The IFSC Code is a very important number used in India for digital banking and online money transfers that ensures seamless and accurate fund transfers. In case you are sending money through NEFT, RTGS, or IMPS, the bank requires you to enter the correct IFSC Code to route your payment to the right branch. If you are searching for the IFSC Code of State Bank Of India for its Dhondrai branch in Beed, Beed, Maharashtra, this complete guide will provide you with detailed information.
The banking system in India has changed over the years, and today customers of State Bank Of India located in Beed or anywhere in Maharashtra can transfer funds instantly by using the correct IFSC Code SBIN0020420. Knowing how the IFSC Code works will help you stay informed and avoid transfer issues.
Details of IFSC Code for State Bank Of India, Dhondrai, Beed
Here are the key points that are associated with the IFSC Code SBIN0020420 of State Bank Of India for its branch located in Beed, within the district of Beed in the state of Maharashtra.
| Particulars | Details |
|---|---|
| Bank | State Bank Of India |
| IFSC Code | SBIN0020420 |
| Branch | Dhondrai |
| City | Beed |
| District | Beed |
| State | Maharashtra |
| Address | Eritqbeeddistrict |
These details help users in online banking and for businesses and individuals who use State Bank Of India in Beed for their financial transactions. In case you are depositing money, sending payments, or conducting commercial transfers, the IFSC Code SBIN0020420 for the Dhondrai branch of State Bank Of India has a very important role.
What Is IFSC Code and Why Is It Important?
IFSC stands for Indian Financial System Code, an 11-character alphanumeric code provided by the Reserve Bank of India. Every bank branch, along with State Bank Of India located in Dhondrai, Beed, Maharashtra, are given a unique IFSC like SBIN0020420 to ensure that online payments reach the right destination.
The IFSC Code is important because:
- It clearly tells which bank branch it is in Beed.
- It helps NEFT, RTGS, and IMPS systems route the transfer securely.
- It prevents any kind of confusion between different branches of the same bank in places like Beed and Beed.
- It reduces errors in fund transfers and improves accuracy.
- It helps the sender banks to validate and confirm branch details before processing payments.
It helps ensure that any money sent to State Bank Of India in Dhondrai goes to the correct branch. This is important because State Bank Of India has thousands of branches in Maharashtra and all over India, and the IFSC Code prevents payments from going to the wrong place.
Format of the IFSC Code SBIN0020420
The format of the IFSC Code for banks, including State Bank Of India, follows an 11-character structure:
AAAA0CCCCCC
Here's the breakdown:
- First 4 characters (AAAA): Show the bank code. For State Bank Of India, these letters represent the bank's short name.
- 5th character: Is always zero and is kept for future use.
- Last 6 characters (CCCCCC): Represent the specific branch code assigned to branches such as Dhondrai in Beed.
For example, the IFSC Code SBIN0020420 of State Bank Of India for the Dhondrai branch includes these elements, identifying the bank and the branch location in Beed and Maharashtra accurately.
How to Find IFSC Code for State Bank Of India?
If you are trying to find the IFSC Code SBIN0020420 of State Bank Of India for its Dhondrai branch located in Beed, the following methods can help:
Cheque Book
The cheque books that are issued by State Bank Of India include the IFSC Code which is printed on each cheque and you can easily spot the code on the top section.
Passbook
Most banks, including State Bank Of India branches in Beed and Beed, print the IFSC and MICR codes on the first page of the passbook.
Bank Website
Visit the official website of State Bank Of India and find the branch locator section. Search for Dhondrai or Beed to get the exact IFSC Code SBIN0020420.
Mobile Banking App
If you use State Bank Of India's mobile app, you can easily check your account details to find your branch's IFSC code.
RBI Website
The Reserve Bank of India maintains an updated database of all IFSC codes to help you in searching for State Bank Of India and Beed that will provide accurate information.
How to Use IFSC Code SBIN0020420 for Online Transfers?
Once you have the IFSC Code SBIN0020420 for the Dhondrai branch of State Bank Of India in Beed, you can initiate your fund transfers using any digital method:
NEFT
Add beneficiary details including the name, account number, and IFSC Code SBIN0020420. Transfers are processed in batches. This is suitable for personal and business payments.
RTGS
Used for high-value payments above ₹2 lakh. Real-time settlement using the IFSC Code of the recipient branch.
IMPS
Instant 24×7 transfers. Requires the recipient's account details and State Bank Of India IFSC Code SBIN0020420.
Regardless of the method you choose, the accuracy of the IFSC Code is crucial. Any mistake in entering the IFSC Code for State Bank Of India Dhondrai in Beed may result in delayed or failed transactions.
Finding the MICR Code
MICR codes are used for check clearances and are not the same as IFSC codes. If you are searching for the MICR code of State Bank Of India in Dhondrai, you can find it by any of the following ways:
- Check the bottom of your cheque leaf.
- Go to the first page of your passbook.
- Visit the official State Bank Of India website.
- Search the RBI portal.
Having both IFSC and MICR codes helps account holders in Beed manage online transfers as well as cheque clearances with ease.
Frequently Asked Questions (FAQs)
The IFSC Code is SBIN0020420.
Yes, but it can change during merging or restructuring of the bank.
No, MICR is for cheque clearing and IFSC is for online transfers.
You can find it on your chequebook, passbook, the bank's website, the mobile app, or on the RBI portal.
The address of the branch is Eritqbeeddistrict located in Beed, Beed, Maharashtra.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.