IFSC Code of State Bank of India, Panaji Branch, Goa

This page lists the IFSC code, branch address, contact number and fund-transfer information for State Bank of India, PANAJI branch in PANAJI. The 11-digit IFSC SBIN0040534 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 PANAJI 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 PANAJI branch, the IFSC SBIN0040534 breaks down as follows: SBIN identifies the bank, 0 is the reserved character, and 040534 identifies this particular branch.

Branch details at a glance

Bank profile

State Bank of India is among the recognised banks listed on the Reserve Bank of India's payments network. The Panaji branch — IFSC SBIN0040534 — extends the bank's services to customers in and around Panaji, Goa.

About this branch

The branch is located at LAR COMMERCIAL PANAJI. It serves the Panaji region and is connected to the bank's core banking platform, which means transactions initiated here are instantly visible across all other branches of State Bank of India. The IFSC SBIN0040534 is used to identify this branch on the RBI payments network.

Why every State Bank of India 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 PANAJI of State Bank of India — its own 11-character IFSC. The code SBIN0040534 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 SBIN0040534 the same way you would treat your account number — verify it once and save it carefully for future use.

How to transfer money using IFSC SBIN0040534

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 SBIN0040534 across all three.

How to use IFSC SBIN0040534 for an NEFT transfer

NEFT (National Electronic Funds Transfer) is the most widely used method for sending money to State Bank of India's PANAJI 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 SBIN0040534.
4. Confirm the bank name auto-populates as State Bank of India and the branch as PANAJI.
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 PANAJI

If you need to transfer ₹2 lakh or more in one go to an account at State Bank of India's PANAJI branch, RTGS is the right channel. Each transaction is settled individually in real time. Use IFSC SBIN0040534 while initiating the transfer and the credit will appear within minutes.

Send money instantly through IMPS

For a real-time, anytime transfer to State Bank of India – PANAJI, use IMPS. With IFSC SBIN0040534 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 SBIN0040534 for State Bank of India – PANAJI, 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 Panaji 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.

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 PANAJI branch, the IFSC SBIN0040534 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.

Account types you can open at the Panaji branch

Once you have an account at State Bank of India – PANAJI, the IFSC SBIN0040534 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 Panaji 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 SBIN0040534

MICR & cheque-truncation details

Cheques drawn on the Panaji branch are processed through the Cheque Truncation System (CTS). Each cheque carries a unique 9-digit MICR code that pairs with IFSC SBIN0040534 for clearing. If you receive a cheque from this branch, both codes will be visible on the cheque leaf.

Online banking and IFSC SBIN0040534

State Bank of India customers can register for net banking and the bank's official mobile app once their account at the PANAJI 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 SBIN0040534 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.

Things to verify before sending money

Banking errors are usually small typos that snowball into delayed credits and customer-care follow-ups. Use this short checklist before you confirm any transfer to State Bank of India – PANAJI:

• The IFSC is exactly SBIN0040534 with no extra spaces.
• The beneficiary's account number matches what they shared, digit for digit.
• The portal auto-fills State Bank of India as the bank name and PANAJI as the branch.
• The amount and the purpose of payment are correct.
• You have a valid OTP-verifying mobile number on hand.

A 30-second review here saves hours of reconciliation later.

Reaching the branch

The Panaji branch sits at LAR COMMERCIAL PANAJI. If you are travelling from outside Panaji, search for the branch on a maps application using the bank name and locality, or call 832-2224846 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 SBIN0040534 and your account number.

Verifying IFSC SBIN0040534 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 SBIN0040534 by:

• Looking at the cheque leaf – IFSC is printed near the MICR band.
• Opening the passbook's first page.
• Calling the branch directly on 832-2224846.
• Visiting the bank's official branch locator page.

Working hours

Branch counters at Panaji 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 SBIN0040534 continue to work without interruption.

Branch address & contact

Frequently asked questions

Final notes

To recap: SBIN0040534 is the IFSC code of State Bank of India, PANAJI branch, in PANAJI, 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.