Digital banking and online financial transactions in India uses one essential element that ensures you have a seamless and accurate fund transfers, it is the IFSC Code. No matter, if you are sending money through NEFT, RTGS, or IMPS, the bank requires you to enter the correct IFSC Code so that your payment goes to the right branch. And if you are searching for the IFSC Code of State Bank Of India for its Balganur branch in Raichur, Raichur, Karnataka, then this guide will give you detailed information.
The banking system has evolved significantly in India, and today the customers of State Bank Of India located in Raichur or anywhere in Karnataka can transfer funds instantly by using the correct IFSC Code SBIN0020216. You should definitely know how the IFSC Code works and how it helps you stay informed and avoid transfer errors.
Details of IFSC Code for State Bank Of India, Balganur, Raichur
Here are some of the key details that come with the IFSC Code SBIN0020216 of State Bank Of India for its branch located in Raichur, within the district of Raichur in the state of Karnataka.
| Particulars | Details |
|---|---|
| Bank | State Bank Of India |
| IFSC Code | SBIN0020216 |
| Branch | Balganur |
| City | Raichur |
| District | Raichur |
| State | Karnataka |
| Address | Idartqraicrditrict |
These details are important not only for users using online banking but also for businesses and individuals who use State Bank Of India in Raichur for everyday financial transactions. If you are depositing money, sending payments, or managing any commercial transfers, the IFSC Code SBIN0020216 for the Balganur branch of State Bank Of India is vital.
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 Balganur, Raichur, Karnataka, are allotted a unique IFSC like SBIN0020216 to ensure that online payments reach the right destination.
The IFSC Code is important because:
- It clearly tells which bank branch it is in Raichur.
- It helps NEFT, RTGS, and IMPS systems route the transfer securely.
- It prevents confusion between different branches of the same bank in places like Raichur and Raichur.
- 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 Balganur reaches the right place, even though there are thousands of branches in Karnataka and across India.
Format of the IFSC Code SBIN0020216
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 Balganur in Raichur.
For example, the IFSC Code SBIN0020216 of State Bank Of India for the Balganur branch includes these elements, identifying the bank and the branch location in Raichur and Karnataka accurately.
How to Find IFSC Code for State Bank Of India?
To find the IFSC Code SBIN0020216 of State Bank Of India for its Balganur branch located in Raichur, 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 Raichur and Raichur, 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 Balganur or Raichur to find the exact IFSC Code SBIN0020216.
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 Raichur will provide accurate information.
How to Use IFSC Code SBIN0020216 for Online Transfers?
Once you have the IFSC Code SBIN0020216 for the Balganur branch of State Bank Of India in Raichur, you can start with your fund transfers using any digital method:
NEFT
Add beneficiary details including the name, account number, and IFSC Code SBIN0020216. Transfers are processed in batches. Suitable for personal and business payments.
RTGS
Used for payments above ₹2 lakh. Real-time settlement using the IFSC Code of the recipient branch.
IMPS
Instant 24×7 transfers. You need the recipient's account details and State Bank Of India IFSC Code SBIN0020216.
Whatever method you choose, the accuracy of the IFSC Code is highly important. If there is any mistake in entering the IFSC Code for State Bank Of India Balganur in Raichur, it can 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 Balganur, 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 Raichur manage online transfers as well as cheque clearances with ease.
Frequently Asked Questions (FAQs)
The IFSC Code is SBIN0020216.
Yes, but it can change if the bank merges or goes through restructuring.
No. MICR is for cheque clearing; IFSC is for online transfers.
You can find it on cheque books, passbooks, the bank's website, mobile app, or the RBI portal.
The address of the branch is Idartqraicrditrict located in Raichur, Raichur, Karnataka.
The IFSC Code ensures that NEFT, RTGS, and IMPS transactions are accurately routed to the correct bank branch.