SWIFT/BIC codes in India: banks starting with M

SWIFT/BIC codes in India

Here you will find codes for 394 banks in India. You will need such a code mostly when making payments across borders and for payments in a foreign currency.

Search for the bank you need below and click through for all codes we have and the details a transfer needs. The rest of this page explain the structure of the codes, what transfers cost and the checks worth doing before a payment.

Tracking a payment to India

An international transfer to India typically needs one to a few business days. Transfers sent after the cut-off time or on weekends and holidays often start the next business day.

When a payment takes longer than expected, ask the sender to contact the sending bank and ask for the status or the UETR. Specialist transfer services usually show a status online so you can follow the payment.

What a sender needs to pay you in India

For a transfer from abroad in India, the sender needs more than the SWIFT code. In practice that means: your full name as your bank knows it, your account number or IBAN, the BIC of your bank and, often, your postal address.

Look up your bank in the list above to check its code, but take the code from your own bank details when in doubt. Some sending banks may also ask for the name and address of your bank; it does no harm to include it.

What lands in your account can be lower than what was sent. Correspondent banks can take a fee and your own bank may charge for processing, and if the money is converted, an exchange rate margin applies. Agree with the sender who covers the fees.

What a transfer to India really costs

A bank transfer to India can cost more than you think. On top of a fixed fee, correspondent banks can deduct a charge, and when the money is converted the bank usually uses a rate below the real market rate.

That exchange rate margin tends to be the biggest part of the cost, even though it is not listed as a fee. An easy check: set the rate you get against the mid-market rate and look at the difference.

Specialised transfer providers frequently offer a rate near the mid-market rate with clearer fees. GoldexPay lists transfer services next to each other so you can see what actually arrives in India before you commit.

Recognising a SWIFT code from India

SWIFT/BIC codes use the same format worldwide: eight characters, sometimes followed by three more. It starts with four letters for the bank, followed by a two-letter country code and a two-character location code.

No matter which bank, all India codes have the same country code in positions five and six. Codes with other letters in that position belong to a bank abroad.

An 11-character code adds a branch code. Choose a branch code just when the recipient explicitly gives you one; otherwise the head office code is the safe choice.

Most SWIFT codes in India: State Bank of India

State Bank of India leads the list for India when it comes to SWIFT/BIC codes. The head office of State Bank of India uses SBININBBXXX.

Many codes often means that the bank registers branches and departments separately. Paying someone at State Bank of India? Go with SBININBBXXX unless a specific branch code is requested.

Sending INR to India

The local currency in India is the Indian Rupee (INR). When you pay another currency, it has to be converted at some point.

Which bank converts the money makes a difference, because each party uses its own rate. Check how much INR the recipient gets with several services; the difference between options can be larger than you expect. On larger amounts, even a small difference in the rate adds up quickly.

About our data and how to check a code

The safest source for the BIC is the bank details provided by the recipient. If the code you have differs from our list, do not guess.

We collect bank codes from publicly available data and update them regularly. Still, banks merge or retire codes. For any payment of any size, confirm the code with the recipient. GoldexPay is an independent comparison site, not a bank.

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

Banks in India beginning with the letter :letter

This filter limits the list down to banks in India starting with :letter to make searching quicker. The figures for India on this page cover every bank we list, not just the ones under :letter.

Many institutions are listed under their official name, which may start with words like Bank or Banco. The complete list is one click away when you cannot find the bank here.

SWIFT transfers to India

Since India does not belong to SEPA, a transfer from abroad is usually sent through SWIFT. That means the payment always needs the SWIFT/BIC code of the recipient’s bank in addition to the account details.

Depending on the country, the account is identified by a domestic account number rather than an IBAN. Check with the recipient which details their bank needs for payments from abroad – many banks give clear instructions for this. International transfers can pass through correspondent banks and fees can be taken along the way.