Updated on: Jun 6th, 2024
3 min read
Let us understand what is IFSC. IFSC stands for “Indian Financial System Code”. It is an alphanumeric code that is assigned to each branch of a bank. IFSC is a unique identification number and is essential for any form of money transfer between banks. State Bank of India (SBI) IFSC code consists of eleven digit code which comprises of first four letters as ‘SBIN’, the fifth digit is 0 followed by the last 6 digits which represent the specific SBI branch code. Here’s an example, the IFSC code of the SBI branch at 11, Ganesh House, MG Road, Bangalore, is SBIN0007587. Here, 007587 is the branch code.
SBI IFSC code consists of eleven characters, The first four characters begin with ‘SBIN’ which implies State Bank of India, the bank name. The fifth character is zero which is set aside for any future usage. The next six letters point out the specific branch of SBI. Some easy and quick ways to find the IFSC codes of your bank is to search for it on the chequebook or the front page of your bank passbook. SBI IFSC code is essential for any mode of money transfers such as RTGS, NEFT & IMPS. As on April 2017, State Bank of India merged with five other associate banks which are (State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore), subsequent to the merger, SBI revised approximately 1,300 branch IFSC codes that were part of the merger. SBI IFSC code is used to initiate NEFT, RTGS, or IMPS transfers. It is impossible to conduct any money transfer without an SBI IFSC code Before you initiate a transfer one must have the details of the receiver such; name of the account holder, bank, branch and IFSC code of the respective bank branch.
The Information required for Transferring Funds Using Any Mode of Payment
State Bank of India (SBI) is an Indian public sector bank and financial services company. It is headquartered in Mumbai, Maharashtra. SBI was originally established in 1806 as Bank of Calcutta. India’s central bank, The Reserve Bank of India took over in 1955 and renamed it as State Bank of India and once again In 2008, the government took over the stake held by the Reserve Bank of India.
The following are State Bank of India rates:
People can open various types of bank accounts with SBI for business and personal purposes to transact, save and earn interest on deposits and be secured financially. SBI has over 9,000 branches across the country giving customers an easy opportunity to choose a convenient bank branch to operate from. To be eligible to open an account with State Bank of India, customers need to meet certain criteria as mentioned below.
The following documents are required for account opening:
Steps to open a savings account with State Bank of India To open a savings account at any SBI Bank branch, customers will have to follow the steps mentioned below.
The starter kit consists of
Be cautious and ensure that the welcome kit is completely sealed and not tampered with on receiving. Steps to open a savings account with State Bank of India online
The Government of India has made it mandatory for all savings account holders to nominate a beneficiary; preferably a blood relations who can operate the account on their behalf, in an untoward scenario. This process of nominating a beneficiary takes place at the time of filling in the application form for account opening, applicants will be required to choose a nominee/beneficiary and if in case the nominee is a minor, he/she will be allowed to operate the account only once they turn 18 years old. In the situation of the untimely death of the account holder, the nominee can operate the account on behalf of the customer.
In case of any help, grievance, or information pertaining to State bank of India and in particular relating to the opening of a savings bank account, customers can contact the helpline at – 1800112211
The below picture portrays the structural hierarchy of State Bank of India
IFSC is an alphanumeric code unique to bank branches. SBI IFSC codes consist of 11 characters; finding it quickly is essential for money transfers. SBI merged with five associate banks in 2017, updating over 1,300 branch IFSC codes. SBI offers various accounts; to open one, customers must meet eligibility criteria, submit required documents, and make an initial deposit. There are steps to open an account physically and online.