SBIN0062054 is the IFSC code of State Bank Of India, that is assigned by the Reserve Bank of India (RBI). This code helps the Indian financial system to transfer funds from bank account numbers in India and internationally like NEFT/RTGS/IMPS
The details above validate that the State Bank Of India has its operations in the Cac Lakhimpur, Uttar Pradesh branch located at the Sbi, Lakhimpur Main Branch, Kutchery Road, Lakhimpur- 262701. This confirms that if you plan on doing a financial transfer, you must be sure of the State Bank Of India IFSC code to ensure that the transfer happens without any hassles.
While all of us understand IFSC codes by now, let’s understand MICR code as well. This is termed as Magnetic Ink Character Recognition which is a character recognition technology that helps in processing cheques faster. State Bank Of India bank branch has a unique MICR code which helps RBI identify the State Bank Of India branch, and speed up the cheque clearing process.
While State Bank Of India IFSC is an 11 digit code, MICR is a 9 digit code, and the basic difference between these two codes is that IFSC code is used for State Bank Of India online transactions, while MICR is used for State Bank Of India offline transactions, like Cheque.
These two aspects are of great importance for State Bank Of India financial transaction in both State Bank Of India online transactions and State Bank Of India offline transactions, and you can choose the one that works well for you.
Uses of Cac Lakhimpur IFSC Code:
NEFT - National Electronic Fund Transfer. Enables you to electronically transfer funds from your bank account to any other account of the same bank or different bank.
RTGS - Real Time Gross Settlement. Transfer a minimum limit of Rs. 2 lakh.
IMPS - Immediate payment service. Bank account holder can transfer funds 24 x 7 365 days
Online Fund Transfer via NEFT, RTGS and IMPS.