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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.

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