YESB0001216 is the IFSC code of Yes Bank, that is assigned by the Reserve Bank of India (RBI). This code helps the Indian financial system to transfer funds from bank account numbers in India and internationally like NEFT/RTGS/IMPS
The details above validate that the Yes Bank has its operations in the Rajarajeswari Nagar, Karnataka branch located at the Ground Floor, 885 Neelashree Abhay Tower, 4th Stage, R.r. Nagar, Bangalore 560 098.. This confirms that if you plan on doing a financial transfer, you must be sure of the Yes Bank IFSC code to ensure that the transfer happens without any hassles.
While all of us understand IFSC codes by now, let’s understand MICR code as well. This is termed as Magnetic Ink Character Recognition which is a character recognition technology that helps in processing cheques faster. Yes Bank bank branch has a unique MICR code which helps RBI identify the Yes Bank branch, and speed up the cheque clearing process.
While Yes Bank IFSC is an 11 digit code, MICR is a 9 digit code, and the basic difference between these two codes is that IFSC code is used for Yes Bank online transactions, while MICR is used for Yes Bank offline transactions, like Cheque.
These two aspects are of great importance for Yes Bank financial transaction in both Yes Bank online transactions and Yes Bank offline transactions, and you can choose the one that works well for you.
Uses of Rajarajeswari Nagar IFSC Code:
NEFT - National Electronic Fund Transfer. Enables you to electronically transfer funds from your bank account to any other account of the same bank or different bank.
RTGS - Real Time Gross Settlement. Transfer a minimum limit of Rs. 2 lakh.
IMPS - Immediate payment service. Bank account holder can transfer funds 24 x 7 365 days
Online Fund Transfer via NEFT, RTGS and IMPS.