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Introduction

Yes bank is a very familiar name in the Indian banking sector. It is a private sector bank that has its reach to the rural most parts of the country along with the urban and semi-urban areas. It has a huge network of branches across India and globally as well. Yes Bank caters to national as well as international customers and has baking solutions that have been tailored as per customer needs.

With banking technologies advancing day by day, the most important and indispensable technological advancement in the banking world is digital banking. Digital banking includes mobile banking as well as internet banking services. Customers can login to their digital banking accounts using the user ID and password generated at the time of registering their digital banking accounts. The most important feature or benefit of digital banking is the ability to transfer funds from one account to another whether within the same bank or any other bank in India or internationally.

For online transfer of funds, customers need to provide correct information about the IFSC codes for intra bank or interbank transfer within the country. For transfers outside the country, customers need to provide SWIFT Code instead of IFSC Code. The details pertaining to the IFSC Code of Yes Bank are discussed below.

Difference between IFSC, MICR and SWIFT Codes

IFSC Code, MICR Code and SWIFT Code are quite commonly used terms in the banking world. However, each of the above terms has different meanings and importance in the banking transactions. The details of each of the above terms are discussed below.

IFSC Code

  • IFSC Code is the abbreviation for Indian Financial System Code
  • IFSC Code is an 11 digit code in the combination of alphabets and numbers. This code is specific to each branch of every bank in India.
  • IFSC Code is mandatory for transfer of funds electronically from one branch in India to another, whether within the same bank or otherwise

MICR Code

  • MICR Code refers to Magnetic Ink Character Recognition Technology
  • MICR Code is a 9 digit code unique to every bank and its branch across India
  • MICR Code is required in the course to identify the bank whose cheque has been used to make the payment or funds transfer

SWIFT Code

  • SWIFT Code is the short form for Society of Worldwide Interbank Financial Transactions
  • SWIFT Code is an 8 or 11 digit code. It is allotted to all the eligible banks and their branches that are authorized to have the facility of international funds transfer.
  • SWIFT Code is used where the customer intends to transfer funds from one bank account in India to another bank account outside India.

Interpreting Yes Bank IFSC Codes

IFSC Code is the abbreviation for Indian Financial System Code. It is the unique code that has been developed and issued by the Reserve Bank of India to all the banks and their respective branches within the country. IFSC Code is made up of 11 digits that are in the pattern of alphabets and numbers. Each IFSC code is unique for all the banks and their respective branches. No two IFSC codes of any bank or any of their branches can be the same.

In the case of Yes Bank, the IFSC Code is made up of the bank name, ‘0’ and the branch code. The detailed breakup of the same is mentioned below.

  • The first four characters of the IFSC Code of Yes Bank are always ‘YESB’.
  • The fifth character is always ‘0’ (ZERO) and is constant for all the banks and their respective branches.
  • The last six characters of the Yes Bank IFSC Code are in reference to the Branch of Yes Bank.

Uses of Yes Bank IFSC Code

Yes Bank IFSC Code is essential for every bank transfer within any two branches of the bank or between a branch of the bank and another bank. Without the mention of IFSC code, customers cannot proceed with the bank transfer. It is a mandatory requirement as per banking rules and regulations currently in effect.

IFSC Code is used to identify the participating bank and their branches in the process of transfer of funds.

Apart from identifying the participating banks and their branches, IFSC codes are also used to authenticate the account information of the customer and validate the request for funds transfer.

Need for Correct Yes Bank IFSC Code

IFSC code is essential for online bank transfers. But firstly, customers need to provide the following details for registering an account as payee.

  • Beneficiary Name
  • Beneficiary Account Number
  • Beneficiary Bank Name
  • Beneficiary Branch Name
  • IFSC Code of Beneficiary Bank Account

After duly providing the above details, the bank account of the payee will be registered for making any funds transfer through either of the available funds transfer modes.

The transfer modes available for such online funds transfer are,

NEFT (National Electronic Funds Transfer)

Customers can transfer funds online through NEFT transfer at any time from anywhere. Earlier this facility was available for a fixed time slot that could vary for banks depending upon their discretion. Now this facility will be available 24x7 for the benefit of the customers. The charges for this facility are Nil for digital banking and for transfer through bank, the charges range from a minimum of Rs. 2 per transaction up to Rs. 20 depending the amount to be transferred.

RTGS (Real Time Gross Settlement)

Funds can be transferred on a real time basis in this type of transfer. The minimum amount of funds that can be transferred through RTGS is Rs. 2,00,000. The charges for the same start from Rs. 20 to Rs. 40 per transaction in case of Branch transfers and for Nil for digital banking transfer.

IMPS (Immediate Payments System)

Payment or funds through IMPS is done immediately and the customers are not charged any extra charges for this facility in case of digital banking. The charges for such services through the branch are slightly higher as compared to NEFT and RTGS transfer.

As discussed above, IFSC Codes are a mandatory requirement for any funds transfer request. Customers have to mention the correct IFSC Code of the respective payee account in order to ensure that the funds earmarked for transfer are duly transferred to the intended account and are not misused or transferred to a wrong bank account.

There are possibilities of erroneous transfer or incompletion of the funds transfer initiated by the account holder on account of providing wrong information of the IFSC code. In majority cases, the funds debited from the customer’s account are reversed back to that account immediately if the IFSC code mentioned is incorrect.

However, in a few rare cases, the funds transferred may end up being credited to a wrong or unintended account due to errors in the IFSC Code information. In such a scenario, customers have to first intimate Yes Bank immediately of the mistake made. The Bank executives or the Branch executives will guide the customer of further procedure for reversal of such credit and the action to be taken. The procedure for such reversal of funds credited wrongly is quite prolonged and cumbersome. Hence it is strongly advised to mention the correct IFSC Code for every transaction to avoid any such errors or hassles of wrong credit of funds.

FAQs

1. What is the pattern for the IFSC code of Yes Bank?

The 11 digit IFSC Code of Yes Bank is explained below.

  • First 4 characters are about the bank name ‘YESB’ and are the same for all its branches across the country.
  • The next or the fifth character is always ‘0’ (ZERO) and is constant for all the banks and their respective branches.
  • The last six characters of the Yes Bank IFSC Code are in reference to the particular Branch of Yes Bank.

2. What is the customer care number for Yes Bank?

The toll free customer care number for Yes Bank is 1800 1200.

3. What are the charges for NEFT / RTGS transfer through digital banking of Yes Bank?

The charges for digital banking of Yes bank are ‘NIL’, whether through mobile banking or net banking.

4. Is online transfer of funds secure?

Yes. Transfer of funds through any of the digital banking modes is utmost safe.

5. Can the IFSC Code of two banks or two branches be the same?

No. The IFSC code of each branch of every bank in India is unique and cannot be the same with any other bank in the country.

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