The State Bank of India (SBI) is the largest Indian public sector bank in India with over 23% market share in assets. It is a government corporation and ranks 236th in the Fortune Global 500 list for the biggest worldwide corporations in 2019. SBI also holds over 25% of the total deposits and loan market of India.
Apart from providing conventional banking, SBI also offers investment banking, private banking, mortgage banking, wealth management, finance, credit cards, and even insurance services to tens of millions of customers from all walks of life. To ensure prompt and efficient banking services, SBI has over 24,000 bank branches spread across the country. These bank branches are effectively controlled and managed with the help of 57 zonal offices which are supervised by 16 regional hubs in the top big cities in India.
About SBI IFSC Code
The Indian Financial System Code (IFSC) is an efficient technique used to identify a particular bank and its branch, especially when you wish to perform electronic money transfers.
IFSC is an 11-digit alphanumeric code and is assigned to every RBI-approved bank operating in India. An IFSC code’s first four alphabets identify the particular bank and the 5th place is left blank for future purposes while the remaining 6 digits identify the specific branch of the bank.
If you, as a bank account holder, wish to send an amount through online banking (RTGS, NEFT, IMPS, etc) then you will need the recipient’s bank’s IFSC code. Having the recipient’s IFSC code makes online money transfer extremely easy.
As of 2017, the SBI had to rename the IFSC codes of some of its branches after the merger of 5 associate banks and 1 cooperative bank with it. Resulting from the merger, the SBI has had to shift as many as 1,300 branches, including staff, in numerous cities across India.
Importance of SBI IFSC Code
An IFSC code is extremely important today. If you have to regularly transfer amounts from your bank account to different accounts, then it is very important to have their IFSC codes handy.
The RBI has made IFSC codes mandatory for online transfers because they:
- Identify Bank Branch – An IFSC basically identifies a particular branch of the bank that you wish to transfer money using any online money transferring service with your bank.
- Streamline Online Money Transfers – Using IFSC codes to transfer money through online automatic system is extremely helpful to streamline the process by minimizing the risk of errors as well as protecting against online monetary fraud.
- Simplify Online Payments – With the help of the IFSC code of the recipient’s bank account, it is extremely simple to use online money transfer services, such as NEFT, RTGS, and IMPS.
Uses of SBI IFSC Code
Being the ideal bank and branch identification system, the IFSC codes are mandatory for online money transfers, as per RBI regulations.
Hence, you will need the SBI IFSC code for the recipient’s SBI bank account, if you wish to make online money transfer using:
- NEFT – National Electronic Fund Transfer (NEFT) is the perfect way to transfer amounts up to INR 200,000 from your bank account to another. NEFT bank transfers are processed in batches collected within a couple of hours each working day. This makes NEFT money transfers almost instant, as soon as the batch is processed completely.
- RTGS – Real Time Gross Settlement (RTGS) is another excellent way to transfer large sums of money online from your bank account to any other bank account. Similar to NEFT, the RTGS money transfer requests are also processed in several batches during workdays. With RTGS, you can transfer as low as INR 200,000 and over to the recipient bank account almost instantly.
- IMPS – Immediate Payment Service (IMPS) is yet another efficient online money transferring option. It works similar to NEFT and RTGS as far as online money transfers are concerned however the advantage with IMPS is that it can be accessed and used from your mobile phone, round-the-clock.
Find SBI Branch Code
Finding SBI IFSC code is easier today. There are several different ways you can search for the recipient’s SBI IFSC code.
To confirm that the provided IFSC code is for an SBI bank, simply check to see whether the first four alphabets are “SBIN”, followed by “0” and then six numeric digits.
To find it, you can check the:
- SBI Cheque Book – Every cheque book provided by SBI has the bank branch’s IFSC code printed clearly. You can find the SBI IFSC code on the SBI check book’s top margin, just below the complete address printed on it.
- SBI Pass Book – The passbook provided by SBI bank also has the bank branch’s correct IFSC code printed on it. You can find the IFSC code on the first pages of the bank passbook, where the bank account details are printed.
- SBI Website – In case the recipient does not have their cheque/cheque book or bank passbook, then it can also be found by a simple search on the official SBI website. Simply choose the city and branch name from the drop-down list and you will get the accurate SBI Bank IFSC code immediately on your screen.