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SBI is the Most Popular Bank for Online Transaction



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State Bank of India is the largest and top most commercial bank of India. Around 18000 branches of SBI are currently running across the world. It provides various benefits to the Indian customers as well as non resident Indian customers and it is the most popular bank for the online transactions. SBI online banking registration follows secure and easy steps. After obtained the user ID and password for the internet banking of SBI, all the payments will be done very easier. Let's see in detail.

Why SBI Online Banking is Popular?

The utility payments like electricity bill and other bill payments can be done with that. Payment of fees for the educational institutions, payment of taxes like income tax and service tax become simple. Online bookings like train ticket booking, online trading like share trading, online application payments are eased by the online banking of SBI. Credit card payments, mutual fund premium payments, insurance payments of SBI can be done with this. With the internet banking facility of SBI, requests like demand draft request, cheque book request can done by choosing the request field from the page of the user. There is no manual request is required. Just with a click these will be finished. Payment between banks, interbank transfers, transfer to other party, transfer in groups and all such transfers can be availed with SBI Online Banking. By all these fine facilities offered by SBI it become more popular than other banks. Though the private sector banks are the maximum choice of the people who opt internet banking but users of SBI online banking increased at good rate in cities. We also conclude its popularity by the following report. In big cities like New Delhi, about 23% users use SBI online banking for the fund transfer. In the second place, there is HDFC bank which has 17% users followed by ICICI bank which is with 14% users and Axis Bank with 11% users. But looking all over the country, some cities have small number of users. Maximum SBI online banking users are in Andhra Pradesh which has 42%. By seeing overall SBI scores better in cases on online banking. It facilitates mobile banking which is welcomed by all to transfer money instantly. Just with the one time password, all the financial organizations ease the transactions.

What are the Requirements to do Online Banking in SBI?

The basic details like account number, CIF number, a mobile number that is to be registered at the respective bank branch and SBI IFSC code. The bank itself generates user ID and password for the first registration. This user name and password are very secure and can be changed later for our convenience. The SBI branch we approach to register for online banking have no connection in giving this confidential user ID and password these are generated by the system alone.

Indian financial System Code is shorted as IFSC code. This SBI IFSC code is unique with eleven characters which are alpha numeric. The online fund transfer services like NEFT,RTGS can be processed only with the IFSC code.Each and every branch of SBI has different IFSC code. The first four letters of the IFSC code is denoted as SBIN which notify the state bank followed by number zero which is again followed by some numbers. The numbers other than zero given at last give the exact details of the branch. This IFSC code is given in the account book of the person or one can find out the IFSC code in the cheque leaf offered by the bank.

This article was written by krishna kapoor for on .

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