State Bank Of India IFSC Code

The SBI IFSC code is an 11-digit alphanumeric number that is assigned to the bank by the Reserve Bank of India. The State Bank of India IFSC code allows an individual to carry out online fund transfers. Using the SBI IFSC code, the State Bank of India bank account holders can transfer money through payments systems such as IMPS, RTGS and NEFT. SBI IFSC code for each branch bank is different for various cities and states. The first four digits of the SBI IFSC code are ‘SBIN’, the fifth digit is ‘0’ and the last six digits represent the specific branch of the bank.

For example, consider this:

IFSC Code of SBI, Dr Annie Besant Rd, Worli, Mumbai is: SBIN0000290

Here SBIN is the name of the bank

Fifth character is 0 The last six digits-000290 is the bank branch code that helps RBI identify the bank branch without any error.

Similarly, SBI IFSC code of Bhiwandi, Anjur Phata branch is SBIN0015251.

The last six digits are different from the Worli SBI IFSC code which provides the bank with a unique identity. To make fund transfers online to SBI bank account, it is mandatory for an individual to know the IFSC code of the branch bank.

One can find SBI IFSC and MICR code on the chequebook and passbook issued by the bank. The codes can also be found on the website SBI bank’s official website or online on any trusted website. On the chequebook, the SBI IFSC code is found next to the address of the bank. Whereas on the passbook, you can locate it on the front page. The SBI MICR code can be found at the bottom of the chequebook. MICR code is Magnetic Ink Character Recognition that is used to make cheque clearing process easier and transparent.

Information required for transferring funds to SBI bank account

• Name of the beneficiary
• Name of the SBI branch bank
• SBI bank account number of the beneficiary
• IFSC code of the branch bank of the beneficiary
• Beneficiary contact details

The State Bank of India is one of the largest public sector banks in the country. The bank is going through a step-by-step rationalization process and has merged with a few other banks in the year 2017. Due to the rationalization process, over 125 branches and the bank employees have also been shifted accordingly. In the period between April 2017 - September 2017, SBI has rationalized over 1000 branches and has merged with a few associate banks like State Bank of Mysore, Bhartiya Mahila Bank, State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur due to which the IFSC code of certain bank branches have changed. To make online fund transfer an easy process, SBI has already mapped the old IFSC code with the new ones. SBI bank account holders should apply for fresh chequebooks since the old ones contain the old code and are no longer valid.

SBI offers different payment system such as NEFT, IMPS and RTGS through which fund transfers can be done to SBI bank branches as well as other branch banks.

Transferring money using SBI IFSC code through NEFT

SBI has introduced the National Electronic Fund Transfer that allows account holders to transfer money in an easy and convenient way. SBI has not set any maximum transaction limit. However, the daily transfer limit has been set to Rs.1 and up to Rs’10 lakh. To do a NEFT transaction from SBI account to any other SBI bank or any other bank, IFSC code of the transferor bank is required. The bank follows a set of scheduled timings only during which the money transfers can be done.

Real Time Gross Settlement (RTGS)service by SBI:

SBI lets you transfer money real time in a quick and easy way through the real-time gross settlement payment system. This payment system does not involve any waiting time and the funds can be transferred within geographical boundaries of India anytime, from anywhere. To transfer money via RTGS, it is important for the transferor to know the IFSC code of the beneficiary’s bank branch. This payment system is usually used to make big amounts i.e. more than Rs.2lakh

Immediate Payment Service (IMPS)

service by SBI: Introduced in the year 2010, this is a new payment service offered by SBI. This system requires an individual to know the beneficiary IFSC code and bank details to make a successful transaction. This payment service by SBI allows you to transfer and receive funds on weekdays as well as weekends. Through IMPS, funds get transferred to the beneficiary’s account in no time. However, to use this system, an individual should know about the IFSC code of the transferee bank.

Minimum and maximum transaction amount through RTGS / NEFT transactions under Retail Internet Banking?

Minimum and maximum transaction amount for RTGS / NEFT transactions under Corporate Internet Banking?

TGS/NEFT/ECS CHARGES

RTGS Customer Transactions

RTGS Inter-Bank Transactions

State Bank of India (SBI) is an Indian multinational, public sector banking and financial company. Since 1973, the bank is involved in non-profit activity called Community Services Banking. The bank is India’s largest bank and a fortune 500 company. The bank functions with a mission to provide simple, responsive and innovative financial solutions. The bank is a government owned corporation headquartered in Mumbai. SBI was originally established in 1808 as ‘Bank of Calcutta’.