For digital banking and online financial transactions in India, one essential element that makes sure of a seamless and accurate fund transfers is the IFSC Code. If you are sending money through NEFT, RTGS, or IMPS, the bank asks you to enter the correct IFSC Code to route your payment to the right branch. And so, in case you are searching for the IFSC Code of State Bank Of India for its Racc Chaibasa branch in Chaibasa, Chaibasa, Jharkhand, this comprehensive guide will provide you with detailed information.
The banking system in India has changed significantly over the years, and today customers of State Bank Of India located in Chaibasa or anywhere in Jharkhand can transfer funds instantly by using the correct IFSC Code SBIN0062860. Knowing how the IFSC Code works can help you stay informed and avoid transfer errors.
Details of IFSC Code for State Bank Of India, Racc Chaibasa, Chaibasa
Here are some of the key details that come with the IFSC Code SBIN0062860 of State Bank Of India for its branch located in Chaibasa, within the district of Chaibasa in the state of Jharkhand.
| Particulars | Details |
|---|---|
| Bank | State Bank Of India |
| IFSC Code | SBIN0062860 |
| Branch | Racc Chaibasa |
| City | Chaibasa |
| District | Chaibasa |
| State | Jharkhand |
| Address | 2Nd Floor, State Bank Of India, Jamshedpur Branch Building, Bistupur, Jamshedpur 831001 |
These details helps users in online banking and for businesses and individuals who use State Bank Of India in Chaibasa for their financial transactions. In case you are depositing money, sending payments, or conducting commercial transfers, the IFSC Code SBIN0062860 for the Racc Chaibasa branch of State Bank Of India plays a vital 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 Racc Chaibasa, Chaibasa, Jharkhand, are allotted a unique IFSC like SBIN0062860 to ensure that online payments reach the right destination.
The IFSC Code is important because:
- It clearly tells which bank branch it is in Chaibasa.
- It helps NEFT, RTGS, and IMPS systems route the transfer securely.
- It prevents confusion between different branches of the same bank in places like Chaibasa and Chaibasa.
- It reduces errors in fund transfers and improves accuracy.
- It helps the sender banks to validate and confirm branch details before processing payments.
It makes sure that money sent to State Bank Of India in Racc Chaibasa reaches the right place, even though there are thousands of branches in Jharkhand and across India.
Format of the IFSC Code SBIN0062860
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 Racc Chaibasa in Chaibasa.
For example, the IFSC Code SBIN0062860 of State Bank Of India for the Racc Chaibasa branch includes these elements, identifying the bank and the branch location in Chaibasa and Jharkhand accurately.
How to Find IFSC Code for State Bank Of India?
To find the IFSC Code SBIN0062860 of State Bank Of India for its Racc Chaibasa branch located in Chaibasa, the following methods can help you out:
Cheque Book
The cheque book issued by State Bank Of India includes the IFSC Code printed on each cheque leaf. You can easily spot the code on the top section.
Passbook
Most banks, including State Bank Of India branches in Chaibasa and Chaibasa, 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 go to the branch locator section. Then search for Racc Chaibasa or Chaibasa to find the exact IFSC Code SBIN0062860.
Mobile Banking App
If you use State Bank Of India's mobile app, you can 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. Searching for State Bank Of India and Chaibasa will provide accurate information.
How to Use IFSC Code SBIN0062860 for Online Transfers?
Once you have the IFSC Code SBIN0062860 for the Racc Chaibasa branch of State Bank Of India in Chaibasa, you can initiate your fund transfers using any digital method:
NEFT
Add the beneficiary's name, account number, and IFSC Code SBIN0062860. The transfer is completed in batches. It is useful for both personal and business payments.
RTGS
Used for payments over ₹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 SBIN0062860.
No matter which payment method you use, the IFSC Code must be correct. If you enter the wrong IFSC Code for the State Bank Of India Racc Chaibasa in Chaibasa, your payment can get delayed or might not go through at all.
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 Racc Chaibasa, 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 Chaibasa manage online transfers as well as cheque clearances with ease.
Frequently Asked Questions (FAQs)
The IFSC Code of the Racc Chaibasa Chaibasa branch is SBIN0062860.
Yes, the IFSC Code remains the same unless the bank undergoes a merger or restructuring.
No. IFSC is used for online fund transfers, while MICR is used for cheque processing and clearance.
You can find it on cheque books, passbooks, bank websites, mobile banking apps, and the RBI website.
The branch is located at 2Nd Floor, State Bank Of India, Jamshedpur Branch Building, Bistupur, Jamshedpur 831001.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.