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.
State Bank of India IFSC Code Search
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
Amount of remittance
Bank’s account number
Bank name of the receiver
Name of the receiver
Account number of the receiver
Receiver’s bank branch’s IFSC code
About State Bank of India
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.
Latest News on State Bank of India
SBI Slashes Down Charges For Maintaining Minimum Balance
SBI Offers Safe Deposit Locker Facility
Average Monthly Balance (AMB) prescribed by SBI is now Rs 3,000 in metros, Rs 2,000 in urban areas, and Rs 1000 in rural areas.
Customers having Jan Dhan Yojana accounts together with SBI salary accounts don’t have to pay any penalty charges.
SBI Deposit Rates
The following are State Bank of India rates:
SBI Loans Rates
Steps to Open an SBI Account
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.
One must be a citizen of India.
The individual should be 18 years and above to meet eligibility.
In the case of minors, the parents or the legal guardians of the minor can open the account on behalf of the minor.
The applicant is required to have valid proof of identity and address proof that is Government recognised and approved.
Further to the above criteria and approval from the bank, the applicant must make an initial deposit which depends on the account type and minimum balance requirement for that particular savings account that has chosen.
The following documents are required for account opening:
Proof of identity – Aadhaar Card, Passport, Driving license, Voter’s ID card,
Proof of address -Aadhaar Card, Passport, Driving license, Voter’s ID card,
Form 16 (only if PAN card is not available)
Recent passport size photographs
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.
Visit the SBI branch that is closest to you.
Approach the bank executive for an account opening form.
Fill in the account opening form with all relevant details
Form 1 – Name of the applicant, address of the applicant, signature or thumb impression and various other credentials of the applicant
Form 2 – This part is for customers to fill out if in case they do not have a PAN card.
Ensure that all the fields of information are relevant and are entered in the correct format. The details mentioned by the applicant in the application form should correlate to the information provided and mentioned by the Identity and address proof
Simultaneously, the applicant can submit the internet banking form to activate and gain access to online banking portal.
Following the filling up of the application, the customer will have to make an initial deposit of money depending on the type of account they have opted to open.
As soon as the bank completes the verification process of the application form, the applicant will be granted a starter kit.
The starter kit consists of
An envelope containing PIN for the card
Set of account operating instructions
Internet Banking credentials
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
Log on to the State Bank of India webpage.
Select a particular type of account you wish to open.
Fill in the application form with the following – name, address, date of birth and other credentials.
Submitted documents of proof of identity and proof of address along with government recognised documents like Aadhaar card, PAN card, Voter ID, Driving license
The bank will verify the details provided by the applicant, which would take 3-5 bank working days
Further to the approval, the respective account will be activated and ready to operate.
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.
SBI CUSTOMER HELP-LINE
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
Organisation Structure of SBI
The below picture portrays the structural hierarchy of State Bank of India