IFSC Code of State Bank of India, Palda Branch, Madhya Pradesh

This page lists the IFSC code, branch address, contact number and fund-transfer information for State Bank of India, PALDA branch in INDORE. The 11-digit IFSC SBIN0061087 uniquely identifies this branch in the RBI's centralised payments network and is required for every NEFT, RTGS or IMPS transaction routed to this branch. If you are paying somebody who banks with State Bank of India at the PALDA location, this is the only IFSC you need.

We have organised this page into clearly labelled sections so you can jump straight to the part that interests you — the IFSC and MICR details, the full postal address, the contact phone number, a quick primer on NEFT, RTGS and IMPS, the typical product line-up at the branch, and a frequently asked questions section that addresses the queries people raise most often about this branch.

An IFSC (Indian Financial System Code) is an 11-character alphanumeric code issued by the Reserve Bank of India. It uniquely identifies every bank branch that participates in the RBI's electronic fund-transfer systems – NEFT, RTGS and IMPS. The first four characters represent the bank, the fifth is always a zero (reserved for future use), and the last six characters identify the specific branch.

For State Bank of India's PALDA branch, the IFSC SBIN0061087 breaks down as follows: SBIN identifies the bank, 0 is the reserved character, and 061087 identifies this particular branch.

Bank profile

State Bank of India is among the recognised banks listed on the Reserve Bank of India's payments network. The Palda branch — IFSC SBIN0061087 — extends the bank's services to customers in and around Indore, Madhya Pradesh.

Branch details at a glance

Palda branch overview

Located at SHOP NO.3,4 SURVEY NO. 368-2,326-1 AND 326-2 AT PALDA NEMAWAR ROAD, INDORE, DISTT.INDORE. M.P - 452020, the Palda branch handles regular banking operations such as account opening, fixed and recurring deposits, locker facilities, loans, and trade finance services where applicable. The IFSC SBIN0061087 is required for all interbank electronic transfers routed through this branch.

The role of IFSC in India's payments network

India's electronic payment infrastructure — NEFT, RTGS, IMPS, UPI and the National Automated Clearing House (NACH) — is built on a single principle: every participating bank branch must be uniquely identifiable by an alphanumeric code. The Reserve Bank of India introduced the IFSC system to fulfil this requirement, and that is how State Bank of India's PALDA branch came to be assigned the code SBIN0061087.

Whether you are receiving a salary on the first of the month, paying a vendor invoice, settling an EMI, or accepting a refund from an e-commerce platform, the IFSC is the silent piece of metadata that tells the network where your account lives. Without IFSC SBIN0061087, money simply cannot be routed to the PALDA branch electronically.

Products and account variants supported

Every account opened at the Palda branch is mapped to IFSC SBIN0061087 on the RBI payments network. The branch generally supports the full retail product catalogue of State Bank of India, including:

• Resident savings accounts and salary accounts
• Current accounts for businesses and professionals
• Fixed deposits, recurring deposits and tax-saver deposits
• Demand drafts, banker's cheques and pay orders
• Retail loans — personal, vehicle, education, gold and home
• Credit cards and overdraft facilities (subject to eligibility)
• Third-party investment products such as mutual funds and insurance (through tie-ups)

Whichever product you choose, the IFSC for incoming credits remains SBIN0061087.

Products and services

Customers walking into the Palda branch can access most of State Bank of India'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 SBIN0061087

How to transfer money using IFSC SBIN0061087

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 SBIN0061087 across all three.

NEFT to State Bank of India, PALDA using IFSC SBIN0061087

National Electronic Funds Transfer is the simplest way to move money into an account at this branch. NEFT works around the clock, including Sundays and public holidays, and settles in half-hourly batches.

To send funds, add the recipient as a beneficiary in your bank's online portal, key in the account number, paste the IFSC SBIN0061087, and confirm that the system picks up State Bank of India – PALDA. Submit the transfer request, authenticate with OTP, and the amount will reach the beneficiary in the next clearing cycle.

Real-Time Gross Settlement to PALDA

If you need to transfer ₹2 lakh or more in one go to an account at State Bank of India's PALDA branch, RTGS is the right channel. Each transaction is settled individually in real time. Use IFSC SBIN0061087 while initiating the transfer and the credit will appear within minutes.

IMPS to State Bank of India PALDA (IFSC SBIN0061087)

IMPS (Immediate Payment Service) offers instant, 24x7 fund transfers up to ₹5 lakh per transaction. Provide the beneficiary's account number along with IFSC SBIN0061087 in your mobile or internet banking app, and the money is credited to the PALDA branch account within seconds.

Comparing NEFT, RTGS and IMPS for transfers to Palda

The right transfer rail depends on how urgent the payment is, how large it is, and whether the receiving bank participates in the chosen scheme. Every option below works with the IFSC SBIN0061087:

• NEFT — best for everyday transfers of any amount; settles in half-hourly batches around the clock.
• RTGS — best for transfers of ₹2 lakh and above; settles each transaction individually in real time.
• IMPS — best when speed matters more than batch scheduling; instant credit up to ₹5 lakh.
• UPI — best for small peer-to-peer payments using a VPA; the underlying account at PALDA is still linked to IFSC SBIN0061087.

For salary credits, vendor payouts and refunds, employers and merchants usually default to NEFT because of its zero per-transaction cost for retail customers and its 24x7 availability.

How UPI relates to the IFSC code

UPI lets you pay using a short Virtual Payment Address instead of typing the IFSC every time, but behind the scenes every UPI mandate is mapped to an account number plus an IFSC. For accounts at State Bank of India's PALDA branch, the IFSC SBIN0061087 is what the National Payments Corporation of India (NPCI) uses to route the credit when you tap Pay on a UPI app.

That is why, even in the UPI era, it is still worth knowing the IFSC of your home branch — for failed UPI mandates, e-mandate set-ups, third-party platform onboarding and salary or refund credits.

Digital banking channels

Most day-to-day work that customers used to do at the Palda branch counter can now be completed digitally — adding a beneficiary, transferring funds, applying for a fixed deposit, raising a service request or downloading account statements. The IFSC SBIN0061087 is the link between the digital channel and the branch ledger; once a transaction is confirmed, the credit or debit is reflected in the same core banking system that the branch officers see.

MICR & cheque-truncation details

Cheques drawn on the Palda branch are processed through the Cheque Truncation System (CTS). Each cheque carries a unique 9-digit MICR code that pairs with IFSC SBIN0061087 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 SBIN0061087

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 State Bank of India – PALDA, 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: SBIN0061087.
• 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.

How to reach the Palda branch

The branch is located at SHOP NO.3,4 SURVEY NO. 368-2,326-1 AND 326-2 AT PALDA NEMAWAR ROAD, INDORE, DISTT.INDORE. M.P - 452020, which puts it inside Indore, the broader Indore district, and the state of Madhya Pradesh. To plan your visit:

1. Open Google Maps on your phone and search for “State Bank of India Palda branch” — the verified location pin for IFSC SBIN0061087 should appear at the top of the results.
2. Confirm the branch is open by calling 9977985271 before stepping out, especially around public holidays.
3. Carry photo ID and any account-related documents you may need for the transaction you plan to do.

Most banking work — passbook updates, fund transfers, statement downloads — can also be completed online without visiting the branch in person, as long as you know the IFSC SBIN0061087 and your account number.

Verifying IFSC SBIN0061087 from official sources

The IFSC listed on this page is sourced from the RBI's master list and validated against the bank's branch directory. To double-check before transferring large sums, you can also confirm SBIN0061087 by:

• Looking at the cheque leaf – IFSC is printed near the MICR band.
• Opening the passbook's first page.
• Calling the branch directly on 9977985271.
• Visiting the bank's official branch locator page.

Branch banking hours and holidays

Indian bank branches typically operate from 10:00 AM to 4:00 PM, Monday to Friday, and from 10:00 AM to 2:00 PM on working Saturdays (usually the 1st, 3rd and 5th Saturdays). The Palda branch is closed on the 2nd and 4th Saturdays, all Sundays and on national or regional bank holidays. Online channels using IFSC SBIN0061087, however, work 24x7.

Branch address & contact

Frequently asked questions

Summary

The IFSC code SBIN0061087 belongs to State Bank of India's PALDA branch, located at SHOP NO.3,4 SURVEY NO. 368-2,326-1 AND 326-2 AT PALDA NEMAWAR ROAD, INDORE,… in INDORE, MADHYA PRADESH. Use this code along with the beneficiary's account number for any NEFT, RTGS or IMPS transfer to this branch. Bookmark this page for quick reference whenever you need the branch's banking details.