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.
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.