SOL full form in banking, also known as the ‘Branch code’ in Banking terms, refers to a unique number that helps in identification of a specific branch. Different branches of a single Bank have different SOL ID. SOL ID is included in the IFSC Code.
How to find SOL?
It is typically printed on the cheque book issued by the Bank. You can find the SOL ID on the bottom of a cheque leaf, the last digit of your IFSC Code after 0 is your SOL ID. For example, if the IFSC Code of some branch of SBI is SBIN0000813, then the SOL ID of this branch will be 813. Whereas, if the IFSC Code of a Branch is SBIN0000007, then the SOL Code of this Branch will be 7.
If you do not have a cheque book, you can also find the SOL ID by visiting the concerned Bank’s website or by calling on the customer care number. Generally, you can get the SOL ID by providing the Branch Name and location to the customer service representative. However, the process to get SOL ID may vary from Bank to Bank.
When is SOL ID required ?
- It is generally required when you want to transfer your account from one Branch to another
- While setting up a direct debit or transfer money, SOL of recipient bank is required.
- SOL Code helps to identify the exact branch from which the cheque is drawn and speeds up the clearing process.
