SBI IFSC Code & MICR Code

Here, we have compiled the IFSC codes of a couple of branches of the State Bank of India in Bangalore (Urban). An individual can find it in the table listed below:

SBI recently revised the IFSC codes of some of its branches after a merger deal that it got into, as part of which it joined hands with 5 associate banks and 1 other bank. As part of this process the bank updated the financial system code of around 1,300 branches on the whole. The new IFSC codes can be found here by entering the bank, branch name and other details in the drop-down window.

Indian Financial System Code, abbreviated IFSC, is a key that is made up of both letters and numerical. This set of characters is mandatory for fund transfers from one bank account to another. It is very important to get the right IFSC from the payee. This code is assigned to all banks by the Reserve Bank of India (RBI) to streamline the fund transfer process in India.

How to Search for SBI IFSC and MICR Code

If an individual is looking for the IFSC and MICR code of State Bank of India, he/she can find it printed on the cheque book provided by the bank. It can also be found on the official website of SBI but also some third-party financial websites and other fiscal comparison website portals.

BankBazaar is one such comparison website that provides information on the IFSC codes for SBI Bank. On the BankBazaar main page, go to the bottom of the page you can find the link titled 'Bank IFSC Code'. Click on the link and you will be taken to another page which shows 4 drop down menus. You have to select the particular bank that you're looking for, the state, district and the particular branch whose IFSC code you're looking for. Once you have selected your options, the site will display not only the IFSC code for the particular branch but also the MICR code, address and contact number for the branch.

MICR stands for Magnetic Ink Character Recognition and is used to verify the originality of paper documents especially cheques to ease the process involved in the processing and clearance of it.

Revised SBI IFSC Code After Rationalization

The State Bank of India (SBI), one among the largest public sector banks in India, is carrying out the step-by-step process of rationalization after the bank merged with a couple of other banks in the early half of 2017. This process is almost complete now.

As part of rationalization, as many as 125 branches have been moved to other places and bank employees have also been deployed accordingly. In some cases, the merged banks have been absorbed by other SBI branches. Changes have also been made according to the IFSC codes of the branches concerned.

On the other hand, SBI rationalised as many as 1000 branches on the whole around April to September 2017 after the merger with 5 associate banks and Bharatiya Mahila Bank. Check List of Bank with new IFSC CODE.

This change in IFSC codes is because SBI merged with a few of its associate banks. The banks include State Bank of Mysore, Bhartiya Mahila Bank, State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur. SBI has already mapped the old IFSC codes with the new IFSC code internally to make the transition process more easier for customers. Customers will have to apply for new cheque books as the old ones will become obsolete.

How to Transfer Money using SBI Bank NEFT and RTGS Processes?

SBI offers numerous means to make worry free and safe fund transactions, not only to other SBI Bank branches but also to any other bank branch in the country. Clients can conveniently make use of NEFT, RTGS and IMPS for this purpose.

National Electronic Funds Transfer (NEFT)

SBI introduces e-Monies National Electronic Funds Transfer, an electronic fund transfer facility which allows for easy, hassle free and convenient money transfer. NEFT transactions done at the branch do not have any maximum transaction limit. However, for net banking transactions, the daily limit has been fixed from Rs 1 and up to Rs 10 lakh. For NEFT transfers done online or at the branch, the bank follows a set schedule of timings.

Real Time Gross Settlement (RTGS)

RTGS or Real Time Gross Settlement is another quick method of money transfer where the transfers are done in real time. RTGS transactions have faster settlement cycles with the absence of inter-bank or clearing house settlement issues. Also, these transactions are not limited to the geographical boundaries of India. There are no transaction limits for transactions done via the branch.

Immediate Payment Service (IMPS)

IMPS (Immediate Payment Service) is another swift bank-to-bank electronic fund transfer service, offered by SBI. With IMPS, customers can easily send or receive funds, not only on weekdays but Sundays and bank holidays as well. As the name suggests, via IMPS transfers, the money gets credited to the receiver’s account within minutes.

The lowest and uppermost sum for RTGS/NEFT transactions under Retail Internet Banking:

The lowest and uppermost sum for RTGS/NEFT transactions under Corporate Internet Banking:

RTGS/NEFT/ ECS Fees & CHARGES

RTGS Customer Transactions:

RTGS Inter-Bank Transactions:

Information Required for Funds Transfer using any Payment Mode:

While making a NEFT or RTGS transaction with State Bank of India, customers need to provide the below information:

1. Remittance Amount
2. SBI Bank customer’s account number
3. Beneficiary’s bank name
4. Beneficiary’s name
5. Beneficiary’s Account number
6. Sender to receiver information
7. IFSC code of the beneficiary’s bank branch.

Types of Accounts Offered by SBI

The below-mentioned types of accounts are offered by SBI

About State Bank of India (SBI)

State Bank of India is an Indian international, Public Sector investment and banking service organization. It is a state-owned establishment and is headquartered in India’s city of dreams, Mumbai. As per the statistics appraised by December 2013, its assets amounted to over USD 388 billion and 17,000 offices peppered across the country. It also has 190 overseas branches and is the biggest finance services firm in India. It is now ranked among the top three banks in India along with ICICI, Punjab National Bank and Bank of Baroda. SBI offers a wide spectrum of banking services and products comprising of personal banking, agricultural banking, NRI services, international banking and corporate services to a diverse clientele.

Other Popular Banks IFSC Code

Major Branches of SBI

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