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For electronic fund transfer and for some other financial transactions, all banks in India, including SBI, require mentioning of IFSC and MICR codes. The central bank in the country, the RBI, assigns both these codes to banks for an efficient fund transfer system. Wondering about the meaning and usage of the two codes? Here’s a look:

Indian Financial System Code, abbreviated as IFSC code, is an 11-digit code used to identify bank branches for electronic transfer of funds. To put it simply, if you want to transfer funds through National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) or Immediate Payment Service (IMPS), you have to mention the IFSC code compulsorily.

Magnetic Ink Character Recognition (MICR) is a nine-digit code printed on a cheque to identify the bank and its branch for availing the facility of Electronic Clearance System (ECS). MICR code can also be required during financial transactions, such as making investments.

State Bank of India IFSC Code

Any 11-digit SBI IFSC code can be divided into three parts:

  • The first part comprises the four alphabets: SBIN, which is an abbreviation for the State Bank of India.

  • The second part (fifth character) is the digit ‘0.’

  • The third part is the six-digit individual branch code of SBI.

Here’s a look at the SBI IFSC code list of some of the branches in Delhi:


Branch name



Sansad Marg, New Delhi

10 pm to 4 pm


Connaught Circus

10 pm to 4 pm


IP Estate, Delhi

10 pm to 4 pm


Sarojini Nagar, New Delhi

10 pm to 4 pm


How to Search for SBI IFSC and MICR Codes?

There are several methods to know the SBI branch code as well as the MICR code, SBI. Here’s a look:

Cheque book: To know your SBI bank IFSC code and the MICR code of SBI, you can simply refer to your cheque book. While the IFSC code is printed on the top left part of the cheque, next to the branch name and address, the MICR code is printed on the bottom of the cheque, next to the cheque number.

Savings account Passbook: You can also find your SBI IFSC and MICR code on the first page of your passbook.

SBI official web portal: You can access the SBI IFSC code list along with the MICR codes on the official web portal of the State Bank of India. Here, you can also know the physical address of the branches along with their working hours and contact numbers.

Third-party websites: You can also find the State Bank of India IFSC code list and the MICR codes on various reliable third-party websites.

Revised SBI IFSC Code after Rationalization

In 2017, the State Bank of India carried a process of rationalization by opening new bank branches across India. This was necessitated due to the merger of SBI with five of its associated banks. The five banks that were merged with SBI comprised the State Bank of Mysore, the State Bank of Travancore, the State Bank of Patiala, the State Bank of Bikaner and Jaipur and the Bharatiya Mahila Bank. The process of rationalization included creating a fresh SBI IFSC code list.

If you are a customer of an associate bank that has now been merged with the SBI, you need to apply for a new cheque book. Do remember to mention the revised SBI IFSC code for the electronic transfer of funds.

How to Transfer Funds using SBI NEFT and RTGS Process?

As a customer of SBI, you can use the both NEFT and RTGS process to transfer money across SBI and other bank accounts. To use any of the methods, you need to compulsorily mention the SBI Bank IFSC code along with other details, such as beneficiary account number, name and the transfer amount. Read on to know both the processes:

Fund transfer via NEFT: The National Electronic Fund Transfer (NEFT) can allow you to transfer funds in a seamless and hassle-free manner. There is no maximum limit for NEFT transfers done at the branch. But if you choose NEFT transfers via net banking, you can only transfer funds up to a maximum of Rs. 10 Lakhs in a day. You must also keep in mind that the bank follows a schedule for NEFT transfers. You can refer to the table given below:

Bank name

NEFT transfer timing from Monday to Friday

NEFT transfer timing on Saturdays

State Bank of India

8 am to 7 pm

8 am to 1 pm


The NEFT transfers are not conducted on RBI-notified holidays. For transferring funds through this electronic medium, you are also required to pay certain charges. Here’s a look:

NEFT transaction slabs


NEFT transfer up to Rs. 10,000

Rs. 2.50

NEFT transfer up to Rs. 1 Lakh

Rs. 5

NEFT transfer from Rs 1 Lakh to Rs. 2 Lakhs

Rs. 15

NEFT transfer more than Rs. 2 Lakhs

Rs. 25


Fund transfer via RTGS: You can also choose to transfer funds through the Real Time Gross Settlement (RTGS) method. While there is no maximum limit on the amount for RTGS transactions at the branch, you can transfer funds up to a maximum of Rs. 5 Lakhs on a daily basis through net banking. However, the minimum amount for fund transfer both at the branch or via net banking is Rs. 2 Lakhs.

A key advantage of the RTGS process is the faster transfer time because of the absence of inter-bank settlement issues. To know about the RTGS settlement hours and charges, you can refer to the table given below:

Settlement hours for RTGS transactions

Transaction slab for RTGS transactions


Between 9 am and 12 pm

From Rs. 2 Lakhs to Rs. 5 Lakhs

Rs. 25

Between 9 am and 12 pm

Above Rs. 5 Lakhs

Rs. 51

Between 12.01 pm and 3.30 pm

From Rs. 2 Lakhs to Rs. 5 Lakhs

Rs. 26

Between 12.01 pm and 3.30 pm

Above Rs. 5 Lakhs

Rs. 52

Between 3.31 pm and 4.30 pm (Not available on Saturdays)

From Rs. 2 Lakhs to Rs. 5 Lakhs

Rs. 31

Between 3.31 pm and 4.30 pm (Not available on Saturdays )

Above Rs. 5 Lakhs

Rs. 56


  • ✔️What is the MICR code for SBI?

    The MICR code of SBI refers to Magnetic Ink Character Recognition. It is a nine-digit unique code of the respective SBI branch, printed on cheque leaves, to help verify its authenticity for ECS and other financial transactions. The nine digits of the MICR code comprise:

    • The first three digits represent the city code.

    • The next three digits represent the bank code.

    • The last three digits represent the branch code.

  • ✔️Is MICR code and IFSC code the same?

    No, the SBI IFSC code is different from the MICR code of SBI. While the IFSC code is the same as the SBI branch code, the MICR code is printed on the bank’s cheque leaves to establish the identity of the bank and its branch taking part in ECS transfers. While the IFSC code is an 11-digit alpha-numeric number, the MICR code is a nine-digit numeric code.

  • ✔️What is the IFSC code SBI?

    The SBI Indian Financial System (IFSC) code is a unique 11 digit code provided by the RBI to different branches. All branches of SBI have their unique IFSC codes. Mentioning the SBI IFSC code is mandatory for availing NEFT and RTGS fund transfer services.

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