SWIFT/BIC codes in India: banks starting with R

SWIFT/BIC codes in India

On this page you find codes for 394 banks in India, 4272 codes in all. A SWIFT code shows every bank in the chain exactly which bank should receive an international payment.

Search for the recipient’s bank in the list and click through for all codes we have and what else a transfer requires. The rest of this page explain how the codes work, what transfers cost and the checks worth doing before a payment.

The structure of a India SWIFT/BIC code

SWIFT/BIC codes use one international format: eight characters. The first four letters identify the bank, characters five and six are the country code and the next two give the location.

Whatever the bank, every code from India have the same country code in positions five and six. Codes with a different country code belong to another country – a quick way to catch mistakes.

The long version 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.

India and the Indian Rupee

Bank accounts in India are typically held in INR, the local currency. Money sent in a different currency is converted into INR on its way to the recipient.

Who does the conversion affects how much arrives, as rates and margins differ per bank. Check how much INR the recipient gets via different services before choosing one. Rates for INR change all the time.

When does money sent to India arrive?

How fast a payment arrives in India depends on several factors: which currency you send, the number of banks in between, daily processing deadlines and differences in time zone. Public holidays in either country can add a day or more.

When a payment takes longer than expected, ask the sender to contact the sending bank – the receiving bank often cannot see a payment that has not arrived. Keep your transfer receipt until the money has arrived; a bank needs it to start a trace.

Getting paid from abroad into an account in India

If you expect a payment from another country on an account in India, give the sender a complete set of details. Share the account holder’s name, your account number or IBAN, the BIC of your bank and your address.

The code of your bank is in our list but always compare it with your own bank details. You can include your bank’s name and city, since some payment forms ask for it.

Do not be surprised if the incoming amount is smaller than what the sender paid. Intermediary banks may deduct a fee and your own bank may charge for processing, and when currencies differ, a markup on the rate comes on top. Agree with the sender who covers the fees.

Paying a bank in India from abroad

India is not part of the SEPA area, the European zone for uniform euro payments. Payments from abroad normally travel through the SWIFT network – which is why you need the BIC of the recipient’s bank.

Depending on the country, the account is identified by a local account number rather than an IBAN. Ask the recipient which details their bank needs for incoming international payments; banks often publish instructions for this. SWIFT payments can pass through correspondent banks.

Filter: banks in India with :letter

The letter filter narrows the list down to banks from India that begin with :letter, so you can find a bank faster. The totals mentioned here cover all 394 banks, not just the ones under :letter.

Cannot find the bank? The registered name might begin with another word. Use the full list for India if you do not know how the name is spelled.

Check the code before you pay

Have the recipient copy their bank details straight from a recent statement. An incorrect BIC can cause a delay, a payment being sent back or additional charges – compare it with the code in our list.

We collect SWIFT/BIC codes from publicly available data and update our list from time to time. Even so, banks merge or change codes, so information can be out of date. For a payment that matters, confirm the BIC with the recipient. GoldexPay is an independent comparison service, not a bank.

Be wary of invoices with a new account – a common fraud method. Before paying, confirm a change of bank details by phone, using a number you already had.

The largest SWIFT network in India: State Bank of India

In our data, State Bank of India holds the largest number of SWIFT/BIC codes of all banks in India. Its main office uses SBININBBXXX and that code covers most payments.

Banks differ in how many codes they register. Unless the recipient asks for a branch, the head office code SBININBBXXX works for transfers to this bank.

What a transfer to India really costs

What you pay for a payment to India has several parts, and the fee on your screen is only one of them. You pay the transfer fee, sometimes fees from correspondent banks along the way and, most importantly, the margin on the exchange rate if the money is converted.

The markup on the rate tends to be the largest cost item, even though it is not listed as a fee. Compare the bank’s rate against the mid-market rate. The difference is your real cost.

For many currency pairs, a specialist provider is less expensive than a bank, mainly because of the rate. Before you send money to India, take a minute to compare what arrives via GoldexPay rather than accepting the first rate you see.