This post is a summery of the original discussion on ESA’s discussion forum, I just place it in one page for easy access.

Landsat 8 band combinations

Natural Color 4 3 2

False Color (urban) 7 6 4

Color Infrared (vegetation) 5 4 3

Agriculture 6 5 2

Atmospheric Penetration 7 6 5

Healthy Vegetation 5 6 2

Land/Water 5 6 4

Natural With Atmospheric Removal 7 5 3

Shortwave Infrared 7 5 4

Vegetation Analysis 6 5 4

The above information is summarized from ESA’s discussion forum

Landsat scenes are categorised into 3 tiers source i.e. raw real time data, tier 1 (where RMSE is less than 12 meters) and tier 2 (where RMSE is more than 2 meters). Also read more here

Sentinel 2

Natural Colors: 4 3 2

False color Infrared: 8 4 3

False color Urban: 12 11 4

Agriculture: 11 8 2

Atmospheric penetration: 12 11 8a

Healthy vegetation: 8 11 2

Land/Water: 8 11 4

Natural Colors with Atmospheric Removal: 12 8 3

Shortwave Infrared: 12 8 4

Vegetation Analysis: 11 8 4

The above information is summarized from ESA’s discussion forum

Following image ESA website also explains the above information in a nice way.

ESA’s Sentinel documentation for Sentinel 2 products