Standard Chartered Bank IFSC Code

IFSC stands for Indian Financial System Code and portrays the 11 digit character that can be found on the bank’s cheque leaves or online. It is mandatorily assigned by the RBI to every bank branch to help identify and monitor the individual bank branches that participate in various online money transfers like NEFT and RTGS.

An IFSC code is a unique code assigned to each individual bank branch in the country. The Indian Financial System Code, having 11 characters, is a combination of English alphabets and numbers. It consists of three segments. The English alphabets usually represent the name of the bank followed by the digit ‘0’ which is for future use and finally ending with 6 digit numbers indicating particular branch. Here is an example:

SCBL0034767 - IFSC Code for a Standard Chartered Bank branch:

• First four alphabets - SCBL – means the name of the bank (this is for Standard Chartered Bank)
• 0 - For future use
• 034767 - shows a particular branch of Standard Chartered Branch.

Whenever you transfer funds online through any of the money transfer facilities— national electronic fund transfer (NEFT), real time gross settlement (RTGS) and immediate payment system (IMPS), you will have to provide the IFSC code of your bank account. If you are using a net banking facility to buy mutual funds or insurance, you will definitely need the IFSC code.

IFSC code helps the National Clearing Cell of the Reserve Bank of India in identifying the particular branch of the bank and in executing the transaction without any hassle. You dont have to do any paperwork or wait for long periods to transfer money from one bank account to another. With IFSC code financial transactions through NEFT and RTGS are fast, simple and transparent.

Apart from IFSC Code, there is also something called MICR code. This code is printed using Magnetic Ink Character Recognition Technology (MICR) on cheques. It is a 9-digit code that identifies the branch of the bank that participates in the Electronic Clearing System (ECS).

The first 3 digits represent the city code, the middle 3-digits represent the bank code and the last three digits represent branch code.

Since Standard Chartered Bank branches are NEFT and RTGS enabled, which means that if you are their customer then you can transfer funds electronically using these methods. You need to simply fill out the relevant form filling in details of your bank account including the IFSC. The IFSC and MICR code can be found printed on a cheque book issued by the particular branch of Standard Chartered bank and it can be also found easily online.

You can find IFSC on the official website of Standard Chartered, on the official website of Reserve Bank of India or on a third party financial website like CreditMantri. The process is quite simple and easy, just follow the steps below

Step 1: Visit CreditMantri Website and go to IFSC code page

Step 2: Select the state, district and branch

Step 3: You will now find the IFSC Code, MICR code, branch address and contact number

The Standard Chartered Bank IFSC code is also printed on cheques issued by the bank branch. In case you do not have access to the internet, you can also call the Standard Chartered Bank customer care and ask for the IFSC code of a particular branch or walk in to any nearest Standard Chartered Bank branch and ask for the details.

Any customer of Standard Chartered Bank can make use of the NEFT and RTGS facility to transfer funds from any of the Standard Chartered Bank branches to any other bank branch around the country.

National Electronic Funds Transfer (NEFT):

The National Electronic Funds or NEFT Transfers acts on Deferred Net Settlements. NEFT is supposed for smaller amounts of transfer than that of RTGS. The transfers are resolved in batches on an hourly schedule. As long as you have debited the quantity within the said time thats stipulated by the bank, itll be credited to the beneficiary on an equivalent day. If not, the quantity is going to be credited on the subsequent working day.

You will need the subsequent information to use NEFT service at Standard Chartered Bank:

• The name of the receiver
• The name of the receiver’s bank and branch
• The receiver’s account number
• The IFSC code of the receiver’s bank branch
• The amount to be transferred

This service of using NEFT to do financial transfers can be availed free of cost by Standard Chartered Bank’s customers.

Real Time Gross Settlement System (RTGS):

Real Time Gross Settlement System (RTGS) transfers funds on an individual basis which means that the clearance of funds are scheduled not batch-wise but individually. RTGS is one of the fastest and safest ways to transfer funds. Standard Chartered Bank ensures that each one the transactions are going to be completed on an equivalent day that the customer debits the fund, unless its been done after the indicated time frame.

You will need the subsequent information to use RTGS service at Standard Chartered Bank:

• The receiver’s name
• The receiver’s bank and branch name
• IFSC Code of the receiver’s bank
• The transfer amount
• The receiver’s account number
• A remark for the receiver, if any

RTGS facilities are often used for free of charge by Standard Chartered Bank customers.

Standard Chartered Bank is a public Limited Company based on London. In 1969 two banks (‘The Chartered Bank of India, Australia and China’ and ‘Standard Bank of British South Africa’) were merged to make the establishment ‘Standard Chartered Bank’. The bank was established in 1969 in London. Today it operates over 1,200 branches and outlets (including subsidiaries, associates and joint ventures) across more than 70 countries.

The establishment employs around 87,000 people. The bank operates in consumer, corporate and institutional banking and also treasury services. Although the bank has its headquarters in the UK, Standard Chartered does not conduct retail banking in the UK. Almost, 90% of its profits come from Africa, Asia and the Middle East. Standard Chartered Bank provides all services for all financial needs including Credit cards, Consumer banking, corporate banking, Investment banking, Mortgage loans, Private banking, Wealth management and much more.

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