Check Out Complete Details About SBI IFSC Code
State Bank of India is one of the largest multinational public sector financial institutions in India. It is currently headquartered in Mumbai, with branches spread across all the corners of the country. Today most account holders of SBI use the online fund transfer system because it offers great security and flexibility. However, to use this system, they need to know the IFSC code SBI because, without this code, it is impossible to transfer money online.
What is IFSC Code SBI?
The State Bank of India IFSC code is an eleven-digit code given by the RBI to provide a unique identity to all its branches. It consists of alphanumeric characters which keep changing with its branch. For example, IFSC code SBI for Rabale TTC Navi Mumbai is SBIN0003375, while for Konkan Bhavan Navi Mumbai, it is SBIN0006240.
All the characters of the IFSC code represent certain factors such as:
- The first 4 alphabets determine the name of the bank.
- The 6 numbers at the end of the IFSC represent the branch code.
- The number ‘0’ between the alphabets and numbers is typical for the IFSC of all the banks.
Importance of IFSC Code SBI
IFSC of State Bank of India is crucial for secure and convenient online fund transfers. It identifies the banks that are involved in the transaction. Moreover, the information provided by the electronic system facilitates the RBI in maintaining the record of the financial transactions that take place throughout the nation. Therefore, the IFSC code search is essential to perform a safe and secure online banking transaction.
Revised IFSC Code SBI
After the rationalisation of banks in early 2017, nearly 125 branches of the bank have been moved to new places and deployment of employees has also taken place. In certain cases, the SBI branches have absorbed the merged banks, and their IFSC code has been changed accordingly.
The associate banks that merged with the SBI include the following:
- State Bank of Mysore
- State Bank of Travancore
- Bhartiya Mahila Bank
- State Bank of Patiala
- State Bank of Bikaner and Jaipur
The merger of these banks requires the customers to apply for new cheque books and update their passbooks to know the new IFSC code SBI.
Steps of SBI IFSC Code Search
Apart from the cheque books and passbooks, there are various ways to know the IFSC code SBI. These include the following:
- Searching the official website of SBI for IFSC code. Here you need to fill in the details like the branch, city, district, etc. and click the submit button. In the next step, you get information like the IFSC code SBI, address of the branch, etc.
- You can also login to the RBI website and click on the IFSC code search option at the bottom of the page and submit the credentials to know the code of a particular SBI branch.
- Multiple websites offer a convenient IFSC code search result. By clicking on the option of the branch and bank, you can find out the unique code of a certain SBI branch.
IFSC Code SBI for Fund Transfer
With the digitisation and advancement in technology, monetary transactions today entirely depend on the internet. However, for secure transactions, the IFSC code plays an important role. There are three most commonly used online fund transfer methods.
- NEFT
In this, there is no maximum or minimum limit on the monetary transaction. In addition, you can use it throughout the day. However, it takes half an hour to transfer money.
- RTGS
In this system, the transfer is done in real-time, and the minimum amount is ₹ 2 lakhs. However, you can use this service from 7:00 am to 6:00 pm on all working days.
- IMPS
Through this method, you can transfer money up to ₹ 2 lakhs throughout the day without paying any transaction charges.
Conclusion
The IFSC code is an essential part of transferring money through automated online banking methods. In addition, it facilitates the RBI in maintaining a proper record of all the fund transactions that happen in every part of the country. However, if you want to use this service, you must be aware of the IFSC code of the beneficiary to perform a safe and convenient translation.
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