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Sbi IFSC Code and MICR Code:

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Sbi IFSC Code

About State Bank of India

SBI (State Bank of India) is one of the prominent and leading banks of the India. It is the largest bank of India which touches the lives of people everywhere and anywhere. The evolution of SBI can be traced back to the first decade of 19th century. Afterwards, it was combined with the Imperial Bank. Then Government of India nationalized the Imperial Bank with RBI in the year 1955. Ever since the bank possessed its present name that is SBI.


Throughout the nation, SBI have 18,007 branch offices and 21,000 ATMs. The corporate center of SBI is located in Mumbai along 14 local head offices and 57 zonal offices throughout the India.


Services Being Offered by State Bank of India:

SBI Services: SBI Services are innovative and most varied amongst all its contemporaries. SBI Services embraces a host of services and products to suit all types of users
Banking Subsidiaries - State Bank of Bikaner and Jaipur (SBBJ), State Bank of Indore (SBIr), State Bank of Mysore (SBM), State Bank of Saurashtra (SBS) and State Bank of Travancore (SBT), State Bank of Hyderabad (SBH), State Bank of Patiala (SBP).
Foreign Subsidiaries - State bank of India International (Mauritius) Ltd., State Bank of India (California), State Bank of India (Canada) and INMB Bank Ltd, Lagos.
Non- banking Subsidiaries - SBI Capital Markets Ltd (SBICAP), SBI DFHI Ltd (SBI DFHI), SBI Factors and Commercial Services Pvt Ltd (SBI FACTORS) and SBI Cards & Payments Services Pvt. Ltd. (SBICPSL), SBI Funds Management Pvt Ltd (SBI FUNDS).
Joint Ventures - SBI Life Insurance Company Ltd (SBI LIFE).


Product and Services

a). Personal Banking
b). Corporate Banking
c). NRI Services
d). Agriculture
e). International
f). SME
g). Domestic Treasury


SBI Retail Banking: Following services are offered under Retail Banking
a). Educational Loan
b). Housing Loan
c). Term Deposits
d). Plus Scheme
e). Rates of Interest
f). Recurring Deposits
g). For Pensioners


What is IFSC Code?

IFSC stands for Indian Financial System Code. It is basically used for electronic payment such as RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service) and CFMS (Centralized Funds Management Service) developed by RBI. It is an alphanumeric code that uniquely identifies a Bank Branch that participates in the two main Electronic Funds Settlement Systems in India. IFSC code comprises of 11 characters e.g. – SBIN0000001. The first 4-characters represent the entity. Fifth position has been defaulted with a ‘0 for future use. The last 6 – characters denotes the branch identity.


SBI IFSC Code

•SBIs IFSC code is needed for NEFT and RTGS transactions. These codes are provided by RBI (Reserve Bank of India) and also unique for each branch.
•The SBIs IFSC code starts with SBIN00***** and last five digits varies from branch to branch. The IFSC code for SBI branches is the last six digits i.e. SBIN0******.


How to utilize SBIs IFSC code for NEFT & RTGS fund transfer?

•SBIs IFSC code is required to do online fund transfer. A list of SBI IFSC code is provided in order to find out SBIs branch. This knowledge may also be used in online banking. With this code we can also do online payments such as Mobile Recharge, Railway Ticket Booking, Online shopping and so forth.


What is MICR Code?

•MICR stands for Magnetic Ink Character Recognition. It contains numeric values and usually printed on cheque leaves. It is mainly used for processing cheques easily.
•SBIs Magnetic Ink Character Recognition (MICR) code contains numerical values only; it comes with nine digit code. It is printed usually on cheque leaves. It is largely MICR Code is used for processing cheques easily. SBI has NEFT supported branches; most of these SBI branches have MICR Code number.


SBI MICR Code

•State Bank of India have MICR code containing numeric values. SBI have NEFT supported branches and also most of these SBIs branches have MICR code number.


How to Search MICR Code of State Bank of India?

•Initially you have to choose the state where your SBI Bank branch is located.
•Then you have to choose your city where your SBI Bank branch is situated
•Now, select your branch of SBI Bank to find MICR Code.


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Sbi IFSC Code News:

The AIBEA threatens a two day strike against SBI bank merger


The  public sector banks threatens a two day strike on July 12th,13th due to the banks merging issue.

A sector of public sector bank staff has threatened they will move to the strike in order to against the SBI banks merging with its associate banks and the IDBI privatization issue. While the SBI and its associate banks went on a strike on July 12th, 2016 the other public sector banks will go on a strike today i.e. July 13,2016

The general secretary of All India Bank Employees Association (AIBEA),Mr. CH Venkatachalam  was quoted saying that the call for strike would go through since the meeting with the Chief Labor Commissioner has failed. Others to participate in the strike are State Sector Bank Employees Association and All India Bank Officers Association. State bank of Baroda ,State bank of Bikaner and State bank of Mysore talked about their concern about the inconvenience that will be caused to the customers due to the strike.

Mr. Venkatachalam also said that the move of privatization of IDBI and consolidation of SBI would lead to improved proficiency and gainfulness of the banks.

About 50,000 employees of the associate banks of SBI had also gone on a strike in the month of May under the aegis of AIBEA.

2016/07/14 08:35 AM

Customers also voice concern over the merger of SBI and associate bank


A section of customers of the two banks have come forward in their struggle in order to delink associate bank from SBI.

A SBI customer and Managing partner of RSR industries Mr. A. Ravi informed that a large number of customers of the bank have started moving their accounts to a smaller bank. Another customer of the State bank of Travancore was heard saying that he was shocked to hear about the merger of SBI and SBBJ and also that the customers would suffer because of the same. He explained that he was worried that the level of customer service would decline with the merger of the banks and that the merger would create a problem in customers accessibility to senior officials .

Strike Call

In the  the State Sector Bank Employees Association (SSBEA) has called for an all employee strike on July 12 and July 13. The General Secretary of the association seemed to agree with the concerns of the customers and was heard saying that the big banks might become insensitive to the needs of the common man. The General Secretary of the association Mr. Krishna  also said that the govt. was one one hand clearing proposals for banks and on another had rooting for the cause of Mergers and Acquisitions.

2016/07/07 10:32 AM

SBI launches financial literacy program in villages


The SBI has launched a coordinated financial literacy program with the intent of implementing the agenda of the RBI and the central government.In the educational institutes and government offices the SBI organized awareness camps,workshops,and seminars. Besides it is advertising in various modes in different parts of the society. Assistant managers JP Singh  and SK Sethi were there to lead the offices at various branches falling under their jurisdiction and there was with them GM Arun Kumar Yadav to supervise the program.The district financial literacy counselor KK Khullar informed that on the premises of various organizations special sessions have been arranged.The sessions were organized by teams of the officials at Dehlon,Sehora,Katani, Jodhan and Phullanwal village.The most interest shown by the participants was in the area of loan schemes for agriculture,animal husbandry,poultry,fishery,higher education, and constitution of self help group along with the PM Jan  dhan yojana and mudra loan. The teams were headed by Balwant Singh, Vivek Tiwari , Nisar Garg ,Mohit Jindal ,Rajiv Bajaj and Annapurna Arora.The initiative taken by the bank was highly appreciated and the participants were heard saying that they were for the first time given access to such information.

2016/06/20 10:23 AM

EPFO largely extends SBI mutual fund term


The Employees Provident Fund Organization (EPFO) has largely extended the term of SBI Mutual Fund in order to manage its investment in the exchange-traded funds (ETFs) for three months until June 30, 2016, a confidential sources in the retirement fund organization mentioned to the print and electronic media. It is to be highly noted that the Employees Provident Fund Organization (EPFO) commenced investing nearly 5% of its incremental deposits the exchange-traded funds (ETFs) from last financial year. On the other hand, State Bank of India Mutual Fund was largely appointed as the “ETF manufacturer” for the financial year of 2015-16. With the end of the financial year on March 30, 2016, it is to be remembered that the term ended.

 

On August 5, 2015, the investment in Sensex and Nifty has been in the ratio of 70.05:25.95. On the other hand, during the seven-month time of State Bank of India Mutual Funds appointment till February-end, the market value of Employees Provident Fund Organization (EPFO)s 5,920-crore investment got perfectly eroded by approximately 9.54% to stand at nearly Rs 5,355 crore. According to the experts and specialists in the banking sector, SBI Mutual Funds performance of wasnt up to the mark in the open market to a great extent in any given situations, circumstances and conditions.

2016/05/11 08:13 AM

Voluntary Medicare Society proudly launches CBR program funded by SBI


An impressive ceremony held at Srinagar, Voluntary Medicare Society (VMS) or JK Voluntary Medicare Society has launched officially the State Bank of India (SBI) aided Rs. 2.36 crore Community Based Rehabilitation (CBR) for speech and hearing impaired persons. In the event, a large number of people wholeheartedly participated. Nearly, 261 patients were examined with test such as BERA, Pure Tone Audiometry, etc by Experts and Subject Matter Specialists. Among the poor patients, 150 hearing aids were distributed. Other patients were suggested appropriate treatment. This type of camp will be held in other districts of the state of Jammu and Kashmir, in Northern India. In the valley, these types of activities will be beneficial for improving the people who are suffering in one manner or the other.

2016/03/22 07:12 AM

State Bank of India takes step to woo Japanese business


State Bank of India (SBI) proudly launched recently an initiative in order to assist strengthen business ties between Japan which is Asia`s third-largest economy, where different kinds of investors are wholeheartedly eyeing Indian markets that largely need and require support in successfully navigating the nation`s complex bureaucracy termed as very notorious in nature. This bank dedicated and committed Japan desk perfectly offers retail and wholesale banking products such as rupee funding for banks and Japanese businesses and guidance on Indian regulations and companies.


In a press statement, SBI Chairman Arundhati Bhattacharya stated that Japanese companies largely need special attention in order to understand the complexities of the Indian open market. in India, Japan is the fourth largest foreign investor. It is to be highly noted that PM Narendra Modi plus his Japanese counterpart Shinzo Abe, who rightly enjoy a very close relationship, have largely made much of the great opportunity for both nations as India perfectly tries to grow and develop its manufacturing industries with a lot of perfection.


It is to be remembered that in India, Japanese firms investing face at times baffling regulatory hurdles and complex nature of dealings. In the World Bank`s latest ease of "Doing Business" report of 189 countries, India ranked 130th just behind fellow emerging markets South Africa, China and Brazil. The bank aims to give a helping hand to Japanese business and its related investors in the open market to a great extent.

2016/03/01 07:03 AM

With Thomas Cook, State Bank of India partners to offer holiday saving scheme


State Bank of India (SBI) which is the nations largest public sector lender, has successfully entered into partnership with Thomas Cook which is a leading travel firm in order to offer a recurring deposit to banks customers in order to save for their holidays in future. This particular scheme is known as “Thomas Cook Holiday Savings Account (HSA)”. It is to be noted that SBIs esteemed customer will be wholeheartedly able to pre-select a best holiday for their family from the travel firm plus perfectly save for it with the bank directly through a recurring deposit. It is to be remembered that the customer will have to just pay 12 instalments under this scheme.


At the end of the period, Thomas Cook will pay the 13th instalment for the customers. While earning interest on the deposit, the scheme will also shield customers from inflation. The bank and travel firm strongly believes that holidaying with family members, friends and relatives is part and parcel of personal and professional life. The busy schedules of customers make them physically strained and mentally stressed. A break in the form of holidaying with hard earned money is the need of the hour for a good get-together at a selected tourist spot. The scheme holders can plan their future holidays in the best manner with their family members, relatives and friends. Thomas Cook will ensure that its customers will have a pleasant holidays that can be cherished in the memory lane.

2016/02/21 07:34 AM

Snapdeal partners with SBI


State Bank of India nations largest lender recently official announced the launch of SBI e-Smart SME in order to offer easy working capital to significant online e-commerce players in the open market. With e-commerce major Snapdeal, the bank has initially tied up in a successful manner to offer instant loans to its important sellers to a great extent. SBI chairman Arundhati Bhattacharya mentioned that the e-commerce growth and development has largely created a new ecosystem that perfectly enabling more than 5 lakh sellers in order to sell different kind of products on digital platform with a lot of perfection. On the other hand, it has also largely opened up big opportunities for the banking industry in particular in the open market.


It is to be highly noted that SBI E-Smart SME will largely use data analytics which was successfully gathered by Snapdeal in order to perfectly assess the credit worthiness of sellers, instead of following the traditional lending data or records based on financial statements like income tax returns and balance sheet in general. On the other hand, the bank is also largly planning a similar kind of tie-up with Paytm, Amazon, Flipkart, etc going forward in the open market in a successful manner. The common problems faced by the SMEs is the requirement of raising needed finance through formal banking with hurdles of not having a long history of financial statements in order to give best confidence to lender in any given situations, circumstances and conditions. This particular issue will be easied by SBI.

2016/02/19 07:07 PM

SBI helps women entrepreneurship growth


State Bank of Indias chief Arundhati Bhattacharya mentioned recently that this particular bank largely taking steps in order to push growth and development of women entrepreneurship in the open market. While speaking on the occasion of Being Woman at the Kolkata Literary Festival, Bhattacharya stated that different types of employment had to be perfectly generated through entrepreneurship because government jobs wouldnt be largely sufficient in order to absorb all unemployed youth in the society at large. She also mentioned that the nations largest lender State Bank of India is keenly taking necessary steps in order to develop women entrepreneurship in this country with a lot of perfection.


With the audience at the Kolkata Literary Festival, Bhattacharya spoke about her personal and professional experience as a woman employee who is employed at this bank during her initial days. Bhattacharya said "It has taken a long time for a woman like me to become the chairperson of SBI. Today I find there are many women in the bank who hold such promising prospects.” In those days she had largely faced "unconscious discrimination" at times. It is to be noted that she mentioned that a lot of work was needed to be done in order to end this particular aspect of discrimination plus there was also a perfect need for certain affirmative action immediately. She stated that the bank had decided to rightly give sabbatical to women for just two years in order to help them perfectly overcome their personal household matters.

2016/02/11 02:43 AM

SBI ATM cards given to Nagpur Central Jail inmates


State Bank of India has proudly given SBI ATM cards to nearly 140 inmates of the Central Prison in Nagpur so that it can be used inside the premises and upon release for daily purpose. The bank also plans to extend this service to all 800 prisoners of the particular facility. It is to be highly noted that this cards were given to only select inmates in the presence of Jail Superintendent Yogesh Desai and Assistant GM, SBI, Nagpur Zone, Rakesh Sinha by the SBI Deputy General Manager, Nagpur Zone, B. Shankar and Maharashtra Additional Director General of Police (Prisons), Dr. Bhushan Kumar Upadhyaya.

 

During the press meet, Dr. Upadhyaya mentioned that approximately 10,000 inmates across the State in nine Central prisons would be extended the facility. As a pilot project, Nagpur has been chosen, he said proudly. It is to be remembered that in the canteen, the inmates can swipe the cards in order to purchase daily use items like soaps, eatables, hair oil, etc against the payment they got for doing different type of works on the jail premises. Once the inmates are released just after serving their terms, the inmates can also use the cards. On this occasion, Dr. Upadhyaya cited that it would cultivate a habit of proper savings among them. Moreover, any prisoner on certain situations, circumstances and conditions can spend up to Rs. 2,500 per month. It is an innovative scheme adopted by State Bank of India in the open market. This particular effort is appreciated by experts and specialists in this particular field.

2016/02/05 06:02 AM

SBI extends help for MC Mary Kom


The State Bank of India (SBI) has wholeheartedly given Rs 2 crore to leading and popular pugilist Mary Kom in order to build a hostel with necessary facilities for the MC Mary Kom Regional Boxing Foundation in Imphal, in the state of Nagaland, in North-eastern India. The State Bank of India (SBI) directly under its Corporate Social Responsibility, also proudly donated necessary equipment and school buses to a number of needy institutes in the state of Tripura, Assam, and Meghalaya, in North-eastern India when its chairman Arundhati Bhattacharya officially visited this region.


It is to be remembered that this bank also gave a school bus and utility vehicles to Ramakrishna Mission Ashram, located in Kailashahar, in the state of Tripura, in North-eastern India. During her official visit to the state of Assam, the SBI chief also attended an interactive session at IIT- Guwahati, plus donated Rs 10 lakh to Sishugram, which is a child orphanage at Amingaon.


The State Bank of India (SBI) directly under its Corporate Social Responsibility looks into individual, institutional and society needs and requirements plus tries to fulfil them in the best possible manner. This bank comes with all the latest banking technology for its existing and potential customers in the open market. In the North-eastern region, the State Bank of India (SBI) has earned a name for itself with its hard work that is blended with cooperation and coordination. It is an instant hit among leading Govt and private banks of this particular region.

2016/01/26 08:03 AM

With lamp-lighting ceremony, State Bank of India to open Hounslow branch


On Monday January 25, 2016, the State Bank of Indias new branch in Hounslow High Street will opened with lamp-lighting ceremony. In the following weekend, the event and its happening will be marked with giveaways in store and entertainment. It is going to be its latest branch in the open market for its new and old customers in this particular area. The tradition and culture of both the countries will be rightly followed that is Indian diya lamp-lighting ceremony and British ribbon-cutting.


On January 30 and 31, 2016, that particular, there will be a henna artist, childrens entertainment plus giveaways in store in order to welcome esteemed new customers. In the UK, this bank at present has 10 branches. It is to be remembered that the State Bank of India was founded in 1806. At present, it has approximately 190 million esteemed customers worldwide plus the majority share is proudly owned by the Indian government.


The State Bank of India (SBI) new branch in Hounslow High Street comes with usual range of services and facilities that will also include boxes for remittances and safety deposit boxes for its customers. It is to be highly noted that originally, the bank had largely planned in order to open the branch just last summer, but its launch date was delayed considerably due to various reason. With the efforts of higher official of SBI (State Bank of India), this milestone is achieved with perfect cooperation and coordination of its employees and staffs. This particular branch will be fully in active service after its formal inauguration.

2016/01/23 07:44 AM

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