Latest details of Ifsc: Sbin0062931

STATE BANK OF INDIA

Branch name : R AND DB RACC AKOLA

Contact Information

Address: SBI AKOLA MAIN BRANCH TOWER CHOWK AKOLA

Contact number: 9975016500

Bank Details

IFSC Code: SBIN0062931

City: AKOLA

District: AKOLA

State: GUJARAT

IFSC code can be used for RTGS, IMPS and NEFT transactions

Last six characters of IFSC Code make a Branch code.

IFSC Code

Indian Financial System Code (IFSC) is an 11-character code used for electronic payments through RTGS, NEFT, and IMPS. The code structure:

  • • First 4 characters: Bank identifier
  • • 5th character: Reserved (0)
  • • Last 6 characters: Branch code

MICR Code

MICR (Magnetic Ink Character Recognition) code is printed on cheques to facilitate automated processing. This code helps identify the bank and branch during cheque clearing processes.

These codes are essential for secure and accurate electronic fund transfers within the Indian banking system.

IFSC and MICR code sample on bank cheque