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 or SBI is one of the largest banks in the country.
What this means is that searching for SBI IFSC Codes is never going to be too easy. However, we have a very latest and updated list of SBI IFSC Codes for our readers. So, the question is: How do I search for IFSC Codes. You can use the dropdown list to first select the state, thereafter the branch and at a last stage the name of the branch. It may be a little tedious considering the huge number of branches that State Bank of India has in the country. But, it is worth it, since in the end you want to remit the money to the right branch and the right person. What we also request our readers is to ensure to cross check the branch and the name of the beneficiary correctly and also the IFSC Code. Our IFSC Code list is frequently updated, so you get the perfect list. However, the onus of getting the right branch lies solely with the readers who have to check and recheck all over again.
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.
Today, it has become imperative that you check the correct IFSC Code of SBI. You can find them in numerous places. For example, one of the places that often come to mind is the Cheque book. Take a look at it and you will find SBI IFSC Codes right on it. If you do not have a cheque book, then definitely you will have a passbook. Many banks today print the IFSC Codes on the passbook as well. This would be very helpful for SBI account holders. If new branches have been added, then it would also incorporate the new bank account branches, which have been just added by SBI and also its associates. Presently, the State Bank of India has many associates like State Bank of Hyderabad, State Bank of Mysore etc. However, these have now been merged into the SBI. It is extremely important that you cross verify and check the bank branches carefully before you use the IFSC Codes.
Two terms that we should know in the banking system in India is the IFSC and MICR codes. These are used for financial transactions such as transferring money through NEFT, RTGS. However, there are many individuals who are confused about the concept and importance of these terms.
The MICR code stands for Magnetic Ink Character Recognition. You will normally found these in the cheques at the bottom which is also known as the MICR Band. This code can be used for international transactions as well. This is a very old system of codes.
On the other hand IFSC Codes, has nothing or very little to do with the cheque and its utility is largely when you remit funds electronically. IFSC stands for Indian Financial System Code and is used for sending money through the RTGS mechanism or through the NEFT mechanism. Both these have their own place of importance and it is imperative that you know and understand both of these. In simple, while one is used on the cheques, the other is used to send and receive money through the NEFT mechanism.
If you have to search for the SBI IFSC Codes, the best place would be to visit goodreturns.in. It is important to note that State Bank of India has the largest branch network in the country, which always makes it such a difficult proposition for an individual to such for SBI IFSC Codes.
Recently, the bank merged itself with many other banks in the country. The merger was largely with the bank subsidiaries like State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Travancore etc. We are not sure if the IFSC Codes have changed after that. If they have then one needs to check the new IFSC Codes of these branches. This is most likely to happen when banks merge or there is an acquisition. You have to be updated with these changes, so you have the right code of your bank and branch.
When the State Bank of India (SBI) expands, the Reserve Bank of India allots the news branch a new IFSC Code. It is important to remember that every branch of a bank will have a unique IFSC Code. What this means is that two SBI branches cannot have the same IFSC Code, just as two individuals cannot have the same account number in one branch of SBI. So, coming back to the question of who allots the new branches of SBI in case they come up and have core banking and need IFSC Codes, then the answer is that the Reserve Bank of India would provide al the necessary codes to these branches, so electronic remittance to send and receive money is possible.
If you are looking to send and receive money the best way would be to use the NEFT and RTGS mechanism, which is the best mechanism, as it is safe and reliable way to send amounts. In fact, today it is the most preferred way to send money.
Recently, State Bank of India has merged five of its associate banks, State Bank of Travancore, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Patiala and Mahila Bank. In Indian banking industry, this is the first ever large-scale merger.
After the merger, SBI has become one of the top 50 banks in the world regarding assets. The employee strength of SBI before the merger was around two lakhs and after the merger, it crossed more than three lakhs now.
When it comes to IFSC codes, all the banks has a different IFSC code where the first four digits of the banks will be as follows.
State Bank of Travancore - SBTR
State Bank of Mysore - SBMY
State Bank of Bikaner and Jaipur - SBBJ
State Bank of Hyderabad - SBHY
State Bank of Patiala - STBP
Mahila Bank - BMBL
So, these codes will be changed to SBIN for few branches, and the complete IFSC Code may change for few branches in case if there are multiple branches in the same area. But as of now, the customers of merging banks can use the same IFSC Code codes for doing transactions. But once the new IFSC codes come the customers who have accounts in the merged banks may need to update their accounts with new IFSC code.
SBI Freedom app is the Mobile Banking is a service provided by State Bank of India. This app can be used only on mobile devices such as cell phones or Tablets. The service can be utilized 24/7 365 days in a year. There is no restriction that you cannot use this app on a particular day or time.
There are a lot of services that are provided in mobile banking such as Account information, Transactions, Investments, Support and much more. If we take specific service such as account information, In that you can check your account number, balance and last five transactions you did. So you do not need to visit ATM or update your passbook to get the information.
In Transactions you will have multiple options such as NEFT, IMPS where to use these services you will be needing IFSC Code. For the first version of SBI freedom, you need to enter the Account number and IFSC code to send money using IMPS. For the update version of SBI freedom. You do not need to enter the IFSC Code as it will automatically track the IFSC code. As we key in the Bank name and Account number.
Whereas NEFT process is completely different. Here you need to register a beneficiary first, before doing the transaction. While adding the beneficiary you need to give the account number and IFSC Code.
It is really hard to define the time that it would take for transfer to an SBI account, using the SBI IFSC Code. Sometimes it can take as long as 1 hour, while other times it could be as little as 30 minutes. It is hard to believe that RTGS or NEFT transfer into a State Bank of India account would take more than 2 hours. However, if you wish to transfer money and the amount has not reached, you can check with your SBI branch after a couple of hours.
The SBI staff being customer friendly these days would be more than willing to help you. You can follow the similar process not only for SBI, but all other banks as well.
If a person is searching for the IFSC and MICR of SBI the cheque book issued by the bank lets him / her find it engraved. It is also available on the official SBI portal as well as on some third-party financial websites of India. But when it comes to the third-party websites or finance portals Goodreturns.in is among the leading finance website of India. It not only allows you to find the IFSC and MICR code of SBI but also an individual can find the IFSC / MICR codes of the leading banks and NBFCs of India. Apart from finding the correct IFSC and MICR code of any bank, you can also find related articles about the IFSC Code and MICR code. What is IFSC Code, What is MICR Code, What is the difference between IFSC and MICR code are among the leading and most searched articles nowadays and is completely covered on the Goodreturns.in website. This implies that the knowledge-based articles of IFSC / MICR code and related information are under one umbrella. To find the correct IFSC / MICR code of any bank and city visit Goodreturns.in > drop-down menu of ‘Banking’ > select ‘IFSC Code’ and then click on the name of the bank for which you are willing to find the IFSC / MICR code based upon your location. The website shows not only the IFSC code for the branch but also the MICR code, address and branch contact number after you identify your selections.
You can also send and receive money into the beneficiary account by downloading the SBI App. Once you have downloaded the app, it is easy to send and receive money. The same can be used for getting the IFSC Code of SBI. However, it is easy to send and receive money also because of the IMPS. Once you have completed the process you can also inform your friends and relatives, who wish to send money to your account.
The State Bank of India (SBI), one of India's leading public sector banks, is hauling out the rationalisation process step-by-step after the bank merged with a few other banks in the early half of 2017. Now, this phase is nearly complete. As part of the rationalisation, as many as 125 branches were relocated to other locations and bank personnel were also assigned respectively. In certain examples, some SBI subsidiaries have replaced the merged banks. Adjustments to the IFSC codes of the branches involved have also been rendered specifically. But at the other end, after the alliance with 5 affiliate banks and Bharatiya Mahila Bank, SBI rationalised as many as 1000 branches overall from April to September 2017. The purpose for this transition in IFSC codes is that SBI has merged with a couple of its affiliate banks. The banks encompass State Bank of Mysore, Bhartiya Mahila Bank, State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and State Bank of Jaipur respectively. SBI has also centrally mapped the old IFSC codes to make the transformation process simpler for its customers. But you might be questioning yourself that how and from where I can get the revised IFSC Code of SBI? Hence, by considering this Goodreturns.in is ready to aid you. Just click on the following link and you will get the revised IFSC code with the list of branches rationalised.
By visiting Goodreturns.in, users can find the IFSC code of SBI. To check the SBI IFSC code, any user can visit this site and follow the directions described below. Additionally, users can also visit the official website of the RBI to locate the SBI IFSC code.
On their bank cheque book, account holders can search the SBI IFSC code. You can find the IFSC code of your SBI branch at the top of the cheque book page and the number of the cheque and the MICR code can be found at the bottom of the cheque book. Additionally, account holders can also use their bank passbook to search the SBI IFSC code. The first page of the SBI passbook includes information of the account holder and details concerning the account.
SBI provides various ways, not just to other SBI bank branches but also to every other bank branch in the nation, to allow hassle-free and secure fund transfers. For this role, customers can easily make use of NEFT, RTGS and IMPS.
SBI has launched an electronic fund transfer service, e-Monies National Electronic Funds Transfer, which facilitates the simple, hassle-free and seamless transfer of funds. There is no daily transaction cap for NEFT transactions made at the branch. However, the daily cap has been set for net banking transactions from Rs 1 and up to Rs 10 lakh. The bank follows a fixed schedule of timings for NEFT transactions made electronically or at the branch.
Another quick form of money transfer where the transactions are made in real-time is RTGS or Real Time Gross Settlement. With the lack of inter-bank or clearinghouse settlement concerns, RTGS settlements have a shorter settlement period. These transfers are often not confined to India's regional borders. For transactions made through the branch, there are no transaction caps.
Another fast bank-to-bank electronic fund transfer option, provided by SBI, is IMPS (Immediate Payment Service). With IMPS, customers can send or receive funds conveniently, not only on weekdays but also on Sundays and bank holidays without any hassles. As the title implies, the money gets transferred to the receiver's account within seconds through IMPS transfers.
Below are the charges required per transaction for using SBI RTGS facility
For 09.00 a.m to 12.00 p.m
For amount INR 2 lacs to INR 5 lacs: INR 25
More than INR 5 lacs: INR 51
12.00 p.m to 15.30 p.m
From INR 2 lacs to INR 5 lacs: INR 26
More than INR 5 lacs: INR 52
15.30 p.m up to 16.30 Hours (Monday to Friday)
From INR 2 lacs to INR 5 lacs: INR 31
More than INR 5 lacs: INR 56
From 09.00 a.m to 12.00 p.m: INR 25 for amount INR 2 lacs & INR 5 lacs, INR 51 for amount more than INR 5 lacs
From 12.00 p.m to 15.30 p.m: INR 26 for amount between INR 2 lacs & INR 5 lacs, INR 52 for amount more than INR 5 lacs
From 15.30 p.m to 16.30 p.m (Monday to Friday): INR 31 for amount between INR 2 lacs & INR 5 lacs, INR 56 for amount more than INR 5 lacs
Everything has now become reliant on the internet age with the innovation of digital technology. Account holders can, however, conveniently transfer funds electronically using the SBI IFSC Code. NEFT, RTGS and IMPS are the three commonly used forms of fund transfer.
Deferred Net Settlement (DNS) is the basis of NEFT and allows the transfer of funds from any bank account to any other branch of the bank. Transfers of funds via the NEFT system do not take place on a real-time basis, but the transfer of funds occurs in half-hourly batches.
RTGS is an online mode of transfer of funds that is developed for transfers of higher value of funds and the transfer is performed on a real-time basis. In a real-time basis, the transfers are handled simultaneously over the RTGS working hours on a transaction-by-transaction basis.
IMPS is an instant fund service that runs throughout the day. 24X7 can be used to transfer money to any other account throughout the bank. IMPS inward and outward transfers have no holiday prohibitions.
As with many other banks, SBI (State Bank of India) provides you with the facility to use the RTGS payment facility. With the guidance of the RTGS payment facility, one is allowed to send a large amount of money. One is enabled to finalise the SBI RTGS payment form at the bank or to transfer the payment through net-banking. You can visit the bank during the bank's working hours to access the RTGS form. Real-Time Gross Settlement stands for the RTGS payment facility. These transfers have some components:
You can do so either by visiting the bank or making use of the net banking facility if you want to make an RTGS payment via SBI.
SBI RTGS Offline
Follow the steps below for filing RTGS form offline by visiting your nearest SBI branch:
Note: All you need to do after filling out the form is take the form to a representative at the bank who will process the transfer. In addition, you must note that before submission, you will have to fill out the cheque and sign it as well.
If with the support of net banking service, you want to make an RTGS transfer, then you will have to follow the below-listed process:
Across the online banking framework, RTGS or Real-Time Gross Settlement is known to be one of the successful systems for transfer of funds where funds are transferred on a real-time basis from one bank to another. Such accelerated real-time processing of fund settlement ensures there is no holding period since transfers are effective by the time they are issued. To transfer funds above Rs. 2 lakhs, one can fill out the SBI RTGS form.
Procedure to fill SBI RTGS Form
Take your time to examine the multiple parts the moment you access an SBI RTGS form from any of the SBI bank branches. Here are some of the specifics and measures which might assist you to complete the offline phase of RTGS fund transfer without experiencing any inconvenience.
A significant thing to note here is that if the amount to be transferred is above Rs.2,00,000, then, as part of the regulations, you will need to provide a cheque leaf along with the RTGS form in that scenario. Although if you do not have a cheque book, the bank will normally satisfy you by preparing a temporary cheque book on your behalf. The primary prerequisites to use SBI RTGS in order to make fund transfer are listed below:
The largest banking and financial services giant active in the country is the State Bank of India (SBI). For high-value transactions that require and receive instant clearing, a SBI RTGS system can be conveniently used. The RTGS mechanism has developed in India as a reliable resource for the transfer of funds protected by Internet banking. But do you know that it is possible to access RTGS money transactions offline as well? Yes, a number of banks, including the SBI, have access to this alternative. You can easily access the SBI RTGS form and fill out the specifics you require. For customers that are not up-to - date with internet banking techniques, this offline alternative is very helpful. There are no fixed charges for the transfer of funds through RTGS, according to the RBI. There are no fixed charges for the transfer of RTGS assets, according to the RBI.As per their statement, the banks are allowed to charge it. In India, while many banks do not charge NEFT transactions for up to 1 lakh, the charges for RTGS typically fall between Rs 25 to Rs 56 completely depending on the amount to be transferred. In easy language, the larger the amount of the transfer, the higher the charges will be.
Immediate Payment Services (IMPS) for customers are provided by the State Bank of India (SBI). IMPS is a platform for immediate fund transfer that can be conducted out via mobile phones, online banking and even ATMs. The specifics needed for carrying out an IMPS transfer are the name of the recipient, account number, branch name and IFSC code. Using a Mobile Money Identification Number (MMID) and mobile number, customers can also send and receive money via IMPS. Using MMID as well as IFSC, customers can transfer funds. Transfers of funds can be rendered in SBI on a person-to-person basis or a person-to-account basis respectively.
SBI customers who use SBI's mobile or internet banking services have exposure to this platform. A mobile banking registration procedure has to be initiated if a user wants to perform mobile banking fund transfer using IMPS. For the same customer needs to keep two things in mind i.e. download the SBI mobile banking app in his or her mobile phone and register his or her mobile number with the bank account in order to generate MMID.
With mobile banking services, banking is now made simple and fast. Now through the Online Banking feature, money can be transferred instantly using your smartphone. To ensure that these mobile transactions are secure, banks issue a specific number code called MMID. The Mobile Money Identifier (MMID) is a 7-digit unique number given by the bank to its customer in the primary account registered with the State Bank of India. For the immediate payment service (IMPS), which is an online medium transfer of funds instantly through smartphones, MMID is required. MMIDs are issued to provide authentication for mobile transactions and to eliminate the possibility of incorrect payment. MMID will be released as soon as you register with SBI Mobile Banking Services. Below listed are some advantages of the MMID number at the State Bank of India for money transfer through IMPS:
You can opt to register for mobile banking services at the time of opening an account at the State Bank of India branch. The bank will release a 7-digit MMID number for the primary account to authorized SBI bank customers. You should apply for a specific MMID number for each account if you have multiple SBI accounts. You can do so by visiting the home branch of the SBI (the branch maintaining your bank account) and filling out the mobile banking activation application form for the same.
Via SMS: Type ‘MMID SBI’ and send it to 9223440000 from your mobile number which is registered with the bank.
Via ATM: If your mobile banking services have not been enabled, you can also receive the MMID number via the ATM. Here are the steps that are easy to obey.
Steps to get MMID via SBI customer care service
Steps to get MMID through SBI India Freedom App
How to retrieve MMID number?
If your MMID has been misplaced, here's how you can recover it.
Through customer care service:
Via State Bank of India Freedom App:
If you want to change your mobile number, you must first de-register/cancel your MMID number and then re-register it with your current mobile number.
Type ‘MMIDCANCEL SBI’ and send it to 9223440000 (To de-register it with SBI for all accounts).
Type ‘MMIDCANCEL SBI account number and send it to 9223440000 (to de-register the MMID for the specified account number).
Optionally, you can revoke it by selecting the 'cancel MMID' option in your Freedom State Bank. You can even call the customer support service of SBI on their toll-free number and request MMID cancellation.
After you successfully unsubscribe, follow the registration procedure again to acquire the MMID for your new mobile number.
Rendering Immediate Payment Service (IMPS) using Mobile Money Identification Number (MMID) is an alternative accessible for the customers of State Bank of India to transfer funds on the go i.e. anytime anywhere on a 24x7 basis. For all days of the year even bank holidays, this facility is available round the clock. It's a simple and convenient way to transfer money with confidentiality and versatility. It is also very easy to generate the MMID number, which can be achieved using different networks, such as a bank branch, ATM, mobile app, SMS and customer care service. MMID, to state it clearly, makes mobile banking services safer and more convenient. You must follow the steps below to transfer funds using your MMID number for your SBI account number, through the State Bank Freedom mobile application.
State Bank of India, also identified as SBI, is India's leading public banking and financial services company owned by the government. It is now one of the top 50 global banks following the merger of SBI's Associate Banks with the State Bank of India in 2017. As one of the first Indian banks to offer online banking, mobile banking, and so on., SBI has always firmly embraced technological breakthroughs. For Android, iOS, and Windows users, the bank now has several smartphone applications and even was one of the first four banks in India to provide IMPS service to the customers. Anyone in the existence of an SBI account is entitled to use the SBI IMPS service. If they have registered for mobile banking and/or internet banking services, SBI account holders can transfer money using IMPS. Immediate Payment Transfer Service (IMPS) is an inter-bank transfer service of funds offered in India by various banks. The IMPS service enables individuals to make transfers immediately on all days of the week, even during working hours and on bank holidays, unlike most online money transfer platforms. Customers do not have to wait for the bank to open with IMPS and can transfer funds on a 24x7x365 basis.
In order to transfer funds using IMPS from their smartphones, SBI account holders can use the SBI Anywhere Personal app. To use this service, customers must have registered with mobile banking / online banking. Just one beneficiary can be added and allowed by each user within one calendar day. If the beneficiary is added before 6 a.m. and 8 p.m., the internet banking system triggers the beneficiary before 4 hours, whereas if the recipient is added after 8 p.m., the authentication will be done on the next day. Once the beneficiary is enabled, the customer can instantly transfer money online to the savings account of the activated beneficiary. Hence, to add a beneficiary, customers of SBI can follow the below-listed steps:
You need to authorise him/her first in order to transfer funds to a beneficiary. The measures for authorizing an IMPS recipient are as follows:
Based on the transfer cap imposed by the bank, you will be allowed to transfer funds to the IMPS beneficiary within 4 hours. Once you have enabled him/her, it is not necessary to transfer money to the beneficiary. You can add them one at a time if you wish to use IMPS to transfer funds to your dear ones, and then send them funds anytime they need it. The SBI has set a regular transfer cap for IMPS transactions to facilitate mobile banking while holding a check on criminal acts. The transfer limit established for IMPS by the SBI is set out here:
SBI IMPS charges are centered on the fees set out in the SBI IMPS fees paragraph above. Through sending it to their account or mobile number, SBI customers can opt to transfer money to a recipient. To transfer funds from your SBI account using IMPS, follow these steps: