How To Check SBI IFSC Code :
Transfer of money from one account to another is one the fundamental and frequently used process in the banking sector. The money can be transferred for various reasons including payments of different bills, loan installment, giving money to parents/relatives etc. Due to the increase and ease in sending money through an electronic transaction, millions of such transactions take place every day.
There are 3 ways introduced by the RBI, using which you can transfer money from your account to another. These are NEFT i.e. National Electronic Fund Transfer, IMPS i.e Immediate Payment Service, and RTGS i.e. Real Time Gross Settlement. All of these 3 ways of money transfer need the account number and SBI IFSC Code of that account to which you want to transfer the money.
IFSC i.e Indian Financial system Code is a unique 11-digit alpha-numeric code that is allocated by RBI to each branch of every bank. When a transaction takes place, the IFSC code helps to distinguish between the sender and receiving bank branch. There are 3 parts in the IFSC code – the starting 4 characters are for identifying the bank name, the 5th digit is always 0 and the final 6 digits indicate the branch address.
An example of SBI IFSC Code is: ‘SBIN0000489’. Here, the first 4 characters indicate the bank name which is “SBI” in this case. The 5th character being zero and the last 6 digits give us the exact bank branch.
How to Check MICR Code Of SBI?
The SBI IFSC Code and MICR codes are printed on your Passbook. You get your Passbook when you open your account in the bank. These codes are unique to your home branch. Therefore, they won’t apply to any other bank branch. If you can’t find them on your Passbook, then you can easily get them online also.
Just put the name of your bank and its branch name (generally it is the area name where the branch is located) and hit search. You will get the necessary SBI IFSC Code and MICR codes immediately. There are many 3rd party websites/portals that can also help you find these codes.