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State Bank of India (SBI) IFSC and MICR Code: Everything You Need to Know

Sajhyadri C Posted on June 23, 2025

Table of Content

Overview

When you transfer money electronically or handle financial transactions in India, you must use specific bank codes. For the State Bank of India (SBI), IFSC and MICR codes are essential. These codes ensure your money reaches the correct branch quickly and safely. Knowing how to find SBI IFSC code and use these codes helps you avoid delays and mistakes. Understanding the role of SBI IFSC and MICR codes makes your banking smoother and more secure. This knowledge is key to completing successful transactions without unnecessary hassle or confusion.

What is an IFSC Code

The Indian Financial System Code (IFSC) is an 11-character code that identifies a specific bank branch for electronic money transfers. You need this code when transferring funds through NEFT, RTGS, or IMPS. The IFSC ensures your money reaches the correct branch quickly and accurately, preventing delays or errors. Here’s when you use the IFSC code:

National Electronic Fund Transfer (NEFT)
Real Time Gross Settlement (RTGS)
Immediate Payment Service (IMPS)

Format of SBI IFSC Code

The SBI IFSC code is an 11-character code used to identify its branches. The first four letters, SBIN, represent State Bank of India. The fifth character is always 0, reserved for future use. The last six digits are the unique code for each branch. For example, an SBI IFSC code might be SBIN0001234. The format includes:

First four letters: SBIN
Fifth character: 0
Last six digits: branch code (sometimes called SBI 5-digit branch code)

What is a MICR Code

The Magnetic Ink Character Recognition (MICR) code is a 9-digit number found at the bottom of your cheque. This code helps banks process cheques faster and more accurately using the Electronic Clearance System (ECS).

The MICR code identifies both the bank and its specific branch, making cheque clearance smooth and efficient. Besides cheque processing, MICR codes are also used in other financial transactions like investments. Using the correct MICR code for State Bank of India ensures your payments and investments are handled without delays or errors.

How MICR Code Works

The MICR code consists of nine digits, split into three sections, each with a distinct role. The first three digits indicate the city or region. The following three digits identify the bank, while the final three digits denote the specific branch. This format allows banks to clear cheques and process payments efficiently and precisely. The parts of the MICR code include:

First three digits: city or region
Next three digits: bank identification
Last three digits: branch code (MICR code of SBI branch)

Why Are IFSC and MICR Codes Important

Knowing the importance of IFSC and MICR codes helps you avoid errors and delays in your banking transactions. Here are the key reasons why these codes matter:

IFSC code is mandatory for electronic fund transfers like NEFT, RTGS, and IMPS
Using the wrong IFSC code can cause transfers to fail or be delayed
MICR code speeds up cheque clearance and supports other offline payments
Missing or incorrect IFSC or MICR codes can lead to failed transactions
Incorrect codes may cause money to be sent to the wrong account, creating inconvenience

SBI NEFT and RTGS Timings and Charges

Here is a detailed overview of SBI NEFT and RTGS timings and charges to help you plan your transactions efficiently:

NEFT Transfer Timings for State Bank of India

NEFT is an electronic fund transfer system managed by the Reserve Bank of India. It settles transactions in batches using Deferred Net Settlement. NEFT now operates 24/7, with settlements every half hour, allowing quick transfers any time.

NEFT Transaction Charges

Here is a simple guide to SBI NEFT transaction charges so you can manage your transfer costs effectively:

NEFT Transaction Amount	Branch Channel Charges	Online Channel Charges
Up to ₹10,000	₹2 + GST	NIL
Above ₹10,000 and up to ₹1 Lakh	₹4 + GST	NIL
Above ₹1 Lakh and up to ₹2 Lakhs	₹12 + GST	NIL
Above ₹2 Lakhs	₹20 + GST	NIL

RTGS Settlement Hours, Transaction Slabs, and Charges

RTGS (Real Time Gross Settlement) processes fund transfers instantly, settling each transaction individually. It is one of the fastest and most secure interbank transfer methods in India, available 24/7 throughout the year. Here is a summary of SBI RTGS transaction slabs and charges to help you plan your transfers:

Transaction Slab	Charges (Branch Channel)	Charges (Online Channel)
₹2 Lakhs to ₹5 Lakhs	₹25 + GST	Nil
Above ₹5 Lakhs	₹51 + GST	Nil
₹2 Lakhs to ₹5 Lakhs	₹26 + GST	Nil
Above ₹5 Lakhs	₹52 + GST	Nil
₹2 Lakhs to ₹5 Lakhs	₹31 + GST	Nil
Above ₹5 Lakhs	₹56 + GST	Nil

How to Find SBI IFSC and MICR Codes

Here are simple and reliable ways to find branch name using IFSC code and locate your SBI IFSC and MICR codes quickly and accurately:

Cheque Book

Your cheque book is a quick way to find both codes. The IFSC code appears at the top left, while the MICR code is printed at the bottom near the cheque number.

Passbook

The first page of your SBI passbook also shows these codes. This makes it easy to check your branch details anytime without visiting the bank.

SBI Official Website

You can use SBI’s official website to locate branch IFSC and MICR codes. The site also provides branch addresses and contact information for added convenience.

Third-party Websites

Many trustworthy websites list SBI IFSC and MICR codes for quick reference. Always verify these codes on official sources to prevent errors during transactions.

SBI IFSC Code Changes After Bank Mergers

In 2017, the State Bank of India (SBI) merged with six associate banks and Bharatiya Mahila Bank, leading to changes in branch names and IFSC codes for nearly 1,300 branches nationwide. The banks merged with SBI were:

State Bank of Mysore (SBM)
State Bank of Travancore (SBT)
State Bank of Patiala (SBP)
State Bank of Bikaner and Jaipur (SBBJ)
State Bank of Hyderabad (SBH)
Bharatiya Mahila Bank (BMB)

This merger increased SBI’s size and value significantly. As part of the rationalisation, many branch codes and IFSC codes were revised to unify the banking system under SBI.

If you held an account with any of these banks before the merger, you must now use the updated SBI IFSC code for all electronic fund transfers. Updating your cheque books and documents with the new IFSC codes is essential to avoid delays or errors in transactions.

How to Transfer Funds Using SBI NEFT and RTGS

You can transfer money securely using SBI’s NEFT and RTGS services. Both methods require the beneficiary’s correct IFSC code for smooth processing. Choosing the right method depends on the amount and speed you need.

NEFT (National Electronic Fund Transfer)

NEFT allows you to transfer any amount at the bank branch without a maximum limit. Through SBI’s net banking, you can transfer up to ₹10 Lakhs per day. NEFT transactions are processed in batches at scheduled times and do not operate on RBI holidays. Nominal charges apply depending on the transaction amount.

RTGS (Real Time Gross Settlement)

RTGS is designed for quick transfers of large amounts. The minimum amount you can send via RTGS is ₹2 Lakhs. At the branch, there is no upper limit, while net banking users can transfer up to ₹5 Lakhs per day. RTGS processes transactions continuously during banking hours and is faster than NEFT. Charges vary based on the transfer amount.

Always check SBI’s latest schedules and fees before making transfers to avoid any surprises.

Important Tips When Using SBI IFSC and MICR Codes

Here are key tips to help you use SBI IFSC and MICR codes correctly and avoid common mistakes:

Always double-check the IFSC code before transferring funds to prevent failed transactions
Use only official or trusted sources to find the correct IFSC and MICR codes
Update your payees or beneficiaries immediately if your branch code changes after a merger
Keep your cheque book and passbook handy to quickly find accurate IFSC and MICR codes

Difference Between IFSC and MICR Codes

Understanding the difference between IFSC and MICR codes helps you use them correctly for smooth banking transactions. Here is a clear comparison of their key features:

Feature	IFSC Code	MICR Code
Format	Alphanumeric (11 characters)	Numeric (9 digits)
Purpose	Identifies bank branches for electronic payments	Helps clear paper-based transactions like cheques
Composition	Bank code (4 characters) + 0 + Branch code (6 characters)	Bank code (3 digits) + City code (3 digits) + Branch code (3 digits)
Length	11 characters	9 digits
Example	SBIN0001234	123456789

Security Tips for Using IFSC and MICR Codes

Here are important security tips to help you protect your IFSC and MICR codes during financial transactions:

Never share your IFSC or MICR codes along with sensitive account details in public or unsecured places
Always use verified sources like the official SBI website or bank documents to find accurate codes
Confirm all details, including IFSC and account numbers, with the beneficiary before transferring money
Avoid sharing your banking information on unsecured websites or with unknown third parties to prevent fraud

Impact of Incorrect Codes

Here are the key impacts of using incorrect IFSC or MICR codes that you should be aware of:

Using wrong IFSC or MICR codes can delay or even reverse your transaction
If the IFSC code belongs to a different branch but the account number matches, money may go to the wrong account
Recovering funds sent to the wrong account can be complicated and time-consuming
Always double-check codes before transferring money to ensure it reaches the right recipient

Conclusion

SBI IFSC and MICR codes identify your branch for secure electronic transfers and quick cheque clearance. Using the correct codes prevents mistakes and ensures smooth transactions. Stay updated with the latest codes, especially after SBI’s mergers, to avoid delays and enjoy seamless banking. Knowing these details helps you manage your finances with confidence and ease.

Hi! I’m Sajhyadri C

Blogger

Always ready to dive into new ideas and topics, Sajhyadri is a storyteller from Kolkata, the City of Joy. He enjoys weaving narratives that make finance feel less intimidating and more inspiring. As a financial content writer, he uses the power of the pen to craft insightful blogs, compelling video scripts, and marketing copies that catch the eye. Off duty, he’s either checking out the latest web series, listing out new eateries, or debating whether his favourite football team will finally have a better season!