funds, add the recipient as a beneficiary in your bank's online portal, key in the account number, paste the IFSC BKID0008740, and confirm that the system picks up Bank of India – SOMALWADA. Submit the transfer request, authenticate with OTP, and the amount will reach the beneficiary in the next clearing cycle.
Real-Time Gross Settlement to SOMALWADA
If you need to transfer ₹2 lakh or more in one go to an account at Bank of India's SOMALWADA branch, RTGS is the right channel. Each transaction is settled individually in real time. Use IFSC BKID0008740 while initiating the transfer and the credit will appear within minutes.
Send money instantly through IMPS
For a real-time, anytime transfer to Bank of India – SOMALWADA, use IMPS. With IFSC BKID0008740 and the beneficiary's account number you can move up to ₹5 lakh per transaction with instant credit, any day of the year.
NEFT vs RTGS vs IMPS — which one should you use?
All three modes accept the IFSC BKID0008740 for Bank of India – SOMALWADA, but they differ in speed, minimum amount and use case. The table below summarises the differences so you can pick the right channel for the situation at hand.
| Parameter | NEFT | RTGS | IMPS |
|---|---|---|---|
| Minimum amount | ₹1 | ₹2,00,000 | ₹1 |
| Maximum amount | No RBI cap | No RBI cap | ₹5,00,000 |
| Settlement | Half-hourly batches | Real-time | Real-time |
| Availability | 24x7 | 24x7 | 24x7 |
| Best for | Routine transfers | High-value transfers | Urgent small / mid transfers |
| IFSC required | Yes – BKID0008740 | Yes – BKID0008740 | Yes – BKID0008740 |
For most retail customers crediting the Somalwada branch, NEFT or IMPS will be the quickest and most economical option. RTGS comes in for one-off, high-value movements such as property purchases, vendor settlements or large gifts.
How UPI relates to the IFSC code
UPI lets you pay using a short Virtual Payment Address instead of typing the IFSC every time, but behind the scenes every UPI mandate is mapped to an account number plus an IFSC. For accounts at Bank of India's SOMALWADA branch, the IFSC BKID0008740 is what the National Payments Corporation of India (NPCI) uses to route the credit when you tap Pay on a UPI app.
That is why, even in the UPI era, it is still worth knowing the IFSC of your home branch — for failed UPI mandates, e-mandate set-ups, third-party platform onboarding and salary or refund credits.
Products and account variants supported
Every account opened at the Somalwada branch is mapped to IFSC BKID0008740 on the RBI payments network. The branch generally supports the full retail product catalogue of Bank of India, including:
- Resident savings accounts and salary accounts
- Current accounts for businesses and professionals
- Fixed deposits, recurring deposits and tax-saver deposits
- Demand drafts, banker's cheques and pay orders
- Retail loans — personal, vehicle, education, gold and home
- Credit cards and overdraft facilities (subject to eligibility)
- Third-party investment products such as mutual funds and insurance (through tie-ups)
Whichever product you choose, the IFSC for incoming credits remains BKID0008740.
Products and services
Customers walking into the Somalwada 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 BKID0008740
Online banking and IFSC BKID0008740
Bank of India customers can register for net banking and the bank's official mobile app once their account at the SOMALWADA 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 BKID0008740 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 Somalwada branch sits at PLOT NO9 MAYASMRUTIWARDHA ROAD SOMALWADA. If you are travelling from outside Nagpur, search for the branch on a maps application using the bank name and locality, or call 712-7122284839 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 BKID0008740 and your account number.
Common mistakes to avoid when using IFSC BKID0008740
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 – SOMALWADA, 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:
BKID0008740. - 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.
Branch banking hours and holidays
Indian bank branches typically operate from 10:00 AM to 4:00 PM, Monday to Friday, and from 10:00 AM to 2:00 PM on working Saturdays (usually the 1st, 3rd and 5th Saturdays). The Somalwada branch is closed on the 2nd and 4th Saturdays, all Sundays and on national or regional bank holidays. Online channels using IFSC BKID0008740, however, work 24x7.
Verifying IFSC BKID0008740 from official sources
The IFSC listed on this page is sourced from the RBI's master list and validated against the bank's branch directory. To double-check before transferring large sums, you can also confirm BKID0008740 by:
- Looking at the cheque leaf – IFSC is printed near the MICR band.
- Opening the passbook's first page.
- Calling the branch directly on 712-7122284839.
- Visiting the bank's official branch locator page.
Branch address & contact
Bank of IndiaSomalwada Branch
PLOT NO9 MAYASMRUTIWARDHA ROAD SOMALWADA
Nagpur, Maharashtra
Phone: 712-7122284839
IFSC: BKID0008740
Frequently asked questions
How do I add Bank of India Somalwada as a beneficiary?
Log in to your internet or mobile banking app, go to Add Beneficiary, enter the account number and IFSC BKID0008740, and complete OTP verification. Once activated, you can transfer funds at any time.
What is the IFSC code of Bank of India Somalwada branch?
The IFSC code of Bank of India, Somalwada branch is BKID0008740. It is used for NEFT, RTGS and IMPS fund transfers to this branch.
What is the difference between IFSC and MICR code?
IFSC is an 11-character alphanumeric code used for online transfers, while MICR is a 9-digit numeric code printed on cheques and used by cheque-clearing machines. Both identify the Somalwada branch but serve different purposes.
Where is Bank of India Somalwada branch located?
Bank of India's Somalwada branch is located at PLOT NO9 MAYASMRUTIWARDHA ROAD SOMALWADA, Nagpur, Maharashtra.
What is the phone number of Bank of India Somalwada branch?
You can reach the branch at 712-7122284839 during regular banking hours.
Is IFSC BKID0008740 the same for all accounts at Somalwada branch?
Yes. The IFSC BKID0008740 is shared by every account held at Bank of India's Somalwada branch. Only the account number changes from customer to customer.
Can I use IFSC BKID0008740 for IMPS transfers?
Yes. IMPS works 24x7 and you only need the beneficiary's account number plus IFSC BKID0008740 to send funds instantly.
Does Bank of India Somalwada branch offer locker facilities?
Locker availability depends on branch size and customer demand. Please contact the branch on 712-7122284839 to confirm.
Summary
The IFSC code BKID0008740 belongs to Bank of India's SOMALWADA branch, located at PLOT NO9 MAYASMRUTIWARDHA ROAD SOMALWADA in NAGPUR, MAHARASHTRA. 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.
