Full formBanking & Finance
BICstands forBank Identifier Code
Full Form of BIC
What is BIC?
Bank Identifier Code (BIC) is a unique alphanumeric code used to identify a specific bank or financial institution in international transactions. In India, the term BIC is often used interchangeably with SWIFT code (Society for Worldwide Interbank Financial Telecommunication). The code typically consists of 8 or 11 characters and follows the ISO 9362 standard. BIC plays a critical role in cross-border fund transfers, enabling secure and accurate routing of payments between banks worldwide. In the Indian context, BIC is essential for NRI remittances, foreign currency exchanges, import/export payments, and any transaction involving overseas banks. Banks in India, such as State Bank of India, HDFC Bank, and ICICI Bank, each have their own BIC. For example, the BIC for State Bank of India is SBININBB. Candidates preparing for banking exams like IBPS PO, SBI PO, and RBI Grade B are expected to understand BIC as part of the financial systems and banking terminology syllabus. Knowing the difference between BIC and domestic identifiers like IFSC is also important for exam questions.
BIC का फुल फॉर्म
बैंक पहचान कोड
Example
Before initiating the wire transfer from the UK, please confirm the BIC of the beneficiary's branch in India, such as SBININBB for State Bank of India.
BIC — frequently asked questions
What is the full form of BIC?
The full form of BIC is Bank Identifier Code. It is a unique code used to identify banks and financial institutions in international transactions, often referred to as a SWIFT code.
How is BIC different from IFSC?
BIC is used for international wire transfers and identifies a bank globally, while IFSC (Indian Financial System Code) is used for domestic transfers within India and identifies a specific bank branch.
Is BIC the same as SWIFT code?
Yes, BIC and SWIFT code are essentially the same. BIC is the technical term under ISO 9362, while SWIFT code is the common name used in banking. Both refer to the unique identifier for banks in international payments.