SWIFT/BIC codes in India: banks starting with I

SWIFT/BIC codes in India

Here you will find codes for 394 institutions in India – 4272 codes altogether. A BIC tells the banks handling a transfer which institution is meant to get the money.

Each bank is listed with its own page with the head office code and, where available, codes for branches and departments. The rest of this page explain the structure of the codes, what transfers cost and how to avoid mistakes before a payment.

Check the code before you pay

The most reliable source for the BIC is the bank details provided by the recipient. When the code you were given differs from our list, do not guess – contact the recipient or their bank.

Our SWIFT/BIC directory is compiled from publicly available sources and is updated regularly. Banks reorganise, change names and change codes – a directory can be a step behind. Before a payment that matters, confirm the BIC with the recipient. GoldexPay is not a bank and is not affiliated with the banks listed.

Fraudsters often send fake invoices carrying new bank details from what looks like a familiar address. Always confirm a change of bank details by phone.

SWIFT codes in India: banks under :letter

You are looking at a filtered list: just banks in India with a name starting with :letter. The counts in the introduction still refer to the whole country.

Cannot find the bank? The registered name might start with a different letter. The full overview for India is one click away if you cannot find the bank here.

The largest SWIFT network in India: State Bank of India

Of the 394 banks we list for India, State Bank of India has the most codes. The head office of State Bank of India uses SBININBBXXX; that is usually the right code for a transfer.

Practice differs in whether they register branch codes, so the count is not a ranking of size. If not the recipient asks for a branch, the head office code SBININBBXXX works for transfers to this bank.

The cheapest way to send money to India

The price of a payment to India has more than one component, and the fee on your screen is only one of them. On top of a fixed fee, correspondent banks may deduct a charge, and when the money is converted the bank usually applies a rate below the real market rate.

The real cost is often in the rate: banks convert at a rate with a margin built in. Compare the rate you are offered against the mid-market rate that you find on financial sites.

Money transfer services frequently use rates closer to the mid-market rate and lower fees. Before you send money to India, it is worth to compare the total cost via GoldexPay instead of going straight to your bank.

How SWIFT codes from India are built

Every SWIFT/BIC code consists of 8 or 11 characters in a fixed order. It starts with four letters for the bank, then two letters for the country and a two-character location code.

You can spot a code from India by letters five and six – those always form the country code of India. Codes with other letters in that position come from a bank abroad.

An 11-character code ends in three characters for a branch, where XXX means the head office. For most transfers the head office code is what you need unless the recipient asks for a specific branch.

SWIFT transfers to India

India is outside the SEPA area. International transfers to India usually travel over the SWIFT network, and the BIC of the receiving bank is required.

Not every country uses the IBAN; in that case the local account number is used instead. Ask the recipient which details their bank needs for payments from abroad; banks often publish instructions for this. On the way to India, a transfer may go through intermediary banks that take a fee.

Incoming international payments in India

For an international payment in India, the sender has to have more than the SWIFT code. Share your name as registered with the bank, the IBAN or account number, your bank’s SWIFT code and your address, which some banks require.

Your bank’s code is in our list, yet the version on your own statement or in your banking app is leading. It helps to include the name and city of your bank, since some payment forms ask for it.

The amount you receive is often less than what was sent. Correspondent banks can take a fee, and if the money is converted, an exchange rate margin applies. On invoices, agree how the fees are split.

India and the Indian Rupee

The local currency of India is the Indian Rupee (INR). If you send money in a different currency, it gets converted somewhere along the way: by your bank, an intermediary or the receiving bank.

Who does the conversion has an effect on the final amount. Check what INR arrives via different services. Exchange rates change all the time, so a quote is usually valid only briefly.

When does money sent to India arrive?

There is no fixed answer for transfers to India: many arrive the same day or the next. Bank holidays in India or in the sending country can add a day or more.

If a transfer seems late, ask the sender to contact the sending bank for a trace; only the sending side can start an official trace. Keep the payment confirmation until the recipient confirms – you will need it if something goes wrong.