What is the Swift code for 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 an essential component for international money transfers, ensuring that funds are correctly routed to the intended recipient. For State Bank of India (SBI), one of the largest and oldest banking institutions in India, the Swift code is SBIINBBXXXX. This code is used by banks and financial institutions across the globe to facilitate transactions with SBI. In this article, we will delve into the significance of the Swift code for SBI and how it simplifies international banking operations.
The Swift code for State Bank of India is a combination of letters and numbers that uniquely identifies the bank and its branch. The format of the Swift code is as follows:
– The first 8 characters represent the bank code, which is specific to each institution.
– The next 2 characters represent the country code, which is the country where the bank is located.
– The next 2 characters represent the location code, which is specific to the branch of the bank.
– The last 3 characters are the branch code, which further identifies the branch within the bank.
In the case of State Bank of India, the Swift code SBIINBBXXXX is composed of the following parts:
– SBIIN: The bank code for State Bank of India.
– BB: The country code for India, which is “IN.”
– XXXX: The location and branch code for the specific branch of SBI.
The Swift code for State Bank of India is crucial for international transactions, as it helps prevent errors and ensures that funds are transferred to the correct recipient. When initiating an international money transfer, the sender’s bank will use the Swift code to identify the recipient’s bank and ensure that the funds are correctly credited to the intended account.
In addition to facilitating international money transfers, the Swift code for State Bank of India is also used for other purposes, such as:
– Sending and receiving messages between banks.
– Facilitating the exchange of financial information.
– Verifying the identity of the bank during transactions.
As one of the leading banks in India, State Bank of India has a vast network of branches and subsidiaries worldwide. The Swift code for SBI is essential for ensuring smooth and efficient banking operations across its international network. By using the Swift code, SBI can provide its customers with reliable and secure banking services, no matter where they are located in the world.
In conclusion, the Swift code for State Bank of India, SBIINBBXXXX, is a unique identifier that plays a vital role in international banking operations. It simplifies the process of transferring funds, sending messages, and verifying identities, making it an indispensable tool for both banks and customers. As SBI continues to expand its global reach, the importance of the Swift code will only grow, ensuring that the bank remains at the forefront of international financial transactions.
