With the advent of digital age, everything comes easy in the form online platform, be it communication, shopping and now even funds transfers. IFSC code is an integral part of banking, specifically used while transferring funds online. What it is and where it is used, let’s know more on this.
IFSC, an acronym for Indian Financial System Code is an 11 digit code, in alphanumeric format. This code is being used by Reserve Bank of India in order to identify and recognize a multitude of bank branches uniquely, underlying NEFT (National Electronic Funds Transfer) network. This code helps to identify the source and destination banks, facilitating the transfer process through inter-bank electronic funds. Various banks have different finance systems embedded with them. IFSC Code of AXIS BANK supports
- NEFT- National Electronic Funds Transfer
- CFMS- Centralized Funds Management System
- IMPS- Immediate Payment Service
- RTGS- Real Time Gross Settlement
These finance transfer systems make use of IFSC code of Axis Bank. Each of them is different in its own ways and RBI provides these codes to Axis bank. RTGS transactions are carried out one at a time, whereas NEFT transactions can be done in batches. IMPS is an instant and easy way to process electronic fund transfer anytime any day i.e. 24/7 while CFMS is a secured form of transfer where Central system of bank interacts with subsystems.
Axis Bank IFSC Code
IFSC code of Axis Bank is alphanumeric code which is unique for all participating banks in the transactions. IFSC stands for Indian Financial System Code. It’s a combination of 11 unique characters that are issued by Reserve Bank of India to support and facilitate any online or internet transaction. The first 4 characters of an IFSC code represent bank name, fifth one is 0, majorly for all the banks and 6 to 11 characters represent the branch code, which is unique for each bank as well as branch. Since, Axis Bank was earlier known as UTI Bank, that’s why the IFSC code for Axis Banks starts with UTIB. That means a typical IFSC code of Axis bank looks like UTIB0******, the starting 4 for Bank name, the 5th is zero and later on the branch code.
You can easily find the IFSC code of Axis Bank from any site. There are numerous sites online as well as the RBI site itself has a list of all the IFSC codes for every bank and branch in India. You need to select the bank name; branch name etc and it will produce the code. Otherwise, you can visit the official website of Axis Bank and find it there. Just give in the details and it will display all the desired information on screen.
Axis Bank is one of the largest private banks of India which has numerous branches within India as well as overseas. It offers speed banking, specialized banking, Premium banking etc which adds value and name to it.