Standard Chartered Bank IFSC Code (Indian Financial System Code) is an 11 character alpha-numeric code assigned by the Reserve Bank of India to all the branches of the Standard Chartered Bank. IFSC, in particular, provides a unique identity to a specific bank branch making it easy to use electronic fund transfer services like NEFT, RTGS or IMPS..
Format of Standard Chartered Bank IFSC Code
In the 11 characters Standard Chartered IFSC Code, the first 4 characters determine the bank code, the fifth character is ‘0’ and the last 6 characters represent the unique branch code.
| Standard Chartered Bank Code | Zero | Standard Chartered Bank’s Branch Code | ||||||||
| S | C | B | L | 0 | 0 | 3 | 6 | 0 | 2 | 5 |
Above mentioned code ‘SCBL0036025’ is an example of the Standard Chartered IFSC Code Gurgaon, where ‘SCBL’ is the bank code and ‘036025’ is the branch code for Standard Chartered Bank Gurgaon.
How to search for Standard Chartered Bank IFSC Code?
The following listed are some of the ways in which one can find the IFSC Code of any branch of Standard Chartered Bank:
1. IFSC Code search tool by Paisabazaar: Visit the IFSC Code search tool page by Paisabazaar and select the bank name, state, city, and branch. The IFSC Code along will other details can be seen on the right-hand side of the displayed page.
2. Cheque leaf or Passbook: One can find this code on the top of the cheque leaf or on the first page of the passbook. Account holders can also check the MICR Code at the bottom of the cheque leaf. The picture shown below will adhere to a better understanding -
3. Online search: Account holders can also find the IFSC Code on the official website of the bank or on the RBI’s official website or by logging into the bank’s mobile application.
Also, account holders can find the MICR (Magnetic Ink Character Recognition) Code from the above-mentioned ways. MICR Code is a unique 9 digit code for a specific bank branch, which helps in the faster processing of cheques.
Importance of IFSC Code
- IFSC Code enables convenient online funds transfer from one bank to another. It is used in carrying all electronic and online transactions via NEFT, RTGS or IMPS
- The IFSC Code helps the RBI to keep a regular check on all the banking transactions helping customers to avoid making any mistakes via online funds transfer
Difference between IFSC & MICR Code
| IFSC Code | MICR Code |
| It is an 11 digit alphanumeric code | It is a 9 digit numerical code |
| Used in the process of online fund transfer using NEFT, RTGS or IMPS | Used for the faster processing of cheques |
| First 4 characters determine bank name, fifth being ‘0’ & the last 6 define the branch | First 3 digits denote the city code, middle 3 represent the bank code & the last 3 signify the branch code |
Online fund transfer using IFSC Code
The use of IFSC Code is vital in the process of electronic funds transfer using NEFT, RTGS and IMPS. Also while NEFT and RTGS services were introduced by the RBI (Reserve Bank of India), the IMPS service was introduced by NPCI (National Payments Corporation of India).
NEFT - National Electronic Fund Transfer
It is a payment system facilitating one-to-one funds transfer. The individuals are eligible to electronically transfer funds from any bank branch to any individual having an account in any other bank branch. For this transaction process to take place, both the banks should be NEFT enabled.
| NEFT | |
| Minimum transfer value | Re.1/- |
| Maximum transfer value | No cap limit |
| Transaction Charges | Up to Rs. 25 (Plus applicable taxes) |
| Operational Timings | Between 8 am to 7 pm Monday to Saturday (except second and fourth) |
Note: The above-mentioned information is as per the RBI. Also, transaction charges vary with the transfer amount.
RTGS - Real Time Gross Settlement
RTGS is a payment service mostly used for the fund transfer of large value. The transfer of money from one bank to the other takes place on a real-time and gross basis. The beneficiary account receives the transferred fund on a real-time basis.
| RTGS | |
| Minimum transfer value | Rs. 2 lakh |
| Maximum transfer value | No limit |
| Transaction Charges | Up to Rs. 50 (Plus applicable taxes) |
| Operational Timings | Between 8 am to 6 pm Monday to Saturday (except second and fourth) |
Note: The above-mentioned information is as per the RBI. Also, transaction charges vary with the transfer amount.
IMPS - Immediate Payment Service
IMPS is an instant payment interbank electronic fund transfer service. Unlike NEFT and RTGS, the IMPS service is available 24X7 throughout the year. It is rather a fast and convenient method to opt for transferring funds online.
| IMPS | |
| Minimum transfer value | Re.1/- |
| Maximum transfer value | Rs. 2 lakh |
| Transaction Charges | Varies from one bank to another |
| Operational Timings | 24 X 7 (365 days) |
How to transfer money using Standard Chartered Bank IFSC Code?
Below mentioned are the steps one can look to process any online fund transfer via NEFT / RTGS / IMPS:
- Log in to the official website or app of Standard Chartered Bank and click on ‘Transfer’.
- Select 3rd party transfer and select the beneficiary (if the beneficiary is not added already, click on the ‘Add Beneficiary’ option).
- Choose the preferred transfer mode (NEFT / RTGS / IMPS).
- Add the other required details and proceed further.
- Enter the OTP received on the registered mobile number.
About Standard Chartered Bank
Headquartered in London, England, Standard Chartered Bank is a British multinational bank with approximately 1200 branches across 70 countries. The major client segments include Institutional and Corporate Banking, Commercial and Private Banking and Retail Banking.