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State Bank of Mysore IFSC and MICR Code:

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

Locate any details of State Bank of Mysore branch in India.

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State Bank of Mysore (SBM) IFSC Code:

RBI has introduced NEFT and RTGS systems which makes it possible for people to transfer any amount of money they desire from their own bank account to that of a beneficiary’s. As long as both the banks/bank accounts involved are in India and are NEFT/RTGS enabled, customers can make use of the services.

To process the transaction, one needs to know the IFSC code of the recipient Bank branch. IFSC Code (Indian Financial System code) is a set of characters which are unique to each branch of bank in the country. MICR Code (Magnetic Ink Character Recognition Code) is used for both domestic and international transactions. These codes were introduced as an effort to decrease chances of fraud as well as make transactions more secure, efficient and accurate.

In addition to transferring funds to a beneficiary’s bank account, the NEFT/RTGS services can also be used to make payments for Share Trading online, insurance premium payments, purchase of mutual funds, Equity Trading, Mobile bill payments, paying loan EMIs, ticket booking for bus and railway, booking flight tickets, Fund Transfers, etc.

To make use of NEFT/RTGS services at State Bank of Mysore, you will need to find the IFSC code of the recipient’s bank branch. IFSC consists of 11 characters (both alphabets and numbers) which are uniquely assigned to each branch of bank in India. The 11 characters are made up of three parts: the first four characters are alphabets and represent the name of the bank. This is followed by the digit ‘0’ which is meant for future use. The last six characters are usually numbers and denote the branch. For example, the IFSC code for a State Bank of Mysore’s branch is SBMY0xxxxxx. The first four alphabets represent the name State Bank of Mysore. This is followed by a zero. The last 6 digits will denote the particular branch of State Bank of Mysore.

How to Search for State Bank of Mysore (SBM) IFSC Code and MICR Code?

Both IFSC and MICR codes are easily available online. The government provides a complete list of all the banks that are NEFT enabled along with their IFSC/MICR codes online. State Bank of Mysore’s IFSC code can be found on the bank’s official website. You can also find it printed on the leaves of cheque books provided by the bank branch. Alternatively, you can look into third party financial websites like BankBazaar to find the IFSC code of any branch of banks that are NEFT/RTGS enabled.

If you opt to visit BankBazaar to find the codes of the particular branch of State Bank of Mysore, these are the steps to be followed:

  1. Visit the BankBazaar website, scroll down the homepage, find the ‘Bank IFSC Code’ tab and click on it.
  2. This will open a second page where there will be a few drops down menus from which you will have to choose the ones that you are looking for.
  3. In the ‘Select Bank’ drop down option, you will find a list of banks that you can choose from.

You must click on the option ‘State Bank of Mysore’. The other drop down options are for ‘Select State’, ‘Select District’ and ‘Select Branch’. BankBazaar will generate the MICR and IFSC codes as soon as you select the options that you require. The generated table will also provide you with the phone number, address of the branch, branch code etc.

Customers of State Bank of Mysore can use the NEFT and RTGS facilitiesavailable to transfer funds from any of the State Bank of Mysore branches to any other bank branches around the country, as long as that branch of bank has the same facilities.

National Electronic Funds Transfer (NEFT):

The NEFT or National Electronic Funds Transfers works on Deferred Net Settlements. As long as you debit the amount of money that you need to transfer within the time-frame that is stipulated by the bank, it will be credited to the beneficiary on the same day. If not, the amount will be credited on the following working day.

At State Bank of Mysore, the NEFT service is available on weekdays and Saturdays between 8.00 am 6.30pm, except on the 2nd and 4th Saturdays of the month which are Bank Holidays.

You will need the following information to use NEFT service at State Bank of Mysore:

  • The name of the receiver
  • The name of the receiver’s bank and branch
  • The receiver’s account number
  • The IFSC code of the receiver’s bank branch
  • The amount to be transferred

The charges for outward NEFT transactions are:

Amount Charge (per transaction)
Upto 1 lakh  5/-
Above 1 lakh to 2 lakhs  15/-
Above 2 lakhs  25/-

Inward NEFT will not be charged. Cash handling charges extra if applicable.

Real Time Gross Settlement System (RTGS):

Real Time Gross Settlement System (RTGS) is one of the fastest and safest methods of fund transfer. RTGS is usually used to transfer large sums of money. RTGS transfers funds on an individual basis which means that the clearance of funds are scheduled individually and not batch wise. State Bank of Mysore ensures that all the transactions will be completed on the same day that the customer debits the fund, unless it has been done after the indicated time frame.

You will need the following information to use RTGS service:

  • The receiver’s name
  • The receiver’s bank and branch name
  • IFSC Code of the receiver’s bank
  • The transfer amount
  • The receiver’s account number
  • A remark for the receiver, if any

RTGS service at State Bank of Mysore can be used by customers between 0800 hrs and 1600 hrs on weekdays and Saturdays (except on Bank Holidays).

The charges for RTGS transactions:

RTGS Transaction amount Charges per transaction
Rs.2 lakh to Rs.5 lakh Rs.25
Above Rs.5 lakh Rs.50

Headquartered in Bengaluru, State Bank of Mysore is a nationalised bank and one of the five associate banks of State Bank of India. Founded by Maharaja Krishna Raja Wadiyar IV on October 2nd, 1913, the bank has a rich history of over 100 years. The bank’s continued success can be attributed to it’s efforts to have the most advanced technology and products when it comes to banking. Now the State Bank of India holds 92.33% of the bank’s shares. As of June 2014, the State Bank of Mysore had 976 branches (mostly in Karnataka) and employed over 10620 employees.

News Related to State Bank of Mysore IFSC Code
  • SBM Gets New Managing Director

    State Bank of Mysore (SBM) has a new Managing Director (MD) – NK Chari. Chari served as the Deputy MD of State Bank of India (SBI) before this.

    Chari has a service history of 38 years with SBI. He has also been the Chief Operating Officer in National Banking Group, the retail branch network of SBI, and the MD of Nepal SBI Bank Limited for 4 years.

    SBM is an associate bank of the SBI alongside State Bank of Patiala, State Bank of Hyderabad, State Bank of Travancore and State Bank of Bikaner and Jaipur. SBM is headquartered in Bengaluru and was established in 1913. The bank offers all banking products and services including core banking solutions through IFSC codes.

    30th May 2016

  • SBM opens 4th branch in Chitradurga

    Srirangaiah, Deputy Commissioner (DC) of Chitradurga, Karnataka, inaugurated the 4th branch of State Bank of Mysore (SBM) at Prashant Nagar. The IFSC Code of this branch is SBMY0041178.

    He urged banks to work towards strengthening the economically weaker sections of society through business loans. The banks should support small businesses as much as they do the rich and industrialists, he said.

    SBM has a deposit of Rs. 1,620 crore and has disbursed loans to the tune of Rs. 1,082 crore.

    21st May 2016

  • Anil Mittal employed as CVO of State Bank of Mysore (SBM) by Centre

    The Centre has chosen a high-ranking Union Bank of India official, Mr. Anil Mittal, as the Chief Vigilance Officer (CVO) of State Bank of Mysore (SBM), which is based in Bangalore. It is a subsidiary of State Bank of India. Anil Mittal had served as a General Manager of Union Bank of India before this. And now the central government granted him the honorable post of CVO of SBM for a tenure of three years. But, Mittal has not assumed charge yet. He is in charge of the support services department of Union Bank of India for last 12 months. SBM has recently won many awards and has a particularly good reputation in seamless electronic money transfer services using IFSC Codes.

    11th February 2016

  • State Bank of Mysore Slashes Base Rate

    State Bank of Mysore (SBM), a subsidiary of State Bank of India (SBI), the country’s biggest public sector bank, slashed the minimum lending rate by 0.10 percent to 9.90 percent. The bank announced this in a meeting held in New Delhi. The bank has reviewed the base rate below from 10 percent to 9.90 percent to be in effect from the day. Base rate is the minimum rate below which lenders are not permitted to lend.

    Currently, private bank HDFC Bank provides the base rate, which is the least in the arena at 9.35 percent. The RBI in its previous financial policy review left temporary lending (repo) unaffected at 7.25 percent. They will proclaim its next bimonthly fiscal plan. It is generally anticipated that the RBI will dip the repo rate by 0.25 percent.

    3rd December 2015


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