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State Bank of India IFSC Code

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'.

How to Search for State Bank of India IFSC Codes?

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 Wise State Bank of India IFSC & MICR Code

About State Bank of India

Searching for list of SBI Branch IFSC Codes

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.

How and where to locate SBI IFSC Codes?

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.

SBI IFSC Codes and MICR Difference

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. 

SBI IFSC Codes list always a challenge

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.

What happens to the IFSC Codes when SBI expands?

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.

Will IFSC code change after SBI merger?

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.

What is the IFSC Codes of SBI associate banks?

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.

Use IMPS method in SBI Freedom to send money without adding Beneficiary?

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.

How long does NEFT transfer takes place using SBI 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.

How and where to find the correct IFSC and MICR code of SBI?

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.     

Downloading the SBI app and sending money

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. 

Revamped SBI IFSC Code Following Rationalization

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.   

How and where to find SBI IFSC And MICR Code Online and Offline?

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.

  • Visit Goodreturns.in and select ‘Banking’ from the top bar of the homepage
  • Now under the drop down menu of ‘Banking’ you need to select IFSC Code
  • Once you click on the IFSC Code, on the next step you need to select your bank, state, city and branch respectively
  • Once selected the specifics required, click on the ‘Find Bank’ button
  • Now the IFSC Code of your selected bank branch along with the MICR Code, branch address, and other details of your branch will appear on the screen.

Via Offline

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.   

All you need to know about SBI Bank NEFT, RTGS and IMPS facilities

 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.

National Electronic Funds Transfer (NEFT)

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. 

Real Time Gross Settlement (RTGS)

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.            

Immediate Payment Service (IMPS)

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.

The minimum and maximum amount that can be transferred through RTGS or NEFT under Net Banking 

  • For RTGS: Minimum INR 2 lacs up to INR 5 lacs
  • For NEFT: No minimum limit, up to a maximum of INR 5 lacs

The minimum and maximum amount that can be transferred through RTGS or NEFT under Corporate Net Banking

  • For RTGS: Minimum INR 2 lacs up to INR 50 lacs for Vyapaar (trade) and INR 500 crores for Vistaar
  • For NEFT: No minimum limit, and maximum up to INR 50 lacs for Vyapaar (trade) and INR 500 crores for Vistaar

Charges required for NEFT fund transfer

  • Up to INR 10,000: INR .2.50 per transaction
  • Up to INR 1 lakh: INR 5 per transaction
  • Between INR 1 lakh up to INR 2 lacs: INR 15 per transaction
  • Above  INR 1 lakh: INR 25 per transaction

SBI RTGS Charges and Timings

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

Charges and timings required for SBI RTGS Inter-Bank Transactions

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

Key takeaways of different fund transfer mechanisms

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.

SBI NEFT (National Electronic 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.

  • One can initiate a fund transfer from a minimum of Rs 1 with no upper cap
  • NEFT is accessible 24/7, 365 days and the transfer of funds are carried on batches
  • No charges are required to use NEFT

SBI RTGS (Real Time Gross Settlement)

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.

  • One can initiate a fund transfer from a minimum of Rs 2 lakhs with no upper cap
  • RTGS is accessible on all working days, except Sundays and bank holidays, from 7:00 a.m. to 6:00 p.m of duration.
  • No charges are required to use RTGS    

SBI IMPS (Immediate Payment Services)

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.

  • One can transfer a minimum amount of Rs 1 to a maximum of Rs 2 lakhs using IMPS
  • IMPS is open 24/7, 365 days, and the transfer of funds takes place immediately. 
  • No charges are imposed for using IMPS fund transfer mechanism

How to use SBI RTGS online and offline?

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: 

  • All payments performed through RTGS are rendered on a real-time basis, under which the payment is handled without any queuing system.
  • Finally, it is a payment facility for one-on-one payments that is fixed. It is not possible to cancel these payments.

How to make fund transfers using the RTGS facility at SBI?

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:

  • Visit your nearest SBI branch and ask any bank’s representative to provide you with the RTGS form
  • Fill the form by submitting the date and amount in the form in numbers as well as in words.
  • Now add your account details and add the details of the cheque, including date and the serial number of the cheque (if any).
  • Now submit the required details of the beneficiary such as name, account number, account type and the IFSC code 
  • Sign in the form and submit at the bank to authorize the transfer

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.

SBI RTGS transfer through net banking

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:

  1. Visit SBI Net Banking portal and sign in to your net banking account using the required credentials i.e. Username and Password
  2. Under the Payments/Transfers tab, select either within SBI or to other bank accounts option
  3. Now click on RTGS and select your bank account as well as beneficiary account.
  4. Now all the related specifics will appear on your device screen, verify the same and enter the amount that you are willing to transfer
  5. Now set the schedule date if required and then accept the ‘Terms and Conditions’
  6. Now click on ‘Submit’ to proceed the payment 
  7. An OTP will be sent to your registered mobile number, enter the OTP on the required space in order to complete the transaction
  8. You will get a text regarding the RTGS payment after you submit the details. Your RTGS payment will be effective if you enter the correct specifics.

SBI RTGS Form

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 NEFT / RTGS form which is split into two sections will be provided to you. The left section is for the customer to complete, verify and keep as proof; after filling and confirming, the right section goes to the bank. 
  • Useful information such as Sender Account Details, Beneficiary Account Details, IFSC code of the beneficiary branch and the amount to be transferred are required to fill in the SBI RTGS form. Do not fail to fill in other information without making an error, such as date, signature, etc.
  • He / she will key these information on their computer system after you hand over the form to the bank officer, and the transfer process will be started identical to how it exists online.

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: 

  • A part of the RTGS framework needs to be the originating and destination bank branches. 
  • Beneficiary details, such as the name of the recipient, account number and account type, IFSC, etc., should be made available to the recipient at the time of filling the RTGS form completely.    

SBI RTGS Charges At Bank Branch

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.     

SBI IMPS Service

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. 

Steps to transfer funds using SBI IMPS with IFSC code

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.

  • Visit the SBI Net Banking portal and login to your account using the required credentials.
  • Click on the ‘Payments Transfers’ option and head to ‘IMPS Funds Transfer and select the ‘Funds Transfer’ option.
  • Now click on the Person to Account (Using IFSC)’ option and then click on ‘Proceed’
  • Now add the required details of the beneficiary such as name, account number, IFSC code, etc.
  • Enter the amount to be remitted and click ‘Submit’
  • Now verify the submitted details and click on ‘Confirm’
  • In order to approve the transaction, you need to go through a mobile-based authentication process.

Steps to transfer funds using SBI IMPS with MMID

  • Visit SBI net banking portal and sign in to your account using user id and password
  • Now click on  ‘Payments Transfers’ and head to the ‘IMPS Funds Transfer’ menu and then select the ‘Fund Transfer’ option.
  • Now click on ‘Person to Person (Using MMID)’ and enter your MMID and mobile number
  • Now enter the amount that you are willing to transfer and then click on ‘Submit’
  • Now verify your submitted details and click on ‘Submit’
  • In order to approve the transaction, you will be asked to conduct a mobile-based OTP authentication process.

Steps to get MMID for SBI IMPS

  • Visit your nearest SBI ATM and insert your ATM cum debit card at the card slot.
  • Now tap on the ‘Mobile Registration’ option and key your ATM PIN
  • Now select SMS and Secure Code 
  • Now tap on IMPS and enter your mobile number
  • Click on ‘Confirm’ and you will get the MMID on your registered mobile number instantly via SMS.

Steps to add payee for SBI IMPS

  • Visit SBI portal and login to your account
  • Under the ‘Profile’ tab click on the ‘Manage Beneficiary’ option
  • Now click on ‘IMPS Beneficiary’ and enter the required details of the payee such as name, MMID number, country, mobile number
  • Click on ‘Submit’ and after the OTP authentication the beneficiary will be successfully added.

Pros of SBI IMPS

  • One of IMPS's key benefits is that funds transferred through this method will always instantly reach the beneficiary’ bank account. There is no batch-wise settlement of transactions, unlike other forms of fund transfer methods, such as NEFT, etc.
  • On a 24/7 basis and also on bank holidays, the service is open. This provides customers with the comfort and convenience to facilitate transfers of funds from anywhere anytime and even on the go.
  • It is possible to facilitate IMPS transfers via multiple channels, such as internet banking, mobile banking, and funds can even be transferred through an ATM service.
  • This is a secure and efficient platform, and for all transactions carried out using IMPS, all customers will get a mobile-based authentication request.

Cons of SBI IMPS

  • In comparison with UPI transactions, where a fee is generally imposed. For each IMPS payment, there is a transaction fee.
  • Prior to initiating any method of fund transfer mechanism using IMPS using the IFSC code, it is important to add a beneficiary/payee. Also, once the recipient has been activated, transfers cannot be rendered. This brings with a limited time interval to activate the beneficiary and for customers it can also become a headache.    

SBI 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: 

  • Using your smartphone, real-time transfer of money can be done by a single tap
  • It saves efforts and time and makes the cash transfer service more versatile. No inconvenience of adding the beneficiary first in order to render a transfer or payment.
  • If the details are mistakenly entered by the sender, it decreases the possibility of erroneous payments.
  • To receive the payment, you can only share your MMID and mobile number with the sender.

 

 

 

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