IFSC (Indian Financial System Code) is a unique 11-character alphanumeric code used by the Reserve Bank of India (RBI) to identify individual bank branches that participate in the National Electronic Funds Transfer (NEFT) system in India. The IFSC code is essential for making electronic fund transfers, such as RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer), and IMPS (Immediate Payment Service), between bank accounts in India.
What is IFSC Code of SBI
The IFSC code is used to route electronic transactions to the correct bank branch and ensure that the funds are credited to the intended beneficiary’s account. It consists of 11 characters and is structured as follows:
- The first four characters represent the bank’s name. For example, the first four characters for the State Bank of India (SBI) are “SBIN.”
- The fifth character is always “0” (zero).
- The last six characters represent the specific branch of the bank. These characters are usually a combination of alphabets and numerals, and each branch of the bank has a unique combination of these characters.
To find the IFSC code of a specific branch of the State Bank of India (SBI), you can use the bank’s official website or mobile app. Simply enter the name of the branch and the location, and the IFSC code will be displayed. Alternatively, you can also check the RBI’s official website for a comprehensive list of all IFSC codes for SBI branches in India.
It’s important to note that the IFSC code is case sensitive and must be entered accurately for the electronic transaction to be successful. If the IFSC code is entered incorrectly, the funds may not reach the intended beneficiary or may be credited to the wrong account. Therefore, it’s essential to double-check the IFSC code before initiating an electronic fund transfer.
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FAQ: About what is ifsc code of sbi
Here are some frequently asked questions and answers about the IFSC code of State Bank of India (SBI):
An IFSC code is a unique 11-character code assigned to each branch of a bank that participates in the National Electronic Funds Transfer (NEFT) system in India. It is used to identify the bank branch for electronic transactions, such as RTGS, NEFT, and IMPS.
An IFSC code consists of 11 characters, including the first four characters that represent the bank’s name, the fifth character which is always “0” (zero), and the last six characters which represent the specific branch of the bank.
You can find the IFSC code of a specific SBI branch by visiting the bank’s official website or mobile app and entering the name of the branch and its location. You can also check the RBI’s official website for a comprehensive list of all IFSC codes for SBI branches in India.
No, the IFSC code is different for each branch of SBI and must be accurately entered for the electronic transaction to be successful.
Yes, you can use the same IFSC code for all transactions at the same SBI branch.
If you enter the wrong IFSC code for your transaction, the funds may not reach the intended beneficiary or may be credited to the wrong account. Therefore, it’s important to double-check the IFSC code before initiating an electronic fund transfer.
