BIC: what is it, how is it formed and where can it be found?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

If you at least once faced the need to fill out any payment documents of a particular bank, then you certainly had to fill in the field in which you need to specify the BIC of the corresponding bank. This requisite is included in the list of mandatory for all credit institutions and is indicated when making money transfers, processing payment orders, letters of credit, etc. In most countries of the world, each created bank is assigned its own unique BIC. What is and how it is formed, you will learn by reading this article.

BIC: who assigns it and for what purpose

The attribute's abbreviation stands for "bank identification code" - it allows you to identify an organization by its territorial affiliation, as well as obtain information about the time of its creation. Thus, knowing the BIC of the bank, you can find out in which subject of the federation it is located and when it was opened.

Responsible for registering all bank identification codesthe main bank of the country is the Central Bank of Russia. He maintains a classifier of BIKs of the Russian Federation on an ongoing basis. At least monthly, the Central Bank updates information on these details, which is entered in a special directory. The procedure for its maintenance, as well as the BIC structure itself, are determined by the Regulation of the Central Bank of the Russian Federation No. 225P of 2003.

The structure of BIK: we analyze in detail

Let's take a closer look at what the NIC consists of. What is a unique identifier and how is it generated for each credit institution. First of all, it should be said that a constant sign of this attribute is the number of digits (more precisely, digits), which are always 9. It is from them that you can determine which territory this or that bank belongs to and the specific division (office) that is engaged in settlement - cashier customer service.

The value of the BIKA bits

BIC is always read from left to right. Consider what each digit means in the set of digits of the bank identification code:

1. The first two digits (1-2 digits) - indicate the bank's belonging to a particular state (in which country it is registered). The BIC of Russian banks always starts with the numbers "04".
2. The second two digits (3-4 digits) - the code of the territory of Russia, assigned according to the all-Russian classifier (OKATO), which separates objects on an administrative-territorial basis. This code indicates the subject of the Russian Federation in which the bank is registered. If the credit institution is located outside of Russia, thenis assigned the value "00".
3. The third two digits (5-6 digits) - a conditional number under which a specific banking unit operates in the settlement network of the Central Bank. Changes from "00" to "99".
4. The last three digits (digits 7-9) are the number of the given credit organization (or its branch) in the division of the Bank of Russia where its correspondent account is opened. Can take values from "050" to "999". For settlement and cash centers of the Central Bank of the Russian Federation for these categories (7, 8, 9), the number "000" is assigned. For the main settlement center - "001". For all other divisions of the Bank of Russia settlement network - "002".

Thus, the bank identification code of each credit institution is unique and does not match the corresponding details of other banks.

BIC of a bank on the example of Sberbank of Russia

Let's look at an example of how this attribute is formed. Most often, citizens of our country are interested in the BIC of Sberbank of Russia. We will consider it. Let this be the main branch located in Moscow. His BIC is 044525225, where:

• 04 - Russian code;
• 45 - code of Moscow;
• 25 - number of this branch;
• 225 - conditional number of CB in the subdivision of the settlement network of the Central Bank of the Russian Federation. (It is important to note that this number must necessarily match the last three digits of the client's correspondent account.)

Where and how can I getinformation about BIC

If you need a BIC of some bank to fill out the documents, then it will not be difficult to find it. Firstly, this requisite must be placed on the website of the credit institution itself. For this, there is a corresponding section - "Requisites", access to which is open to everyone. Secondly, the specified details of all banks in Russia are available on the official website of the Central Bank. This information can be obtained in the "Information on credit organizations" section by selecting "Reference book" and finding the bank you need.

When do we need the Bank's BIC?

What is the use of BIC? What is this code (in addition to the informer about the territorial affiliation of the credit institution) for bank customers? This is a mandatory requisite required for all non-cash payments, as well as any operations to transfer/receive funds and make payments. Without it, it will not be possible to fill out payment documents.

Thus, we have considered all the basic information regarding such an important bank account as the BIC. Now you should not have any difficulties if, when filling out documents, you come across a field in which you need to enter your bank's BIC.