IFSC Code of Punjab and Sind Bank, Margao Branch, Goa

Use this page as a one-stop reference for everything related to Punjab and Sind Bank's MARGAO branch in MARGAO, GOA. The branch's IFSC code PSIB0021605 is the key identifier you need whenever a remitter, employer or biller asks for a bank routing number to send funds to an account held at this branch. We have also included the branch's postal address, telephone number, banking hours, common services, and an extensive FAQ block that should answer almost every question that comes up when you are about to add this branch as a beneficiary in your net-banking app for the first time.

The Indian Financial System Code, popularly known as IFSC, is an 11-digit alphanumeric code that the RBI assigns to every bank branch participating in online interbank settlement. Without this code, an electronic transfer simply cannot reach its destination branch.

The IFSC for Punjab and Sind Bank – MARGAO is PSIB0021605. The first four letters PSIB are the bank's identifier, the fifth digit is reserved as 0, and the trailing six characters 021605 map to this branch in MARGAO, GOA.

Bank profile

Punjab and Sind Bank is among the recognised banks listed on the Reserve Bank of India's payments network. The Margao branch — IFSC PSIB0021605 — extends the bank's services to customers in and around Margao, Goa.

Branch details at a glance

Margao branch overview

Located at A 001 BLOCK A SUMAN RESIDENCY OPP ST JOAQUIM CHAPEL BORDA MARGAO GOA, the Margao branch handles regular banking operations such as account opening, fixed and recurring deposits, locker facilities, loans, and trade finance services where applicable. The IFSC PSIB0021605 is required for all interbank electronic transfers routed through this branch.

Why every Punjab and Sind Bank branch has a unique IFSC

Before electronic settlement systems went live in India, money transfers between banks relied heavily on demand drafts, mail transfers and telegraphic transfers. These older instruments routinely took days to clear and were prone to misrouting because there was no single machine-readable identifier for a branch. The Reserve Bank of India solved this by issuing each participating branch — including MARGAO of Punjab and Sind Bank — its own 11-character IFSC. The code PSIB0021605 is therefore not just an internal reference; it is the digital postcode that lets the RBI's NEFT, RTGS and IMPS rails route funds straight to the right branch ledger without any human intervention.

Today, almost every salary credit, vendor payment, refund and EMI deduction in the country flows through this network, which is exactly why a correct IFSC matters so much. A wrong character can either bounce the transfer or send it to the wrong branch, and reversing such a credit is a manual, time-consuming process. Treat IFSC PSIB0021605 the same way you would treat your account number — verify it once and save it carefully for future use.

Account types you can open at the Margao branch

Once you have an account at Punjab and Sind Bank – MARGAO, the IFSC PSIB0021605 stays the same regardless of the type of account you hold. The branch typically supports the following options:

• Savings account — for individuals, with chequebook, ATM card and net-banking access.
• Current account — for sole proprietors, partnerships and companies that need higher transaction volumes.
• Salary account — opened in bulk for corporate employees, often with zero-balance benefits.
• NRE / NRO accounts — for non-resident Indians who want to repatriate or maintain rupee balances in India.
• Fixed deposit and recurring deposit — term-based investment accounts with quarterly or cumulative interest.
• Senior citizen accounts — concessional minimum balance and a small interest rate premium on FDs.
• Minor and student accounts — operated jointly with a guardian until the customer turns 18.

Eligibility, minimum balance and KYC requirements vary by product. Speak to a relationship officer at the branch for the latest schedule of charges and interest rates.

Products and services

Customers walking into the Margao branch can access most of Punjab and Sind Bank's standard product suite, including:

• Account opening – savings, current, NRI, salary
• Term deposits and recurring deposits
• Retail and small-business loans
• Insurance and mutual-fund tie-ups
• Locker, safe deposit and ATM card services
• Online and mobile banking activation
• Electronic transfers via IFSC PSIB0021605

How to transfer money using IFSC PSIB0021605

Online transfers in India are powered by three major channels — NEFT, RTGS and IMPS — and each one requires a destination IFSC. Below is a quick guide for using IFSC PSIB0021605 across all three.

How to use IFSC PSIB0021605 for an NEFT transfer

NEFT (National Electronic Funds Transfer) is the most widely used method for sending money to Punjab and Sind Bank's MARGAO branch. NEFT now settles on a 24x7 basis in half-hourly batches and has no upper limit for retail customers (individual banks may impose their own caps).

1. Log in to your internet banking or mobile banking app.
2. Choose Add Beneficiary and select NEFT / Other Bank.
3. Enter the beneficiary name, account number and the IFSC PSIB0021605.
4. Confirm the bank name auto-populates as Punjab and Sind Bank and the branch as MARGAO.
5. Approve the beneficiary using OTP. Once activated, transfer any amount and the credit will reflect in the next NEFT cycle.

Real-Time Gross Settlement to MARGAO

If you need to transfer ₹2 lakh or more in one go to an account at Punjab and Sind Bank's MARGAO branch, RTGS is the right channel. Each transaction is settled individually in real time. Use IFSC PSIB0021605 while initiating the transfer and the credit will appear within minutes.

Send money instantly through IMPS

For a real-time, anytime transfer to Punjab and Sind Bank – MARGAO, use IMPS. With IFSC PSIB0021605 and the beneficiary's account number you can move up to ₹5 lakh per transaction with instant credit, any day of the year.

NEFT vs RTGS vs IMPS — which one should you use?

All three modes accept the IFSC PSIB0021605 for Punjab and Sind Bank – MARGAO, but they differ in speed, minimum amount and use case. The table below summarises the differences so you can pick the right channel for the situation at hand.

For most retail customers crediting the Margao branch, NEFT or IMPS will be the quickest and most economical option. RTGS comes in for one-off, high-value movements such as property purchases, vendor settlements or large gifts.

UPI payments and IFSC PSIB0021605

UPI (Unified Payments Interface) has become the default way for individuals to send money in India. While most UPI transactions are addressed using a Virtual Payment Address (VPA) like name@bank, the underlying account at Punjab and Sind Bank – MARGAO is still mapped to IFSC PSIB0021605. When a customer links a savings or current account to a UPI app for the first time, the app silently looks up this IFSC against the account number to verify the account exists. The VPA acts as a friendly alias on top of the same plumbing.

If a UPI transfer to or from this branch fails, the most common reasons are an inactive UPI handle, a daily limit breach or a temporary outage at one of the participating banks — not the IFSC. You can always fall back to NEFT or IMPS using the IFSC PSIB0021605 and the beneficiary's account number to complete the transfer.

Online banking and IFSC PSIB0021605

Punjab and Sind Bank customers can register for net banking and the bank's official mobile app once their account at the MARGAO branch is active. Net banking lets you view balances, download statements, open fixed deposits, request cheque books and initiate NEFT/RTGS/IMPS transfers — all without setting foot in the branch. The IFSC PSIB0021605 is pre-filled by the bank for transfers originating from your own account, and you only need to enter it manually when adding an external beneficiary or sharing your account details with a third party.

MICR & cheque-truncation details

Cheques drawn on the Margao branch are processed through the Cheque Truncation System (CTS). Each cheque carries a unique 9-digit MICR code that pairs with IFSC PSIB0021605 for clearing. If you receive a cheque from this branch, both codes will be visible on the cheque leaf.

Common mistakes to avoid when using IFSC PSIB0021605

An incorrect IFSC almost always results in a failed transfer or, worse, a credit to the wrong branch. Before you click Confirm on a transfer to Punjab and Sind Bank – MARGAO, double-check for these issues:

• Confusing 0 with O. The fifth character of every IFSC is the digit 0, not the letter O. Read carefully.
• Spaces or hyphens. Do not put spaces in the IFSC. It is exactly 11 characters: PSIB0021605.
• Wrong branch. A bank can have dozens of branches in the same city. Make sure you are using the IFSC for the actual branch where the beneficiary holds the account, not just any nearby branch.
• Old IFSC after a merger. If two banks have merged, the IFSC may have been reissued. Always verify with a recent passbook or cheque leaf.
• Copy-paste from chat. Auto-correct on phones can silently change letters in IFSC codes. Type carefully or copy from a trusted source like the cheque book.

Reaching the branch

The Margao branch sits at A 001 BLOCK A SUMAN RESIDENCY OPP ST JOAQUIM CHAPEL BORDA MARGAO GOA. If you are travelling from outside Margao, search for the branch on a maps application using the bank name and locality, or call 8342-7054060300 to ask for landmarks. Many customers find it easier to skip the trip altogether: net banking, mobile apps, NEFT, RTGS, IMPS and UPI all work using the IFSC PSIB0021605 and your account number.

Other ways to verify the IFSC code

While this page already lists the verified IFSC PSIB0021605 for Punjab and Sind Bank – MARGAO, you can cross-check the code from any of these sources before initiating a high-value transfer:

• The front of the cheque book issued by the branch – the IFSC is printed at the top of every leaf.
• The first page of your passbook.
• The bank's official website under the branch locator.
• The Reserve Bank of India's IFSC search portal.
• Net banking dashboards usually display the home-branch IFSC under account details.

Working hours

Branch counters at Margao are usually open from 10 AM to 4 PM on weekdays. Saturdays follow the RBI's alternate-Saturday rule. Even when the branch is closed, NEFT, RTGS, IMPS and UPI transfers addressed to PSIB0021605 continue to work without interruption.

Branch address & contact

Frequently asked questions

Final notes

To recap: PSIB0021605 is the IFSC code of Punjab and Sind Bank, MARGAO branch, in MARGAO, GOA. It is required for every electronic transfer to an account held at this branch. We keep this page updated with the latest address and contact details, so you can rely on the information here for your day-to-day banking needs.