SBI IFSC Code, MICR Code & Addresses in India

Posted on February 3, 2018

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State Bank of India IFSC Code February 2018

State Bank of India (SBI) 2018 IFSC Code

IFSC refers to Indian Financial System code. An IFSC code is a special alphanumeric code for the bank’s branch. This is a unique identification number needed prior to wire transfer.

The SBI IFSC code is used in RTGS, NEFT and IMPS transfers, without which these transfers are impossible. These codes will provide RBI to banks.

SBI has many branches across the country, So the IFSC code of SBI will be different in different branches across country

SBI has eleven letters in the IFSC code, including numbers and letters. The first four letters refer to the ‘SBIN’ bank.
Then there is a zero in the middle, which is assigned for future use. The last six letters specifically identified the branch.

It is important to know your department’s IFSC code. It’s also very easy. Most chequebooks have the IFSC code for your convenience.

Bank’s website and many other dedicated websites have an IFSC code listing.

For latest news related to home loan schema in India refer – Home Loan news in India

How to Search for SBI IFSC Code and MICR Code?

If you are looking for the SBI IFSC Code of your Home Department, it will be printed on the bank’s chequebook. If you do not have your passbook with you, SBI can easily view IFSC code online. This is the same as the SBI MIRR code. This information can be viewed on SBI’s official website with some financial third-party websites and other financial comparison portals.

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

SBI provides various procedures to ensure safe transactions with other SBI Bank Branches and other bank branches. Customers can use NEFT, RTGS and IMPS to transfer.

National Electronic Fund Transfer (NEFT)

SBI introduced e-Monis National Electronic Funds Transfer It’s a hassle-free, An electronic facility to transfer funds that allow convenient and easy money transfer. NEFT transactions to SBI franchises do not have any maximum limits. When the net banking transaction comes to the customer, the daily limit of Rs. 1 to Rs. 10 lakhs. To process NEFT transactions online,The SBI follows the scheduled time schedule.

Real Time Gross Settlement (RTGS)

Real-time gross settlement or RTGS is a super fast method of transferring money and transfers are real time. These transactions contain quick fixing wheels due to a clearinghouse or inter-bank solving problems.
RTGS transactions are not limited to Indian geography. There are no transactions restrictions for transactions through the home branch.

Instant payment service (IMPS)

Instant Payment Service is a soft bank-to-bank electronic fund transfer service offered by SBI. With IMPS,
Customers are available weekly as well as Sundays and bank holidays. In IMPS transfers,
In the second case, the beneficiary’s account will be financed.

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The min & max sum for RTGS and NEFT transactions as per the retail internet banking are described below:

	RTGS	NEFT
Minimum	Rs. 2 lakh	No limit as such
Maximum	Rs. 5 lakh	Rs. 5 lakh

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

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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

Information required to transfer funds using any mode of payment

When the NEFT / RTGS transaction is initiated, State Bank of India customers should provide the following information.

The amount of payments
SBI Bank Account Number
The bank name for the beneficiary
The name of the beneficiary
Beneficiary Account Number
Receiver information to sender
The beneficiary is the IFSC code of the bank branch
State Bank of India
State Bank of India is a major financial institution. The SBI Foundation was founded in 1808. It was first called ‘Bank of Calcutta’. State Bank of India, Indian International, Public Sector Investments,
And banking service company.
The government-owned company has headquarters in Mumbai.

According to statistics, SBI’s total assets are worth the US $ 388 billion. There are 17,000 offices across the country. As the largest Indian financial services company, it has 190 branches.
Personal banking services, NRI services, agricultural banking services,
Corporate banking services, international banking services etc. to their clients.