I have been recently accepted for a scholarship and I need to provide my IBAN/BIC number for some purpose of accommodation. My SBI Branch code is 006342 and I wasn't able to find any swift code based on this branch(from whatever I read so far Swift code is equivalent to BIC). Is there some algorithm to find out this IBAN number in INDIA and particularly for SBI banks? Can someone please help me?
IBAN (International Banking Account Number) is your account number only. But in this case, you need SBI Branch SWIFT code (not IFSC code, IFSC code is applicable only in India) for international transaction, like SBI CUTTACK SWIFT code is
SBININBB768. This information is enough for your international transaction. Every bank does not have a SWIFT code. Here is the list of all SBI branch of having SWIFT code.
Some other important links:
- SBI International
- SBI International Retail Banking
- SBI SWIFT Channels in India
- SBI NRI Remittance Services
UPDATE after the comment:
- An example of an IBAN number:
Suppose your SBI Account Number is
1068459 then your IBAN will be same i.e
- Why is Swift code required or what happens if the Swift code is not available?
This question can be a new question on SE Money for the best answer. In short, the Swift code is required to identify the bank and if it is not available you can use nearby bank's Swift Code.
- What is the relationship between Swift code and IBAN number?
Again, This question can be a new question on SE Money for the best answer. In short, there's no direct relationship between both.
When making an electronic payment, you need to identify the destination country, bank, branch, and specific account number. The IBAN is a handy way of putting all that information in one place. The first two letters identify the country, the second two are check digits, and the rest identifies the specific bank, branch, and account number. (Exactly how it does this varies: each country has its own format. Irish IBANs contain the bank's SWIFT/BIC code and sort code, but others do it differently. Sort codes are a feature found only in the British & Irish banking systems, not elsewhere.)
However, not all countries use the IBAN system. The only way to get an IBAN is to have a bank account in a country which uses IBAN. India does not. Therefore, the simple and direct answer to your question is that you don't have an IBAN. If you opened a bank account in France you would have one. (All EU countries use IBAN, as do many others.)
However, banks are used to dealing with non-IBAN countries. If you're filling in an electronic form which asks for an IBAN, it's unlikely to accept any Indian account number, but if you talk to a human in the bank, and bring them your bank details, they can probably sort it out for you.