The IFSC code is an 11-digit alphanumeric code used by banks to facilitate money transfers. This 11-digit key is divided into three sections. Let’s understand it better with an example, the Axis IFSC code for the Gurgaon branch is UTIB0000540. The first four letters of the code 'UTIB' are used to represent the bank, the fifth digit 'zero’, and the last six numbers, '000540,' are used to identify the branch. Axis Bank IFSC is assigned by the Reserve Bank of India (RBI). Every branch of the bank has its own unique Axis IFSC code that assists in identifying the particular branch name. As per RBI norms, using Axis IFSC code for online transactions using NEFT, IMPS, or RTGS, is mandatory.
The Axis Bank was founded in 1993. It was the first of the new private banks to open after the Indian government approved the establishment of new private banks. With its remarkable journey, it has now risen to become India's third-largest private sector bank. The firm caters to a wide range of customer segments, including large and mid-sized businesses, small and medium-sized businesses, agriculture, retail businesses, and many more. As of March 31, 2021, the Bank had 4,594 domestic branches, 11,333 ATMs, and 5,710 cash recyclers spread across the country. Moreover, the financial institution excels in both retail and corporate banking, and it is dedicated to achieving excellence by adopting the best industry practices from around the world.
To obtain the Axis Bank IFSC code as well as the Axis Bank MICR code, you are required to go to the official website of the bank and enter your branch information. Furthermore, you can also use third-party search engines to find out the same information.
The passbook and cheque book that you got from the bank can provide you with information about your Axis IFSC code and Axis Bank MICR code. The details can be found on the first page of both the passbook and cheque book.
Transferring funds with the NEFT process is simple and straightforward. NEFT, also known as National Electronic Funds Transfer, is one of the most efficient ways to send money. There is no minimum or maximum amount restricted by the bank to transfer.
Here are the steps to follow for doing transactions.
As a first step, access your Axis Bank net banking account and log in.
After logging in, select 'Fund Transfer' from the menu.
Next, in order to transfer the money, you are required to add the person as a beneficiary.
Thereafter, you must enter information about the recipient to whom you want to send money, such as their name, bank account information, and Axis IFSC code.
Once you have given all of the required information, you are ready to transfer the funds.
Every NEFT transaction of Axis Bank has its own fees. Here is the table containing details about the same.
Up to Rs. 10,000
Between Rs. 10,000 to Rs. 1,00,000
Between Rs. 1,00,000 to Rs. 2,00,000
More than Rs. 2,00,000
*Fees and charges are subject to the bank’s discretion.
Real-Time Gross Settlement is the abbreviation for RTGS. It is one of the most secure modes of transferring a substantial amount of money. This procedure is used for transactions amounting minimum of Rs. 2 Lakhs. There is no maximum limit mentioned by the bank to use this service.
Below are the steps to follow.
To begin the process, you are required to go to your Axis Bank net banking account and log in.
From the main tab, pick the 'Fund Transfer' option.
Following that, you should indeed add the person as a beneficiary.
In order to complete the beneficiary process, enter information including the person's name, bank account information, and most importantly Axis IFSC code.
Lastly, now you are prepared to send money.
IMPS, also known as Immediate Payment Service, is counted as one of the most secure and quick ways of money transfer. This mode helps in performing transactions 24*7.
The following steps will guide you through the transaction process.
First, log in to your Axis Bank net banking account.
Choose the 'Fund Transfer' option from the list.
Next, you are required to designate the individual as a beneficiary.
Following that, to add a beneficiary, enter information about the person to whom you want to send money, including their name, bank account information, and the Axis Bank IFSC code.
Thereafter, you can make a transaction.
Here are the various details required to make a money transfer with Axis Bank.
Beneficiary's bank account information
Details of the amount
Axis Bank IFSC code of the beneficiary
Details about the recipient
One-time password (OTP)
You can know your Axis Bank IFSC code online or offline. In the online process, you can search for it on the bank’s website or by using any search engine. And in the offline method, you may find the same on your passbook or cheque book.
No, the RBI has provided each branch with its own unique Axis IFSC code.
You can discover your Axis Bank MICR code online or in person. You could look for it on the bank's website or through a search engine. You can also locate it in your passbook or chequebook if you use the offline method.
You should use your account details and Axis IFSC code wisely. You can only provide these details to do the transactions.
You can make an RTGS transaction at any time, but it is best to do so during working hours if you need to transfer money quickly.
The best timings to do the transaction are:
Monday to Friday: 9.00 AM to 4.30 PM
Saturday: 9.00 AM to 02.00 PM