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SBI IFSC and MICR Code:

State wise list of SBI IFSC code, MICR code and addresses of all branches in India

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State Bank of India ( SBI ) IFSC Code

SBI IFSC Code

SBI IFSC code is a 11-digit code which is used to identify a bank branch for electronic transactions like NEFT, RTGS & IMPS. It is alphanumeric code is different for each bank branch of a particular bank. For example, the SBI IFSC code for the Airport Road branch is SBIN0020852 while for the Bommasandra branch the code is SBIN0021745.

In the 11-digit code, the first four letters ‘SBIN’ stands for the name of the bank i.e., State Bank of India. The next character ‘0’ is for future reference while the remaining six characters represent the specific branch code of the said bank.

It needs to be mentioned that IFSC (Indian Financial System Code) is required by individuals to transfer money using options like NEFT, RTGS, IMPS as well as through internet banking. For seamless funds transfer, quoting the correct IFSC code is mandatory.

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

IFSC Code SBIN0020852 SBIN0021615
Remittance Services NEFT NEFT
Mode of payment Cash, Cheque, Demand Draft and Net Banking Cash, Cheque, Demand Draft and Net Banking
Open Hours(Monday to Saturday)  10:00 am to 4:00 pm 10:00 am to 4:00 pm
Bank Details State Bank of India Airport Road State Bank Of India Attibele

SBI recently revised 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 numericals. 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

SBI FUND Transfer Methods
SBI NEFT
SBI UPI (SBI PAY)
SBI IMPS
SBI YONO APP

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 accordingly to the IFSC codes of the concerned branches.

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 transaction 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:

Type

Minimum

Maximum

RTGS

INR 2 lacs

INR 5 lacs

NEFT

No Minimum

INR 5 lacs


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

Minimum / Maximum amount for RTGS / NEFT transactions under Corporate Internet Banking

Type

Minimum

Maximum

RTGS

INR 2 lacs

INR 50 lacs for Vyapaar (trade) and

INR 500 crores for Vistaar

NEFT

No Minimum

INR 50 lacs for Vyapaar (trade) and

INR 500 crores for Vistaar


RTGS/ NEFT/ ECS Fees & CHARGES

S. No.

Items

Transaction Slab

Charges

1.

NEFT

Up to INR 10,000

INR .2.50

Up to INR 1 lakh

INR 5

Between INR 1 lakh & INR 2 lacs

INR 15

More than INR 1 lakh

INR 25


RTGS Customer Transactions:

Time of settlement at the RBI

Transaction Slab

Charges

From

To

09.00 Hours

12.00 Hours

Between INR 2 lacs & INR 5 lacs

INR 25

More than INR 5 lacs

INR 51

Post 12.00 Hours

15.30 Hours

Between INR 2 lacs & INR 5 lacs

INR 26

More than INR 5 lacs

INR 52

Post 15.30 Hours

16.30 Hours (Monday to Friday)

Between INR 2 lacs & INR 5 lacs

INR 31

More than INR 5 lacs

INR 56


RTGS Inter-Bank Transactions:

Time of settlement at the RBI

Transaction Slab

Charges

From

To

09.00 Hours

12.00 Hours

Between INR 2 lacs & INR 5 lacs

INR 25

More than INR 5 lacs

INR 51

Post 12.00 Hours

15.30 Hours

Between INR 2 lacs & INR 5 lacs

INR 26

More than INR 5 lacs

INR 52

Post 15.30 Hours

16.30 Hours (Monday to Friday)

Between INR 2 lacs & INR 5 lacs

INR 31

More than INR 5 lacs

INR 56


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:

  • Remittance Amount
  • SBI Bank customer’s account number
  • Beneficiary’s bank name
  • Beneficiary’s name
  • Beneficiary’s Account number
  • Sender to receiver information
  • IFSC code of the beneficiary’s bank branch

About State Bank of India (SBI):

As a premier financial institution, State Bank of India was originally established in 1808 as ‘Bank of Calcutta’. 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:

Other IFSC Related Article

News Related to SBI IFSC Code

  • Things One Needs to Know About SBI’s Zero Minimum - Balance Savings Account

    The country’s largest public sector bank namely State Bank of India (SBI) has over 42 crore savings bank accounts. Among the 42 crore bank accounts, nearly 40% fall in the zero minimum-balance category. The accounts which fall under this category does not need the account holders to pay a penalty for not maintaining the minimum monthly balance. SBI offers different types of zero minimum-balance accounts like SBI Basic Savings Bank Deposit (BSBD) account, Pradhan Mantri Jan Dhan Yojana, and Pensioner/Minors/Social Security benefit holders accounts. Here, we take a look at certain things that an individual needs to know regarding SBI’s BSBD account:

    BSBD account can be opened at all SBI branches.

    Only individuals who have valid KYC documents can open a BSBD account.

    SBI gives its customers the option of converting their existing savings account to a BSBD account free of cost.

    The account fetches the same interest rate as other savings bank accounts.

    A basic RuPay ATM-cum-debit card is provided to the account holder of a BSBD account.

    No charge is levied for activation of inoperative BSBD accounts or for account closure.

    An individual is eligible to have only one Basic Savings Bank Deposit (BSBD) account in one bank.

    Individuals are allowed a maximum of four withdrawals in a month.

    20 August 2018

  • Reliance Jio, SBI Join Hands for Digital Payment Push

    The State Bank of India (SBI) and Reliance Jio have now joined hands in order to collaborate to give a push to the digital transaction sector.

    As part of this collaboration the SBI YONO app will work with SBI Rewardz to work with the Reliance MyJio Platform. The aim will be to provide a ‘next-generation’ banking experience to all customers. Some of the services that will be available through this platform is the facility to book taxis, pay bills, etc. Apart from this, Reliance Jio will also provide device solutions and special connectivity. This new feature will also allow SBI customers the option to earn a couple of extra reward points. Another feature that will be available is the Jio Prime service, which is a commerce and customer engagement platform that is offered by Reliance. Customers can enjoy various deals from that are exclusively available on Jio Prime.

    Another advantage that this partnership offers is that SBI will be able to leverage the Jio network that is available in both urban and rural areas. SBI plans to introduce a number of customer-friendly solutions such as video banking and other on-demand services.

    8 August 2018

  • SBI Says it Reduced the Average Monthly Balance (AMB) Requirement by 40% Since April

    The country’s largest lender State Bank of India has clarified that it had reduced the average monthly balance requirement by up to 40% since April this year. The clarification came after it was reported that Rs.5,000 crore was collected by 24 banks in the country in the name of non-maintenance of minimum balance in FY18. The bank in a statement said that the charges for non-maintenance of average monthly balance are one of the lowest in the banking sector. In metro, urban and semi-urban categories the charges were reduced by up to 70% while in rural areas it was dropped by 75 percent.

    It needs to be mentioned that SBI emerged as the highest earner among all the PSBs and as per reports the bank collected Rs.2,433 crore as penalty. The bank charges Rs.30 as a penalty when the average balance falls between Rs.2,999 and Rs.1,500. If the balance is between Rs.1,499 and Rs.750, the bank charges Rs.40 and if the balance falls below Rs.750, the amount charged is Rs.50.

    8 August 2018

  • Reliance Jio, SBI Join Hands for Digital Payment Push

    The State Bank of India (SBI) and Reliance Jio have now joined hands in order to collaborate to give a push to the digital transaction sector.

    As part of this collaboration the SBI YONO app will work with SBI Rewardz to work with the Reliance MyJio Platform. The aim will be to provide a ‘next-generation’ banking experience to all customers. Some of the services that will be available through this platform is the facility to book taxis, pay bills, etc. Apart from this, Reliance Jio will also provide device solutions and special connectivity. This new feature will also allow SBI customers the option to earn a couple of extra reward points. Another feature that will be available is the Jio Prime service, which is a commerce and customer engagement platform that is offered by Reliance. Customers can enjoy various deals from that are exclusively available on Jio Prime.

    Another advantage that this partnership offers is that SBI will be able to leverage the Jio network that is available in both urban and rural areas. SBI plans to introduce a number of customer-friendly solutions such as video banking and other on-demand services.

    6 August 2018

  • SBI Charges Rs.10 Per Financial Transaction Carried Out

    Many banks that operate in the country allows their customers to carry out a certain number of transactions at ATMs every month without them needing to pay a fee. State Bank of India, the country’s largest lender as of now allows unlimited transactions at its group ATMs without any cost to those customers who maintain a monthly average balance above Rs.25,000 in the previous month. Apart from that the bank also allows unlimited free transactions at ATMs of other banks to those customers who maintain a monthly average balance of more than Rs.1 lakh. If an SBI customer does not meet the conditions mentioned above, he/she becomes ineligible for unlimited transactions at ATMs. Apart from that, they are needed to pay a certain fee for every ATM transaction carried out that is beyond the permitted limit. As of now, SBI levies a fee of Rs.5 for every non-financial transaction and Rs.10 for every financial transaction carried out at its group ATMs. However, at ATMs of other banks the fee charged is Rs.8 for non-financial transactions and Rs.20 for financial transactions.

    19 July 2018

  • SBI Charges a Fee Ranging from Rs.1 to Rs.50 for Every NEFT/RTGS Transaction

    In today’s world, most banks offer electronic money transfer services. Among the most popular are the National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) as it enables an account holder to send money to a beneficiary without him/her needing to deal in cash. However, when an individual uses the service, a fee is charged by the banks.

    SBI, the country’s largest lender charge a fee of Rs.1 plus GST for every NEFT transaction of Rs.10,000 carried out using net banking or mobile banking. For amounts between Rs.10,000 and Rs.1 lakh, the bank charges Rs.2 plus GST and Rs.3 is charged for amounts that range between Rs.1 lakh and Rs.2 lakh. If the amount is above Rs.2 lakh, the bank charges a fee of Rs. 5 plus GST per transaction. When it comes to RTGS transactions carried out through net banking and mobile banking, the bank charges a fee of Rs.5 for money transfers between Rs.2 lakh and Rs.5 lakh. For amounts above Rs.5 lakh, the fee charged is Rs.10.

    However, when NEFT and RTGS transactions are carried out through an SBI branch, the fee charged goes up slightly with the bank charging Rs.2.50 plus GST for every NEFT transaction up to Rs.10,000/-. For amounts between Rs.10,000 and Rs.1 lakh, the fee charged is Rs.5 plus GST while for amounts between Rs.1 lakh and Rs.2 lakh the bank charges Rs.15 plus GST. With regard to RTGS transfers carried out through an SBI branch, the bank charges a fee that starts from Rs.25 plus GST and goes up to Rs.50 plus GST as per the bank’s website.

    17 July 2018

  • SBI Offers Zero-Balance Accounts

    In a good news for customers, State Bank of India (SBI) offers a number of savings accounts that do not require the account holder to maintain a certain prescribed minimum balance.

    In fact, such accounts allow the customer to even maintain a zero balance and still keep the account. One such example is the SBI salary package account that comes with a unique zero balance feature. Some of the other accounts that offers this facility include the small accounts for minors, digital savings account, and insta savings account, among others.

    9 July 2018

  • All One Needs to Know about SBI ATM Charges

    The country’s largest bank namely State Bank of India offers a lot of benefits to its esteemed customers. The bank currently allows its customers, who maintain a monthly average balance above Rs.25,000 in the previous month to carry out unlimited transactions at its group ATMs without any cost. The bank offers unlimited free transactions at ATMs of other banks for the month if the customers maintain a monthly average balance of Rs. 1 lakh in the previous month.

    State Bank of India charges an amount in the range of Rs.5 to Rs.20 plus GST for every transaction that is beyond the limited number of transactions for customers having accounts with the bank with lesser monthly average balance. For every financial transaction carried out at State Bank Group (SBG) ATMs beyond the monthly limit, the bank charges Rs.10 plus GST while Rs.20 plus GST is charged if the card is used at an ATM of another bank. As for non-financial transactions carried out at ATMs that is beyond the monthly limit, Rs.5 plus GST is charged for every transaction made at SBG ATMs and Rs.8 plus GST is charged if the transaction is carried out at an ATM of other banks.

    Apart from the benefits that the bank offers when it comes to ATMs, the customers also need to know that the bank charges Rs.20 plus GST for every declined transaction due to insufficient balance in the account and that it charges Rs.22 plus GST for every card-less withdrawal, a facility which is provided at select SBG ATMs.

    26 June 2018

  • SBI-type Bank Merger likely Soon

    It is quite possible that the country will soon see another SBI-type merger deal in the coming days. The government may think of merging banks such as Central Bank, Oriental Bank, IDBI Bank, and Bank of Baroda, among others, if reports are to be believed.

    As per another reports, it has come to light that the government is probably trying to create around 4 to 5 global lenders.

    In april last year, SBI entered into a merger deal with five od its associate banks, including the Bharatiya Mahila Bank.

    5 June 2018

  • SBI, Sees Surge in UPI use

    The State Bank of India (SBI) and Punjab National Bank (PNB) have witnessed a high increase in the number of Unified Payment Interface (UPI) transactions in the recent past. The market share for UPI has been increasing despite the presence of several other types of payment options in the country.

    The rise in the number of payment platforms accepting UPI has also increased. Some of the popular platforms include Google Tez, Paytm, PhonePe, etc.

    4 June 2018

SBI Mangalagiri Bazar Branch SBI Dwarakapuri Punjagutta Branch SBI Sripuram Branch Hyderbad
SBI District Collector Office Prakasam Bhavan Branch SBI Andhra Pradesh Grameen Vikas Bank RRB Branch SBI Mahabubabad Branch
SBI Mahua Branch SBI Sector 30 Chandigarh Branch SBI Smriti Nagar Bhilai Branch
SBI AIIMS Raipur Branch SBI Central Market Lajpat Nagar Delhi Branch SBI Chandni Chowk Branch
SBI New Ashok Nagar Delhi Branch SBI Sme Law Garden Branch SBI Civil Hospital Road Branch
SBI Huda Complex Rohtak Branch SBI Bashattihalli Indlestate Branch SBI Koramangala Branch
SBI Pbb Koramangala Branch SBI Racpc Whitefield Branch SBI Haripad Branch
SBI Thiruvannur Kozhikode Branch SBI Sadar Jabalpur Branch SBI Chinchwad Pune Branch
SBI Ambajogai Road Latur Branch SBI Bajaj Nagar Nagpur Branch SBI Ashok Nagar Branch
SBI Indira Nagar Nasik Branch SBI G S Road Evening Branch SBI Rourkela Township Branch
SBI Pondicherry Town Branch SBI Army Cantt Area Jodhpur Branch SBI Anna University Branch
SBI Hasthinapuram Branch SBI Racpc Mrc Nagar Chennai Branch SBI Zam Bazaar Branch
SBI Saibaba Colony Branch SBI Cumbam Adb Branch SBI Palani Branch
SBI Vandalur Branch SBI Lady Doak College Madurai Branch SBI Voc Nagar Branch
SBI Thennampalayam Branch SBI Cheyyar Branch SBI Ulunderpet Branch
SBI Purvanchal Gramin Bank Branch SBI Khadra Branch SBI Shastri Nagar Meerut Branch
SBI Rajiv Gandhi South Campus Bhu Barkachha Branch SBI Salt Lake Ac Block Branch


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