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SBI IFSC Code
State Bank of India (SBI) IFSC code is used to initiate a NEFT, RTGS, or IMPS transfer. Without the particular SBI IFSC code, one cannot perform a wire transaction. As SBI has many branches across the nation, the IFSC code associated with each SBI branch is unique. For instance, the SBI IFSC code of Rajouri Garden, New Delhi branch is SBIN0032277, while Janakpuri, New Delhi branch code is SBIN0070837. And, in order to initiate a wire transfer from SBI Janakpuri branch to SBI Rajouri Garden branch, one must have the IFSC code of the SBI Rajouri Garden along with the receiver’s name and account number. SBI IFSC code consists of eleven letters, which include both numbers and letters. The first four letters ‘SBIN’ refer to the bank name. Then there is a zero in the middle, which is set aside for future use. The last six letters uniquely identify the branch.
How to Search State Bank of India (SBI) IFSC and MICR Code?
If you are looking for State Bank of India IFSC & MICR code of your branch, then you can easily & quickly find it out. Like, if you have an account with State Bank India, then you can see SBI IFSC Code of your home branch in your cheque book as well as on the front page of your bank pass book. You can use SBI IFSC code for wire transfer via any mode RTGS, NEFT & IMPS at your convenience. Similarly, you can get State Bank of India (SBI) MICR code printed on the front page of your bank pass book. If you don’t have a cheque book or bank pass book with you, then use drop-down menu shown at the top of the page & get SBI IFSC Code for any State Bank of India (SBI) branch. After Rationalization, SBI Revises IFSC Code for its Branches One of India’s largest public sector banks, SBI is undergoing a step-by-step process of rationalization, since SBI has merged with a few other banks in 2017. As a part of this process, approximately 125 branches have been shifted and bank staff has also been engaged. In a few cases, the merged banks have been absorbed by other SBI branches. While the bank has made changes to the IFSC codes of its concerned branches, it has rationalized approximately 1000 branches during around April 2017 – September 2017 post merger with Bharatiya Mahila Bank and 5 associate banks including State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner and Jaipur, Bank of Patiala. State Bank of India has internally updated its IFSCs, after replacing the old ones, for a smooth banking process. The accountholders must apply for fresh checkbooks, since the old ones have become invalid. How can I transfer money using SBI Bank NEFT, RTGS, IMPS processes? SBI offers various processes to ensure safe financial transactions to other SBI Bank branches as well as other bank branches across India. Clients can make use of NEFT, RTGS, and IMPS for transferring money. National Electronic Funds Transfer (NEFT) SBI has introduced the e-Monies National Electronic Funds Transfer. It is an electronic facility for transferring funds that allows hassle-free, convenient and easy money transfer. NEFT transactions for the SBI branches don’t have any maximum limit. When it comes to net banking transactions, the account holder has to set a daily limit at Rs. 1 to Rs 10 lakh. For processing online NEFT transactions, SBI follows a fixed time schedule. Real Time Gross Settlement (RTGS) Real Time Gross Settlement or RTGS is a super quick method of transferring money and the transfers are done in real time. These transactions have faster settlement cycles due to the absence of clearing house/ inter-bank settlement issues. RTGS transactions aren’t restricted to the Indian geography. There aren’t any transaction limits for transactions done through the home branch. Immediate Payment Service (IMPS) Immediate Payment Service is a smooth bank-to-bank electronic funds transfer service which is offered by SBI. With IMPS, the accountholders can send or receive funds on weekdays as well as Sundays and bank holidays with an ease. In IMPS transfers, the money funds get credited in the account of the beneficiary in a matter of seconds.
What is IFSC Code?
Now, you must be thinking what is IFSC code? So, “IFSC” stands for “Indian Financial System Code”. An IFSC code is an alphanumeric code specific to the branch of a bank, which we have already discussed above along with SBI IFSC code example. It is a unique identification number that is a pre-requisite in wire transfer. So, it’s important to know the IFSC code of your branch. It is easy to find it out too. All cheque books contain IFSC code for your convenience.
The Required Information for Transferring Funds Using Any Mode of Payment
While initiating a NEFT/RTGS transaction, State Bank of India accountholders have to provide the information mentioned below. Amount of remittance SBI Bank’s account number Bank name of the beneficiary Name of the beneficiary Account number of the beneficiary Sender to receiver information Beneficiary bank branch’s IFSC code About State Bank of India State Bank of India is a premier financial corporation. SBI’s foundation was set in 1808. Formerly, it was known as ‘Bank of Calcutta’. State Bank of India takes pride in being an Indian international, public sector investment, and banking service institution. The state-owned establishment is headquartered at Mumbai. According to the statistics, SBI’s total assets’ worth is over US Dollars 388 billion. It has 17,000 offices all over the country. Being the biggest Indian financial services firm, it has 190 branches overseas. SBI offers various banking products and services including personal banking services, NRI services, agricultural banking services, and corporate banking services, international banking services etc. to its clients. Latest SBI News SBI Reduces Average Monthly Non-Maintenance Charges for Savings Account India’s largest public sector bank- SBI has decided to reduce the charges on non-maintenance of monthly balance in savings accounts by up to 70% w.e.f from April 1. It is expected that the decision will benefit 25 crore SBI account holders across India. For Metro and Urban cities, the monthly updated charges are 15 rupees + GST, for Semi-Urban centers, it’s 12 rupees + GST, and for Rural centers, it’s 10 rupees + GST. Upon the revelation that SBI had more generated revenue from levying penalties on non-maintenance of minimum balance than actual profits, the decision to update non-maintenance charges was made. While informing about the recent developments, SBI clarified that its accountholders can now easily convert their savings bank account into a basic savings bank account without paying any extra charges. 15th March 2018 The Merger of Associate Banks is Responsible for the Higher Accounts Closure- SBI SBI has clarified that the reason behind a high number of closed accounts is the merger of its associate banks. SBI further added that minimum balance maintenance had nothing to do with the closure of these accounts. SBI got a lot of flake after reports stated that it had generated a higher revenue due to non-maintenance of minimum balance as compared to the profits earned. After that, the SBI reduced the minimum balance non-maintenance charges by approximately 75 percent, w.e.f. April 1, 2018. It has been informed that during the current financial year, 21 million SBI savings bank accounts, inclusive of 11 Pradhan Mantri Jan Dhan Yojana accounts, had been opened. 14th March 2018 SBI Bank Accounts Shifted to Other Branches without a Prior Notice, Leading to Unhappy Customers If you haven’t checked the status of your SBI account recently, it is high-time you cross check your bank’s address. You might be surprised to find that your bank account is shifted to some other branch. In a recent move, SBI has shifted many of its customers’ accounts to different branches without sending any prior notice to them. The affected customers have received a text message from the bank about the change in their bank accounts’ address and the respective IFSC code. As expected, most of the affected customers are unhappy about the changes, as they preferred to perform transactions at their chosen bank branches. Moreover, there is also a lack of consent from the customers’ part, which is creating further dissatisfaction among them. Though the senior management hasn’t responded to any query, the information gathered from different branches has revealed that this step was taken in respect to the recent merger and to reduce the operational expenses of the bank. Now, it will take time to see and tell if the affected customer base of SBI copes-up with the latest changes or not. 19th Feb 2018 SBI Offers ‘No Min Balance’ Accounts You no longer need to fret about keeping a minimum balance in your SBI savings account. India’s one of the largest bank, State Bank of India, had introduced its Basic Savings Bank Account with no minimum balance requirement last year. It frees the account holder from the trouble of maintaining a minimum balance in the account. Even those who are holding normal savings account in SBI can get their account converted into a Basic Savings Bank Deposit Account, free of cost. The applicable interest rate is also the same as other savings account with SBI. Currently, SBI offers 3.5% yearly interest rate on savings accounts deposits of up to a sum of INR 1 crore. Mentioned below are a few important things that you must know before opening a minimum balance savings account with SBI 1. You can open Basic Savings Account with any SBI Branch across India. 2. The account doesn’t require a minimum balance and also doesn’t have any upper limit restrictions. 3. It will be a KYC compliant account, as mentioned on their site. 4. You can open a joint or single Basic Savings Account by SBI. 5. After opening the account, you will get a RuPay ATM debit card issued without any costs involved. No annual maintenance charges are applied to this card. 6. As per SBI guidelines, if you are using SBI Basic Savings Account then you can withdraw money only 4 times a month. This limitation applies to ATM withdrawals, NEFT, RTGS, online transfer, cash withdrawals from the bank branch, among others. 7. The bank doesn’t levy any charges on closure and opening of inoperative Basic Savings Bank Account. Note – As per SBI guidelines, anyone who has a Basic Savings Bank Deposit Account with SBI cannot hold any other Savings Account. If you have any other Savings Account, it must be closed within a month of opening a Basic Savings Deposit Account. 15th Feb 2018 SBI Deadline to link Aadhaar Extended up to March 31, 2018 To link their Aadhaar card with their savings account, SBI account holders can use net banking, SBI app, and ATMs. Furthermore, they can visit their respective bank branch and link their accounts. The deadline to link Aadhaar has been extended to March 31, 2018. If you want to link your account using the SBI Anywhere app, you can log in and click on the ‘Requests’ tab to initiate the linking process. 8th Feb 2018 SBI Relentlessly Backs the Digital India Campaign State Bank of India (SBI), the largest public sector bank, has been proactively supporting the Digital India campaign, launched by Narendra Modi, Honorable Prime Minister of India, by encouraging people to adopt what the adopt what the campaign emphasizes on. Both SBI customers and merchants have various UPI-enabled, digital payment mobile apps, such as BHIM SBI Pay, BHIM Aadhaar, and Bharat QR. These apps are quite popular these days, as they do not require a customer’s details like Account No. and IFSC code to receive money. Instead, the sender has to only add the receiver’s virtual payment address or VPA. SBI Rath is another initiative by the State Bank of India to pave the way for its customers to make it to the digital path. 8th Feb 2018 SBI to Offer Affordable Credit Facilities to Farmers The State Bank of India may soon issue credit cards to farmers in order to provide them the much-needed access to credit facilities at affordable prices. As a part of the pilot project, this initiative will be introduced in Gujarat, Madhya Pradesh & Rajasthan. Reportedly, the SBI has received credit card applications from different states and might launch this initiative in other states on the basis of the response of the pilot project. These cards will enable farmers to buy farming products online. 31st Jan 2018 SBI to Allow Non-Resident Indians to Transfer Money to Indian accounts The State Bank of India has joined hands with an America-based company to launch a tech platform that would enable NRIs to remit to Indian bank accounts with ease. This facility will make the money transferring process easy and convenient as funds can be transferred to any bank account in India with the help of SBI’s network. 29th Jan 2018 Latest SBI IFSC Codes: Has Your Branch’s IFSC Code Changed? Here is how to Find Out Recently, it was noted that SBI changed its IFSC codes and the names of its branches in various cities with New Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, Lucknow and Kolkata and among the others. State Bank of India (SBI) made these changes to around 1,300 of its branches across the country. This is the direct result of the merger of State Bank of India with 6 of its associate banks, namely- State Bank of Bikaner and Jaipur (SBBJ), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Mysore (SBM), and State Bank of Hyderabad (SBH) and Bharatiya Mahila Bank -which happened in April 2017. SBI, the apex bank of India, has nearly 23,000 branches across the country. How to Find Out Changed SBI Branch IFSC Code The changes in the branch name and IFSC code can be easily found on their website (sbi.co.in) with the branch locator tool. This is a simple process; you can access information based on your state, district, branch code, PIN code etc. 28th Jan 2018 State Bank of India (SBI) to Install More ATMs in AP In an initiative to increase ATM penetration in various districts of Andhra Pradesh, almost 151 ATMs have been installed by the State Bank of India. The official unveiling of these ATMs in Andhra Pradesh was done by Mani Palvesan, Chief General Manager, State Bank of India (SBI). In order to provide better customer services, SBI will install more ATMs in the state by the end of the month. 3rd Jan 2018 Following SBI, Customers are going to Enjoy Decreased Lending Rates by Other Top Banks Amid the increasing competition in the market, most of the top-notch banks in India are likely to cut down their lending rates in order to correspond to those of State Bank of India (SBI). Private Banks like ICICI Bank, HDFC Bank, etc. are likely to follow the footprints of SBI, which is the apex bank of India. A decision in this regard is likely to come soon from the bank authorities. As the lending rate will be linked with the base rate, the new decreased rates are surely going to be good news for the existing customers. However, the criteria may differ for the new borrowers. 3rd Jan 2018 Former State Bank of India Associate Banks Accounts Holders Need To Apply For New Cheque Books All the account holders of SBI’s former 6 associate banks and Bharatiya Mahila Bank have to apply for fresh checkbooks, since all the previously issued checkbooks have become invalid since 31 December 2017. The notice had been issued after the government decided to merge State Bank of India with its associated banks and the Bharatiya Mahila (BM) Bank. After this merger, SBI is one of the top 50 banks across the globe in terms of assets. Recently, State Bank of India changed the IFSC codes of approximately 1300 of its branches. The request for fresh chequebooks can be made using mobile banking, net banking, or by visiting the home branch. The IFSC code is a combination of alphabets and numbers is required to receive/ send money from one bank to another. 3rd Jan 2018 Aadhaar Linking: How to Link Aadhaar with SBI Savings Account SBI, India’s largest lender, offers various options to its account holders to link their Aadhaar with their SBI accounts. Aadhaar number is a 12-digit Unique Identity Number and it is mandatory to be linked with bank accounts. As the deadline is approaching, lenders including State Bank of India have offered various options to link Aadhaar card with SBI accounts. Here is how SBI customers can link their Aadhaar number with their bank accounts through SMS. Link your Aadhaar with SBI Account through SMS service You can seed your Aadhaar number with your SBI account by sending a text message with your registered mobile number to 567676 in this particular format. < Account number> In case your mobile number isn’t registered or if your Aadhaar is linked already with your account, a reply will be sent to your mobile number. In case your mobile number is already registered, you will get a confirmation via SMS regarding the successful LINKING of your Aadhaar number. 19th Dec 2017 SBI Customers can Earn Reward Points for Every Transaction The State Bank of India is offering reward points for specific transactions through their State Bank Rewardz app, revelaed various online media sources. SBI customers will be qualified for particular reward points for a variety of transactions including opening a savings, current or demat account, making loan payments, using SBI debit card at POS (point of sale), etc. The rewards points earned can be availed to book flight tickets, movie tickets, shopping vouchers or to pay utility bills. SBI account holders can register for the services simply by downloading the State Bank Rewardz app and entering their account details such as CIF or debit card number, completing OTP verification and creating their usernames and passwords. 6th Dec 2017 State Bank Of India Increase Interest Rates On Bulk Deposits India’s largest money lender SBI has increased its interest rates by 1 percentage point for bulk deposits greater than 1 Crore Rupees across all the maturities. The interest rates for deposits lesser than 1 Crore Rupees remain unchanged. These rates were reduced by 25 basis points on 1 November. One basis point equals to one-hundredth of a percentage point. After the latest revision in the interest rate, the deposits higher than 1 crore Rupees for a minimum tenure of 365 days stands at 5.25 percent. Senior citizens will get an additional 50 basis points for all the all maturities. SBI decided to increase interest rates in order to be even with the interest levels of its competitors. Deposit growth in the bank has decreased to 8.14 from 15 percent as compared to the previous year. 30th Nov 2017 SBI Launches YONO App The State Bank of India has launched a digitally integrated banking and lifestyle platform- YONO. YONO stands for You Need Only One. It can be easily assessed on mobile phones as well as on web browsers. YONO is the first ever integrated digital portal that caters to everything regarded as financial services. It was launched by Arun Jaitley, Finance Minister and it will let the customers meet their lifestyle related needs across 14 services from paying for medical bills to booking cabs with the help of a tab. YONO offers a variety of services such as bank account opening in a jiffy, funds transfer, availing pre-approved paperless personal loans, availing overdraft facility against fixed deposits and many more. State Bank of India in partnership with e-commerce giants such as Amazon, Myntra, Jabong, Shoppers Stop, Uber, Ola, Cox & Kings, Yatra, Airbnb, Thomas Cook, Byju’s and Swiggy to provide discounts and offers to its customers. As per Rajnish Kumar, Chairman, the platform has been specially designed to offer maximum convenience to its customer. The portal has been developed using predictive analysis, machine learning and artificial intelligence. The portal has been designed to make the purchase of investment products with minimum clicks possible and access the services seamlessly. YONO app is available for Android as well as iOS platform. 29th Nov 2017 Link Aadhaar Card with your SBI Account before December 31 All SBI account holders will now have to compulsorily link their Aadhaar card number with their bank accounts and furnish their Permanent Account Number details latest by December 31, 2017, report various online sources. According to a government notification, all account holders have been requested to seed their Aadhaar card number with their bank accounts by 31st December 2017. In order to effectively notify its account holders, State Bank of India shared an announcement via its Twitter handle, stating that its account holders must submit their Aadhaar details before December 31, 2017; failing to do so may lead to accounts getting freezed. SBI account holders have various options available at their disposal to link their bank accounts with Aadhaar. Some such options include SMS, ATMs, or net banking. Alternatively, SBI account holders can do so by visiting one of their nearest SBI branches. 22nd Nov 2017 SBI is Likely to Expand its Overseas Operations The State Bank of India is all set to expand its overseas operations. The bank is looking to add more countries to its network, revealed sources in the online media. If news in the online media is anything to go by, SBI will soon be opening more number of branches in several countries including Vietnam, Nepal, etc. This move is part of a three-year goal to strengthen its international operations for minimum 15 percent of its operations. SBI is amongst the 50 leading banks across the globe that have global branches. SBI has already registered its presence in 35 plus countries and it has 206 offices in Asia alone. Sources further reveal that SBI aims to open 100 offices in Nepal alone. It would be interesting to see how many countries does SBI add to its existing network. But one thing is for sure the banking giant from India is soon going to ensure a widespread presence to ensure easy operations for its customers and patrons worldwide. 20th Nov 2017 No Need to Maintain Minimum Balance- State Bank of India The State Bank of India doesn’t necessitate its account holders to maintain a minimum balance in selected kinds of accounts. State Bank of India offers a special kind of savings account- Basic Savings Bank Account. It is excluded from the requirement of maintaining minimum account balance. Apart from the basic savings bank account, other categories excluded from maintaining the monthly average balance include No frill Accounts, financial inclusion accounts, small accounts and salary package accounts. However, if you want to know the code without creating an account, you can do so via the internet. There is an official website of IFSC code where you can know all about this code.