Standard Chartered Bank IFSC Code

Standard Chartered Bank was established in 1858 and is one of the India’s largest International banks with over 100 branches in 43 cities. The bank operates in corporate & institutional banking, retail banking, and commercial 7 private banking sectors.

Standard Chartered IFSC Codes are used to identify participating bank branches distinctly. An individual is required to provide IFSC code to conduct online fund transfer methods successfully such as NEFT and RTGS. Through online fund transfer methods, it is quiet easy and convenient to transfer funds to any other bank account. Every bank branch has a unique IFSC code, which helps the RBI to identify the participating bank branches in the transaction. This also lowers the risk of fraudulent.

The SCB IFSC code consists of 11 alphanumeric characters, where the first four characters denote the bank name, the fifth character remains zero, and the last 6 digits signify the bank branch code.

Standard Charted bank IFSC code aims at providing hassle-free and highly secured banking experience through online fund transfer methods like NEFT, RTGS, and IMPS. Individuals need to provide IFSC code to conduct any of the method successfully.

IMPS (Immediate Payment Service):

1. Minimum transaction value : No lower limit
2. Maximum transaction value : Upper limit of Rs.2 lakhs
3. Type of settlement : one on one settlement
4. Service availability : 24*7
5. Transaction fee : Rs.2.5 for up to Rs.10000; Rs.5 from Rs.10000 to Rs.1 lakh; Rs.15 for up to Rs.2 lakhs

NEFT (National Electronic Fund Transfer):

1. Minimum transaction value : No lower limit
2. Maximum transaction value : No upper limit
3. Type of settlement : batches
4. Service availability : 12 batches on weekdays and 6 batches on weekends
5. Truncation fee : Rs.2.5 for up to Rs.10000; Rs.5 from Rs.10000 to Rs.1 lakh; Rs.15 for up to Rs.2 lakhs; Rs.25 from Rs.2 lakhs to Rs.5 lakhs; and Rs.50 from Rs.5 lakhs to Rs.10 lakhs

RTGS (Real Time Gross Settlement):

1. Minimum transaction value : Rs.2 lakhs
2. Maximum transaction value : Upper limit of Rs.10 lakhs
3. Type of settlement : One on one settlement
4. Service availability : From 8 am to 4 pm on weekdays and from 9 am to 4:30 pm on Saturdays
5. Transaction fee : Rs.25 for transaction value from Rs.2 lakhs to Rs.5 lakhs and Rs.50 for transaction value from Rs.5 lakhs to Rs.10 lakhs

Standard Chartered Bank MICR code:

MICR stands for Magnetic Ink Character Recognition technology. Standard Chartered MICR code stands on par with IFSC code. MICR code is printed using the cutting-edge character recognition technology that authenticates and boosts the cheque clearance process. Individuals can find the MICR code mentioned at the bottom of every cheque leaf and passbook as well. The key advantage of MICR code system is somewhat similar to the concept of barcodes.