What is the swift code of State Bank of India?
The Swift code, also known as the Bank Identifier Code (BIC), is a unique identifier for financial institutions worldwide. It is used to facilitate international money transfers and to ensure that funds are correctly routed to the intended recipient. For State Bank of India (SBI), one of the largest and oldest banks in India, the Swift code is essential for its global operations and customer transactions.
The Swift code for State Bank of India is “SBININBB”. This code is used by the bank’s customers and partners for various financial transactions, including cross-border wire transfers, trade finance, and other banking services. The Swift code consists of 8 or 11 characters, with the first 8 digits being the bank’s identification code, and the last 3 digits representing the branch location.
Understanding the Swift Code Structure
The Swift code structure for State Bank of India, as well as other banks, follows a specific format:
1. Bank Code (4 characters): This is the unique code assigned to the bank. For SBI, the bank code is “SBIN”.
2. Country Code (2 characters): This represents the country where the bank is located. For India, the country code is “IN”.
3. Location Code (2 characters): This identifies the city or region where the bank’s branch is located. For State Bank of India, the location code is “BB”.
4. Branch Code (3 characters): This is an optional code that identifies a specific branch within the bank. If the branch code is not provided, the default value is “XXX”.
In the case of State Bank of India, the Swift code “SBININBB” consists of the following components:
– Bank Code: SBIN
– Country Code: IN
– Location Code: BB
– Branch Code: XXX
Using the Swift Code for International Transactions
When initiating an international money transfer involving State Bank of India, the Swift code is crucial for ensuring that the transaction is processed smoothly. Here’s how the Swift code is used in the transaction process:
1. The sender’s bank will request the recipient’s bank to transfer the funds to the recipient’s account.
2. The sender’s bank will provide the recipient’s bank with the recipient’s account details, including the account number and the Swift code.
3. The recipient’s bank, which is State Bank of India in this case, will use the Swift code “SBININBB” to identify the bank and route the funds to the correct account.
By using the Swift code, the transaction is streamlined, reducing the risk of errors and delays. It also helps in preventing fraudulent activities, as the unique code ensures that the funds are transferred only to the intended recipient.
Conclusion
In conclusion, the Swift code “SBININBB” is the unique identifier for State Bank of India, facilitating international financial transactions and ensuring the smooth transfer of funds. Understanding the Swift code structure and its importance in international banking is essential for both individuals and businesses engaging in cross-border transactions. By using the correct Swift code, customers can enjoy efficient and secure banking services provided by State Bank of India.
