Unlocking the Swift Code of State Bank of India- Your Ultimate Guide to Identifying SBI’s Bank Identifier

What is the Swift code of SBI?

The Society for the Promotion of Area Resource Centres (SBI) is a renowned financial institution in India, offering a wide range of banking and financial services to its customers. For international transactions, it is essential to have the correct Swift code of the bank. In this article, we will discuss what the Swift code of SBI is and its significance in international banking.

Understanding Swift Codes

Swift codes, also known as Bank Identifier Codes (BIC), are unique identifiers for financial institutions. They are used to facilitate the transfer of money between banks across the globe. A Swift code consists of 8 to 11 characters, where the first 8 characters are always required and represent the bank’s name, location, and country code. The additional characters, if present, can provide more specific information about the bank’s branch or location.

Swift Code of State Bank of India (SBI)

The Swift code of State Bank of India is SBININBB. This code is used for international wire transfers and other banking transactions. The first four characters, SBIN, represent the bank’s name, while the next two characters, IN, indicate the country code for India. The last two characters, BB, represent the location of the bank’s headquarters in Mumbai.

Why is the Swift Code Important?

The Swift code is crucial for international banking transactions as it ensures that the funds are transferred to the correct recipient. Without the correct Swift code, the transaction may be delayed or even failed. Additionally, the Swift code helps in identifying the bank and its branch, making it easier for the receiving bank to process the transaction.

How to Use the Swift Code of SBI

To use the Swift code of SBI for international transactions, follow these steps:

1. Obtain the recipient’s bank details, including their name, account number, and the bank’s Swift code.
2. Enter the recipient’s details in the respective fields on the transaction form.
3. Provide the SBI Swift code (SBININBB) as the sender’s bank details.
4. Complete the transaction and ensure that the recipient’s details are accurate.

Conclusion

In conclusion, the Swift code of State Bank of India (SBI) is SBININBB. It is an essential piece of information for international banking transactions, ensuring that funds are transferred securely and efficiently. Always double-check the recipient’s details and the Swift code to avoid any transaction errors.