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SBI IFSC Code

State Bank of India (SBI) IFSC Code

IFSC stands for Indian Financial System Code. An IFSC code is an alphanumeric code specific to the branch of a bank. It is a unique identification number that is a pre-requisite in wire transfer.

SBI IFSC code are used in RTGS, NEFT and IMPS transfers, without which these transfers are impossible. The RBI provides these codes to the banks. SBI has many branches across the nation. The IFSC code of each SBI branches is unique and varied. For instance, the SBI IFSC code of a Bangalore branch will be different from that of a Mumbai one.

SBI IFSC code consist of eleven letters, which includes both numbers and letters. The first four letters 'SBIN' denote the bank. Then there is a zero in the middle, which is set aside for future use. The last six letters uniquely identify the branch.

It is important to know the IFSC code of your branch. It is easy to find it out too. Most cheque books contain the IFSC code for your convenience. The bank's website and many other dedicated websites contain the IFSC code listing.

How to Search for SBI IFSC Code and MICR Code?

In case you're searching for the SBI IFSC code of your home branch, it is printed on the cheque book provided by the bank. If you don't have your pass book with you, SBI IFSC Code can be found very easily online. Same goes for the SBI MICR Code as well. This information can be found on SBI's official website along with a few financial third-party websites and other financial comparison portals.

How can I transfer money using SBI Bank NEFT, RTGS, IMPS processes?

SBI offers various processes to ensure safe financial transactions to other SBI Bank branches as well as other bank branches across India. Clients can make use of NEFT, RTGS, and IMPS for transferring money.

National Electronic Funds Transfer (NEFT)

SBI has introduced the e-Monies National Electronic Funds Transfer. It is an electronic facility for transferring funds that allows hassle-free, convenient and easy money transfer. NEFT transactions for the SBI branches don't have any maximum limit. When it comes to net banking transactions, the account holder has to set a daily limit at Rs. 1 to Rs 10 lakh. For processing online NEFT transactions, SBI follows a fixed time schedule.

Real Time Gross Settlement (RTGS)

Real Time Gross Settlement or RTGS is a super quick method of transferring money and the transfers are done in real time. These transactions have faster settlement cycles due to the absence of clearing house/ inter-bank settlement issues.

RTGS transactions aren't restricted to the Indian geography. There aren't any transaction limits for transactions done through the home branch.

Immediate Payment Service (IMPS)

Immediate Payment Service is a smooth bank-to-bank electronic funds transfer service which is offered by SBI. With IMPS, the accountholders can send or receive funds on weekdays as well as Sundays and bank holidays with an ease. In IMPS transfers, the money funds get credited in the account of the beneficiary in a matter of seconds.

The minimum and maximum sum for RTGS and NEFT transactions as per the retail internet banking is mentioned below.

 

RTGS

NEFT

Minimum

Rs. 2 lakh

No limit as such

Maximum

Rs. 5 lakh

Rs. 5 lakh


The minimum and maximum amount for NEFT/ RTGS transactions as per corporate internet banking is mentioned below.

Type

Minimum

Maximum

NEFT

No limit as such

For Vyapaar- Rs. 50 lakh

For Vistaar- Rs. 500 crores

RTGS

Rs. 2 lakh

For Vyapaar- Rs. 50 lakh

For Vistaar- Rs. 500 crores


RTGS/ NEFT/ ECS Fees and Charges

S. No.

Particulars

Transaction Amount

Charges

1.

NEFT

   

Up to Rs. 10,000

Rs. 2.50

Up to Rs.1 lakh

Rs.5

Between Rs.1 lakh and Rs.2 lakh

Rs.15

More than Rs.2 lakh

Rs.25


RTGS Customer Transactions Details R-41 (Functional during weekdays only)

Time of settlement at the RBI

Transaction Amount

Charges

From

To

9 a.m. 

12 p.m.

Rs. 2 lakh - Rs. 5 lakh

Rs. 25

Rs. 5 lakh and above

Rs. 51

12 p.m.

2.30 p.m.

Rs. 2 lakh - Rs. 5 lakh

Rs. 26

Rs. 5 lakh and above

Rs. 52

2.30 p.m.

4.30 p.m.

Rs. 2 lakh - Rs. 5 lakh

Rs. 31

Rs. 5 lakh and above

Rs. 56


RTGS Inter-Bank Transactions Details R-41 (Functional during weekdays only)

Time of settlement at the RBI

Transaction Amount

Charges

From

To

9 a.m. 

12 p.m.

Rs. 2 lakh - Rs. 5 lakh

Rs. 25

Rs. 5 lakh and above

Rs. 51

12 p.m.

2.30 p.m.

Rs. 2 lakh - Rs. 5 lakh

Rs. 26

Rs. 5 lakh and above

Rs. 52

2.30 p.m.

4.30 p.m.

Rs. 2 lakh - Rs. 5 lakh

Rs. 31

Rs. 5 lakh and above

Rs. 56


The Required Information for Transferring Funds Using Any Mode of Payment

While initiating a NEFT/RTGS transaction, State Bank of India accountholders have to provide the information mentioned below.

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

About State Bank of India

State Bank of India is a premier financial corporation. SBI's foundation was set in 1808. Formerly, it was known as 'Bank of Calcutta'. State Bank of India takes pride in being an Indian international, public sector investment, and banking service institution. The state-owned establishment is headquartered at Mumbai.

According to the statistics, SBI's total assets' worth is over US Dollars 388 billion. It has 17,000 offices all over the country. Being the biggest Indian financial services firm, it has 190 branches overseas. SBI offers various banking products and services including personal banking services, NRI services, agricultural banking services, and corporate banking services, international banking services etc. to its clients.


Latest SBI News

State Bank of India (SBI) to Install More ATMs in AP

In an initiative to increase ATM penetration in various districts of Andhra Pradesh, almost 151 ATMs have been installed by the State Bank of India.

The official unveiling of these ATMs in Andhra Pradesh was done by Mani Palvesan, Chief General Manager, State Bank of India (SBI). In order to provide better customer services, SBI will install more ATMs in the state by the end of the month.

Following SBI, Customers are going to Enjoy Decreased Lending Rates by Other Top Banks

Amid the increasing competition in the market, most of the top-notch banks in India are likely to cut down their lending rates in order to correspond to those of State Bank of India (SBI). Private Banks like ICICI Bank, HDFC Bank, etc. are likely to follow the footprints of SBI, which is the apex bank of India.

A decision in this regard is likely to come soon from the bank authorities. As the lending rate will be linked with the base rate, the new decreased rates are surely going to be good news for the existing customers. However, the criteria may differ for the new borrowers.

Former State Bank of India Associate Banks Accounts Holders Need To Apply For New Cheque Books

All the account holders of SBI’s former 6 associate banks and Bharatiya Mahila Bank have to apply for fresh checkbooks, since all the previously issued checkbooks have become invalid since 31 December 2017. The notice had been issued after the government decided to merge State Bank of India with its associated banks and the Bharatiya Mahila (BM) Bank. After this merger, SBI is one of the top 50 banks across the globe in terms of assets.

Recently, State Bank of India changed the IFSC codes of approximately 1300 of its branches. The request for fresh chequebooks can be made using mobile banking, net banking, or by visiting the home branch. The IFSC code is a combination of alphabets and numbers is required to receive/ send money from one bank to another.

Aadhaar Linking: How to Link Aadhaar with SBI Savings Account

SBI, India’s largest lender, offers various options to its account holders to link their Aadhaar with their SBI accounts. Aadhaar number is a 12-digit Unique Identity Number and it is mandatory to be linked with bank accounts. As the deadline is approaching, lenders including State Bank of India have offered various options to link Aadhaar card with SBI accounts.

Here is how SBI customers can link their Aadhaar number with their bank accounts through SMS.

Link your Aadhaar with SBI Account through SMS service

You can seed your Aadhaar number with your SBI account by sending a text message with your registered mobile number to 567676 in this particular format. < Account number>.

In case your mobile number isn’t registered or if your Aadhaar is linked already with your account, a reply will be sent to your mobile number.

In case your mobile number is already registered, you will get a confirmation via SMS regarding the successful LINKING of your Aadhaar number.

SBI Customers can Earn Reward Points for Every Transaction

The State Bank of India is offering reward points for specific transactions through their State Bank Rewardz app, revelaed various online media sources.

SBI customers will be qualified for particular reward points for a variety of transactions including opening a savings, current or demat account, making loan payments, using SBI debit card at POS (point of sale), etc. The rewards points earned can be availed to book flight tickets, movie tickets, shopping vouchers or to pay utility bills.

SBI account holders can register for the services simply by downloading the State Bank Rewardz app and entering their account details such as CIF or debit card number, completing OTP verification and creating their usernames and passwords.

State Bank Of India Increase Interest Rates On Bulk Deposits

India’s largest money lender SBI has increased its interest rates by 1 percentage point for bulk deposits greater than 1 Crore Rupees across all the maturities. The interest rates for deposits lesser than 1 Crore Rupees remain unchanged. These rates were reduced by 25 basis points on 1 November.

One basis point equals to one-hundredth of a percentage point.

After the latest revision in the interest rate, the deposits higher than 1 crore Rupees for a minimum tenure of 365 days stands at 5.25 percent. Senior citizens will get an additional 50 basis points for all the all maturities. SBI decided to increase interest rates in order to be even with the interest levels of its competitors.

Deposit growth in the bank has decreased to 8.14 from 15 percent as compared to the previous year.

SBI Launches YONO App

The State Bank of India has launched a digitally integrated banking and lifestyle platform- YONO.

YONO stands for You Need Only One. It can be easily assessed on mobile phones as well as on web browsers. YONO is the first ever integrated digital portal that caters to everything regarded as financial services. It was launched by Arun Jaitley, Finance Minister and it will let the customers meet their lifestyle related needs across 14 services from paying for medical bills to booking cabs with the help of a tab.

YONO offers a variety of services such as bank account opening in a jiffy, funds transfer, availing pre-approved paperless personal loans, availing overdraft facility against fixed deposits and many more.

State Bank of India in partnership with e-commerce giants such as Amazon, Myntra, Jabong, Shoppers Stop, Uber, Ola, Cox & Kings, Yatra, Airbnb, Thomas Cook, Byju’s and Swiggy to provide discounts and offers to its customers.

As per Rajnish Kumar, Chairman, the platform has been specially designed to offer maximum convenience to its customer. The portal has been developed using predictive analysis, machine learning and artificial intelligence. The portal has been designed to make the purchase of investment products with minimum clicks possible and access the services seamlessly.

YONO app is available for Android as well as iOS platform.

Link Aadhaar Card with your SBI Account before December 31

All SBI account holders will now have to compulsorily link their Aadhaar card number with their bank accounts and furnish their Permanent Account Number details latest by December 31, 2017, report various online sources.

According to a government notification, all account holders have been requested to seed their Aadhaar card number with their bank accounts by 31st December 2017. In order to effectively notify its account holders, State Bank of India shared an announcement via its Twitter handle, stating that its account holders must submit their Aadhaar details before December 31, 2017; failing to do so may lead to accounts getting freezed.

SBI account holders have various options available at their disposal to link their bank accounts with Aadhaar. Some such options include SMS, ATMs, or net banking. Alternatively, SBI account holders can do so by visiting one of their nearest SBI branches.

SBI is Likely to Expand its Overseas Operations

The State Bank of India is all set to expand its overseas operations. The bank is looking to add more countries to its network, revealed sources in the online media.

If news in the online media is anything to go by, SBI will soon be opening more number of branches in several countries including Vietnam, Nepal, etc. This move is part of a three-year goal to strengthen its international operations for minimum 15 percent of its operations.

SBI is amongst the 50 leading banks across the globe that have global branches. SBI has already registered its presence in 35 plus countries and it has 206 offices in Asia alone.

Sources further reveal that SBI aims to open 100 offices in Nepal alone.

It would be interesting to see how many countries does SBI add to its existing network. But one thing is for sure the banking giant from India is soon going to ensure a widespread presence to ensure easy operations for its customers and patrons worldwide.

No Need to Maintain Minimum Balance- State Bank of India

The State Bank of India doesn’t necessitate its account holders to maintain a minimum balance in selected kinds of accounts. State Bank of India offers a special kind of savings account- Basic Savings Bank Account. It is excluded from the requirement of maintaining minimum account balance.

Apart from the basic savings bank account, other categories excluded from maintaining the monthly average balance include No frill Accounts, financial inclusion accounts, small accounts and salary package accounts.

Being a savings bank account, the eligibility criteria for regular savings bank account is applied to Basic Savings Account. Any individual can open the account if (s)he has legitimate KYC documents. Primarily, it is meant for poorer sections of our society, and has been formulated to encourage them to cultivate the habit of saving without any load of fees or charges.

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