The IFSC code of State Bank of Mysore starts from SBMY*******. It is a unique 11 character alphanumeric code with last six characters representing the bank’s branch. This code is required when you make any online transaction from your State Bank of Mysore to any other bank account. You will need IFSC code of the bank accounting which you will be transferring your money through national electronic fund transfer (NEFT), real time gross settlement (RTGS) and IMPS.
What is the difference between NEFT, RTGS and IMPS? IMPS stands for immediate payment service is the fastest way of transferring money. This service started in November 2010. You can transfer money 24X7 using this service through internet banking or mobile banking throughout the year 365 days. NEFT happens with a time lag in batches. There are 12 hourly settlements between 8 am to 7 pm on all weekdays and till 1 pm on Saturdays. It is the most widely used money transfer service. In case of RTGS, the minimum amount one can transfer is Rs 2 lakh. The service is open from 9 am to 4.30 pm on weekdays and 9 am to 2 pm on weekends. In case of RTGS the money transfer happen within 30 minutes of fund transfer.
About State Bank Of Mysore
It is headquartered in Bengaluru. The ban was established in1913. In March 1960, the bank became the associate of State Bank of India. The bank is listed on stock exchange and has widespread network of 1,021 branches.
