Bihar Gramin Bank Koili Simra IFSC Code

In the heart of Purnia district, nestled in Bihar, you’ll find Koili Simra. For residents and businesses in this area, managing money often involves digital transfers. Whether you’re sending funds to family, paying bills, or handling business transactions, understanding how to move money electronically is key. This is where the Indian Financial System Code, or IFSC, becomes essential. It’s a unique code that allows for smooth and secure fund transfers through systems like NEFT, RTGS, and IMPS, ensuring your money reaches the right bank and branch quickly.

Branch Details

Here are the specific details for the Bihar Gramin Bank branch located in Koili Simra:

Bank Name	Bihar Gramin Bank
Branch Name	Koili Simra
IFSC Code	PUNB0MBGB06
MICR Code	800811002
Branch Code	108096
Branch Address	Koili Simra, PURNIA, 854104, 9297955804
Contact Number	9297955804
City	PURNIA
District	PURNIA
Pincode	854104
State	Bihar

Merger Update

The banking landscape in Bihar has seen significant changes to better serve its communities. Previously, there were two distinct regional rural banks: Uttar Bihar Gramin Bank (UBGB) and Dakshin Bihar Gramin Bank (DBGB). These two banks have since merged to form a single, unified entity known as Bihar Gramin Bank.

This consolidation was done to streamline operations and enhance banking services across the state. Following the merger, all branches under the new Bihar Gramin Bank, including Koili Simra, now operate under a standardized IFSC code. This new code, PUNB0MBGB06, is issued under the guidance and sponsorship of Punjab National Bank, the parent public sector bank. It is crucial for customers to understand that any old IFSC codes previously associated with UBGB or DBGB are no longer valid for transactions. For any fund transfers to Bihar Gramin Bank branches, including Koili Simra, you must exclusively use the new, unified IFSC code: PUNB0MBGB06.

What is IFSC Code?

An IFSC code, or Indian Financial System Code, is an 11-character alphanumeric code used to uniquely identify every bank branch participating in online money transfers in India. It’s like a digital address for a bank branch. The structure of the code is easy to understand:

• The first four characters represent the bank name. For example, in PUNB0MBGB06, “PUNB” stands for Punjab National Bank, the sponsor bank for Bihar Gramin Bank.
• The fifth character is always a “0” (zero). This character is reserved for future use, allowing for potential changes or expansions in the banking system’s structure without needing to redesign the entire code.
• The last six characters uniquely identify the specific bank branch. In this case, “MBGB06” refers to the Koili Simra branch of Bihar Gramin Bank.

This standardized format ensures that every transaction is routed to the correct bank and branch, minimizing errors and speeding up the transfer process.

How to Use IFSC Code

Using an IFSC code is straightforward when you’re making digital fund transfers through various banking channels. Here’s a basic guide for the most common methods:

• For NEFT (National Electronic Funds Transfer): This system processes transactions in batches at specific intervals.
  1. Log in to your internet banking portal or mobile banking app.
  2. Go to the “Fund Transfer” or “Payments” section.
  3. Select “NEFT” as the transfer type.
  4. Add a new beneficiary. You’ll need the beneficiary’s name, their bank’s name (Bihar Gramin Bank), their account number, the account type (savings or current), and the IFSC code (PUNB0MBGB06).
  5. Enter the amount you wish to transfer and confirm the details.
• For RTGS (Real-Time Gross Settlement): This is ideal for large value transactions, as funds are transferred in real-time on a one-to-one basis.
  1. Access your internet banking or mobile banking.
  2. Choose “RTGS” for the fund transfer.
  3. Similar to NEFT, you’ll need the beneficiary’s name, bank name, account number, account type, and the correct IFSC code (PUNB0MBGB06).
  4. Input the transfer amount (which must meet the minimum RTGS threshold, usually Rs. 2 lakhs) and finalize the transaction.
• For IMPS (Immediate Payment Service): This allows for instant, 24/7 fund transfers, even on holidays.
  1. Open your mobile banking app.
  2. Select “IMPS” for the transfer.
  3. You can usually transfer funds using either the beneficiary’s mobile number and MMID (Mobile Money Identifier) or by entering their bank account number and the IFSC code (PUNB0MBGB06).
  4. Enter the amount and confirm the transaction for an immediate transfer.

Always double-check the IFSC code and other beneficiary details before confirming a transaction to prevent errors.

Benefits of Knowing Your IFSC Code

Understanding and knowing the correct IFSC code for your bank branch, or the branch you wish to send money to, offers several important benefits:

• It ensures the accurate routing of your money to the intended bank and branch during electronic transfers.
• It is mandatory for all digital transactions such as NEFT, RTGS, and IMPS, making online banking possible.
• It reduces the chances of failed transactions or funds being sent to the wrong account due to incorrect branch identification.
• It acts as a crucial identifier for various financial services beyond just fund transfers, including setting up recurring payments or direct debits.
• It allows for quick and efficient interbank transfers, promoting the speed and reliability of India’s banking system.

Contact Information

Should you need to get in touch with Bihar Gramin Bank for any queries related to the Koili Simra branch or general banking services, here are the contact details:

• Koili Simra Branch Phone Number: 9297955804
• Koili Simra Branch Address: Koili Simra, PURNIA, 854104, Bihar
• Bihar Gramin Bank Head Office Address: SHRI VISHNU COMMERCIAL COMPLEX, ASOCHAK, PATNA-800030, BIHAR
• Toll-Free Customer Service Number: 18001807777

Frequently Asked Questions (FAQs)

What does IFSC stand for?
IFSC stands for Indian Financial System Code. It is an 11-character alphanumeric code used to uniquely identify every bank branch participating in online fund transfers in India.

Is the fifth character of an IFSC code always zero? If so, why?
Yes, the fifth character of an IFSC code is always ‘0’ (zero). This character is reserved for future use. It acts as a control digit and allows for potential expansion or changes in the banking identification system without requiring a complete overhaul of existing codes.

Can I use an old IFSC code for a Bihar Gramin Bank branch if I previously had one for Uttar Bihar Gramin Bank or Dakshin Bihar Gramin Bank?
No, you cannot. Following the merger of Uttar Bihar Gramin Bank (UBGB) and Dakshin Bihar Gramin Bank (DBGB) into Bihar Gramin Bank, all old IFSC codes from UBGB and DBGB have been revoked. You must use the new, unified IFSC code, such as PUNB0MBGB06 for the Koili Simra branch, for all electronic fund transfers.

What is the main difference between NEFT, RTGS, and IMPS?
The main differences lie in their processing time and transaction limits:

• NEFT (National Electronic Funds Transfer) processes transactions in batches, usually hourly, with no minimum or maximum amount (though banks may set limits).
• RTGS (Real-Time Gross Settlement) processes transactions individually and in real-time, meaning funds are transferred almost instantly. It is typically used for large value transfers, usually Rs. 2 lakhs and above.
• IMPS (Immediate Payment Service) offers instant, 24/7 transfers, even on holidays, with no minimum amount and typically a maximum limit of Rs. 5 lakhs per transaction.

Where can I find the IFSC code for other Bihar Gramin Bank branches or other banks?
You can find IFSC codes in several places:

• On your bank’s cheque book or passbook.
• On the official website of Bihar Gramin Bank or the Reserve Bank of India (RBI).
• By contacting your bank’s customer service.
• Through various reliable third-party financial websites that provide bank branch details.