The country's central bank (RBI) has specified three ways in which we can remit money. These include the popular NEFT, RTGS and IMPS. However, to undertake these transactions, we must have the IFSC Code allotted by RBI to each bank and the specified branch.
The State Bank of India IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'SBIN', stand for the name of the bank, the fifth character is always 'zero' for future use and the final six characters specify the 'exact branch address'.
If you are searching for the IFSC code of your home branch, you can use two mechanisms to search. In the offline mode you will find it written on your cheque book, which has been given to you by the State Bank of India branch. If you are looking for online IFSC Code of State Bank of India you can find here in Goodreturns.
State Bank of India (SBI) is the country's largest lender and the top government owned bank in the country. It has the largest bank network in India, that spans even the remotest of areas in the country.
It is among the few banks that truly reaches out the widest possible population of the country.
With branches in excess of 17,000, that also includes more than 190 foreign offices, State Bank of India's reach is unparalleled.
To remit money from any of your accounts in SBI, you must have the IFSC code of the particular branch of SBI.
The branch has assets in excess of Rs 20,00,000 crores, which also makes it the largest bank in terms of assets. The bank also has a number of subsidiaries including SBI Life Insurance (Insurance subsidiary), SBI Funds Management, SBI Cards and Payments Services, SBI Capital Markets etc.
We have furnished a list of SBI branches with their IFSC codes, you should find the same useful, when you remit and receive money from India and abroad.
The main promoter of the bank is the government of India, which hold a majority stake in the bank. Apart from this, the other shareholders and banks and financial institutions and foreign portfolio investors, which hold a near 12 per cent in the bank.
Individual investors also hold a decent share in the bank.
The bank also has various associate banks, including State Bank of Hyderabad, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Patiala and State Bank of Travancore.
Interestingly, SBI is also among the top employers in the country. A significant number of employees of the bank are women. State Bank of India provides a range of services including personal banking and corporate banking. In terms of personal banking you can avail loans like home loans, personal loans, gold loans.
The bank also provides fixed deposits and the interest rates are very competitive.