State Bank of India IFSC CodesLet 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 SearchSBI 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 IndiaState 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 RatesThe following are State Bank of India rates:
SBI Loans Rates
Steps to Open an SBI AccountPeople 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.
- Proof of identity – Aadhaar Card, Passport, Driving license, Voter’s ID card,
- Proof of address -Aadhaar Card, Passport, Driving license, Voter’s ID card,
- PAN card
- Form 16 (only if PAN card is not available)
- Recent passport size photographs
- 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.
- Debit/Credit card
- An envelope containing PIN for the card
- A chequebook
- Pay-in slips
- Set of account operating instructions
- Internet Banking credentials
- 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.