SBI IFSC Code Change: Everything You Need to Know
The State Bank of India (SBI) has recently changed the IFSC codes of as many as 1,300 branches after a recent merger with a few of its associate banks. Along with the change in IFSC codes, the bank has also renamed some of its branches.
IFSC, expanded as Indian Financial System Code, is a 11-digit code consisting of both alphabets and numbers. The IFSC code of each bank branch is unique and no two bank branches, even if it is the same bank, will have the same IFSC code. IFSC codes help streamline the fund transfer process and eliminate errors during the electronic money transfer process. IFSC code is a must for all fund transfers through Immediate Payment Service (IMPS), National Electronic Fund Transfer (NEFT), and Real Time Gross Settlement (RTGS). Without a valid IFSC code, banks will not process fund transfers and it is very important to key in the right IFSC code during the money transfer process. The Reserve Bank of India (RBI) assigns IFSC codes to all banks in the country. IFSC codes are printed on bank cheque leafs and you can find your IFSC code on your cheque leaf.
So, Why did SBI Change its IFSC Code
SBI changed IFSC codes for as many as 1,300 bank branches after it got into a merger deal with 5 of its associate banks and 1 other bank. The banks are: State Bank of Mysore, Bhartiya Mahila Bank, State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur. Changes have been made to IFSC codes of SBI branches located in Bengaluru, Hyderabad, Lucknow, Kolkata, Chennai, Mumbai, New Delhi, among others.
What Should an SBI Customer Do?
SBI customers need not worry about these changes because the bank has already mapped the old IFSC code with the new IFSC code. So, even if a fund transfer is initiated using the old IFSC code, the transaction will still go through. So, as a customer there is no need to worry.
The bank has also published a list of new codes on its website for customers.
Apart from IFSC codes, the names of some branches have also been changed. Customers, however, will have to apply for new cheque books before December 31, after which the old cheque books will become null and void. This is only for the banks that merged with SBI in April this year. The RBI has set the deadline for availing new cheque books.
On the other hand, SBI has also revamped its internet banking portal.
How to Find New SBI IFSC Code?
All customers can check their new IFSC code on the SBI website or Bankbazaar website by filling in relevant details using the branch locator tool
Step 1: Log on to the SBI website and go to the SBI Branch Locator tool
Step 2: Go to the drop down menu and choose the appropriate option
Step 3: Key in the search text or select the relevant option
