Sber Bank IFSC Code is an 11-digit alphanumeric code assigned to each of its branches by the Reserve Bank of India. IFSC stands for Indian Financial System Code and helps in the online or electronic transfer of funds using NEFT, RTGS or IMPS. Sber Bank IFSC Code is unique for every bank branch, hence no 2 branches can have the same IFSC code.
Sber Bank IFSC Code: Structure and Features
Structure
| Sber Bank Code | Zero | Sber Bank’s Branch Code | ||||||||
| S | A | B | R | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
Above mentioned code ‘SABR0000001’ is the IFSC Code of Sber Bank, New Delhi. In the 11-digit code, the first 4 characters ‘SABR’ indicate the bank code, the 5th character is a ‘0’ and the last 6 characters ‘000001’ represent the branch code of New Delhi.
Key Features
- Electronic fund transfer: With the help of Sber Bank IFSC code, one can transfer funds instantly and conveniently. The online banking service hence saves a lot of time. One needs to mention the beneficiary’s bank account number, bank branch, and IFSC code to carry out convenient transactions
- Minimal fraudulence: IFSC is used for transferring funds in a secure manner. IFSC code is unique for a specific bank branch and hence it becomes easy to find the bank and its respective branch
- Online bill payments: IFSC code can be used to pay online bills. The transactions can be performed using mobile phones, tablets or laptops
How to find Sber Bank IFSC Code and MICR Code?
The account holders can find the IFSC and MICR (Magnetic Ink Character Recognition) Code both online and offline. Below mentioned are the different ways:
Online
1. IFSC Code search tool by Paisabazaar-
Users can go to the IFSC Code locator tool offered by Paisabazaar and enter the required details like the bank name (Sber Bank), state, city and branch name. All the required details along with IFSC and MICR Code gets displayed on the right-hand side of the page.
2. Internet / Mobile Banking-
The IFSC and MICR Code can be found on the Sber Bank netbanking portal and mobile banking app as well. To check the IFSC code using the digital banking platforms provided by the bank, account holder will be required to log in using the user ID and password.
3. RBI-
Sber Bank IFSC code can also be found on the official website of the Reserve Bank of India (RBI).
Offline
1. Cheque Leaf-
The IFSC Code can be found on the top left corner of the cheque leaf while the MICR Code is present at the bottom. The below displayed picture will adhere to better understanding.
2. Passbook-
Both the IFSC Code and MICR Code can be found on the first page of the passbook provided by the bank.
Difference between Bank IFSC and MICR Code
| IFSC Code | MICR Code |
| It is an 11-digit alphanumeric code | It is a 9-digit numerical code |
| Used in the online funds transfer via NEFT, RTGS or IMPS | Used in the faster processing or clearing of cheques |
| First 4 characters indicate bank code, 5th character is ‘0’ & last 6 characters represent branch code | First 4 digits signify city code, middle 3 indicate bank code & the last 3 represent branch code |
Funds Transfer using Sber Bank IFSC Code
IFSC Code helps the RBI monitor all the online transactions and help customers to avoid any possible mistakes during the fund transfer process. The use of IFSC code is mandatory in carrying out all electronic or online funds transfer via NEFT, RTGS or IMPS.
NEFT - National Electronic Funds Transfer
NEFT is a payment system facilitating funds transfer from one bank to another. The process of NEFT is based on a deferred arrangement indicating that the money is transferred in different batches.
Features of NEFT:
- No minimum or maximum transfer limit
- Service Timings: 8 am to 7 pm on all working days (except 2nd and 4th Saturdays)
- No inward transaction charges
- Settlement Type: operates in 23-half hourly batches
RTGS - Real Time Gross Settlement
In the RTGS system, there is a continuous and real-time settlement of funds transfer. The payments under RTGS are final and irrevocable. Generally, RTGS is preferred for large value transactions as the minimum transfer value permitted under RTGS is Rs. 2 lakh.
Features of RTGS:
- No maximum transfer limit
- Minimum transfer value: Rs 2 lakh
- Service Timings: 8 am to 6 pm on all working days (except 2nd and 4th Saturdays)
- No charges for inward transactions
- Settlement Type: Real-time
IMPS - Immediate Payment Service
The IMPS service provides real-time funds transfer instantly and quickly. This electronic fund transfer service is available 24X7 and is faster than NEFT or RTGS. The service can be accessed via various channels like Mobile, Internet, SMS, ATM, Branch or USSD.
Features of IMPS:
- No minimum transfer limit
- Maximum transfer value: Rs 2 lakh
- Service Timings: 24X7, throughout the year (including bank holidays)
- Settlement Type: Instant
- Charges decided by individual member banks
About Sber Bank
With its headquarters in Moscow, Sber Bank is a state-owned Russian banking and financial services company. Incorporated in the year 1991, the bank has a network of more than 14,000 branches spread across in the 83 regions of Russia.