The country's central bank (RBI) has specified three ways in which we can remit money. These include the popular NEFT, RTGS and IMPS. However, to undertake these transactions, we must have the IFSC Code allotted by RBI to each bank and the specified branch.
The Axis Bank IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'UTIB', stand for the name of the bank, the fifth character is always 'zero' for future use and the final six characters specify the 'exact branch address'.
If you are searching for the IFSC code of your home branch, you can use two mechanisms to search. In the offline mode you will find it written on your cheque book, which has been given to you by the Axis Bank branch. If you are looking for online IFSC Code of Axis Bank you can find here in Goodreturns.
Axis Bank was formerly known as UTI Bank. It is the third largest private sector bank in the country, behind ICICI Bank and HDFC Bank.
The Bank to begin with had a number of promoters. Among them was the Specified Undertaking of Unit Trust of India, which today is known as SUUTI.
Apart from this it was promoted by a host of prominent insurance companies, which are owned by the Government of India. Among these include the Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd.
Today, a host of individuals and prominent foreign portfolio investors have a stake in Axis Bank.
Rapid expansion by Axis Bank
Axis Bank has seen superb growth in branches and business over the years. Today, if we need to remit money to Axis Bank branches, we need the IFSC Codes for Axis Bank.
You can find the same by using our user friendly website. Axis Bank has chalked out rapid growth in the last few years.
The bank's financials have been impressive in the last many years. The bank had a a balance sheet size of around Rs 4,61,932 crores as on March 31, 2015, which may have already swelled.
The asset quality at Axis Bank has been much better, though some of the other banking sector peers are seeing a huge deterioration in the asset quality.
The IFSC code of Axis Bank is a peculiar 11-character alphanumeric code that helps to identify particular bank branches.
Axis Bank account holders use Axis Bank's IFSC Code to send / transfer funds electronically via NEFT / RTGS / IMPS services. Account-holders of Axis Bank are mandated to use the correct IFSC Code of their particular branch to initiate a fund transfer. On this page of the Goodreturns.in website, Axis Bank account holders can check for their branch's Axis Bank IFSC code. You can check for the Axis Bank IFSC code here by providing inputs such as your state, city and branch under "Axis Bank IFSC Code" at the top of this page. You can also find the IFSC code of some of the top trending branches of Axis on this page. Axis Bank branch specifics and address can also be found with the aid of your IFSC code on this page. Indian Financial System Code is the full form of the IFSC. For each branch of Axis Bank, the Reserve Bank of India has allocated this specific code. The IFSC code makes the transfer of funds electronically. Now, as per RBI regulations, Axis Bank customers can transfer their funds online on a 24x7 basis.
Bank names are represented by the first four characters of the Axis Bank IFSC code, while the fifth character is zero. The following 6 characters of the Axis Bank IFSC code are specific and allocated to each Axis Bank branch. Thus, the Axis IFSC code has three parts.
Axis Bank provides two mechanisms by which interbank fund transactions can be rendered to any bank account in India by customers. These options are provided on the Axis Bank website under the Fund Transfer Banking tab. Every Axis Bank customers are allowed to transact cash using NEFT and RTGS transfers to any beneficiary across India. As per the RBI guidelines, all RTGS and NEFT transactions can be performed on stable and secure platforms. You can now, from the convenience of your home or office, transact money between two accounts through different banks. The following strategies make it practical.
Immediate Payment Service (IMPS), as the name implies, is a means of instant electronic money transfer between banks. It can be managed from your home at any time 24x7 eliminating the bother of going to the bank and waiting in long crowd of lines. Using their mobile number provided to the bank and the specific Mobile Money Identifier (MMID) issued by the bank, customers can send and receive money via IMPS. IMPS is, thus, usually divided into two parts i.e.
Online banking, using the account number of the recipient and the IFSC code of its bank branch, are several methods of performing fund transfers. In addition to instant credit, it needs no paperwork and can be achieved with an internet access from any location as per your convenience.
Instant Money Transfer is among the most preferred money transfer services that allows you to use your registered mobile phone number only to transfer funds to a recipient. With or without swiping a credit / debit card, the recipient can take out money from any Axis Bank ATM. The recipient receives all the information required for withdrawal on his / her phone. IMT's significance is immense since it can be used if the beneficiary prefers to use cash, desperately needs cash or does not have his or her own bank account with a particular bank. This strategy is also effective when you do not have the bank account number of the other side and no matter where the recipient is.
Everything you need to render transfer of cash is to register the account details for your recipient through Axis Bank Net Banking facility. Your task is not over yet, sign in to your Net Banking Account at Axis Bank. Tap on 'Payments' and tap on 'Transfer Funds'. Via the 'Add Beneficiary' option, you can record the account number of the recipient and other specifics. This will take up to 8 hours to trigger. Choose the beneficiary addressed until it is triggered and select 'Begin Payment'. This is what you all need to do to render fund transfer to your beneficiary. Hey, no bother. Only pick and do the same procedure for the specific account in case you have multiple accounts linked together.
The transfer facility of the Axis Bank fund is also blessed with Visa-enabled facilities to settle every bank's Visa Credit Card bills accordingly. You can also do this by using your Visa Debit Card number to transfer money to another account. Online retrieval of the Visa Money Transfer facility is also available. Go to the dashboard of the bank and log in to i-Connect. You can use this to pay bills as well as monitor the operation. Visa Money Transfer is largely based on the time taken to make the deposit by the Bank of the Recipient. It normally takes up to four days for the transaction to settle.
Customers need to provide the information below when making a NEFT or RTGS transaction with Axis Bank:
IFSC was built by RBI to simplify the mechanism of fund transfer in India. While transferring funds, you do want to make sure that your money was transferred to the right bank. It is necessary to note the right IFSC of the receiver 's bank to ensure this. Therefore, the IFSC plays an important role in the error-free and faster execution of fund transfers. There is no need to wait in line for hours to transfer cash with the introduction of net banking and mobile banking now. Just enter the correct IFSC of the bank of the sender and receiver and conduct the transaction. India has many payment structures, both gross and net settlement mechanisms, are included. These payment mechanisms have taken an advantage over conventional banking approaches with the advent of online banking in India. Today, only by registering with these payment systems, one can conveniently transfer cash to any part of the globe.
A visit to the online IFSC page created by Goodreturns.in is one of the ways to find the Axis Bank IFSC Code & MICR Code. Go to the page and select the state, city, bank and branch for which you are willing to locate IFSC Code. After submitting all the details you can find the IFSC Code along with all the relevant details on the same page instantly. Additionally, you can also find the IFSC and MICR Code of any bank or branch by visiting the official website of RBI. Apart from these, the following methods for locating the Axis Bank IFSC Code can also be considered.
Axis Bank Cheque Book: One can search his / her bank branch's IFSC code that is printed on the Axis Bank's issued cheque book. We can see that, at the top of the cheque slip, the IFSC is printed.
Axis Bank Passbook: Customers are issued a passbook while opening an account with Axis Bank, in which all transactional activities are listed. In order to look for the Axis Bank IFSC Code, one can use his or her passbook.
Online Banking Facilities: Digital banking mechanisms have made banking much easier, quicker, and smarter. Thus, to access the IFSC, one can use the Axis Bank Net Banking facility or the Axis Bank Mobile Banking facility.
Magnetic Ink Character Recognition (MICR) is essentially a method used on cheques to print these codes. A unique 9-digit MICR Code is issued to each bank branch in India that enables the RBI to identify all bank branches and enhance the mechanism of cheque clearance.
Instances of Axis Bank MICR Code
How can I locate Axis Bank MICR Code?
By following the below-mentioned ways one can find the MICR code of his or her respective branch:
The Axis Bank Immediate Payment Service (IMPS) facility allows all account-to-account fund transfers in an instant manner. All customers of the bank can use the IMPS facility to transfer funds electronically on a 24/7/365 basis. Via different platforms, including net banking, ATMs, and mobile banking, funds can be sent and received using IMPS. You can use your mobile number, MMID, account number and IFSC or Aadhaar number to conduct transactions. IMPS is a stable, quick, economical and efficient real-time electronic fund transfer platform. The framework is operated by the Indian National Payments Corporation (NPCI) and comes under the regulation of the Indian Reserve Bank (RBI). Compared to other forms of fund transfer mechanisms such as NEFT or RTGS, IMPS has significant advantages.
All account holders of Axis Bank are allowed to use IMPS in order to initiate fund transfer via net banking and mobile banking service. The account holder must ask the bank for an internet banking username and password to register for IMPS. The phone number needs to be registered with the bank for mobile banking services.
Steps to transfer funds using Axis Bank IMPS via Axis Mobile with IFSC
Steps to transfer funds using Axis Bank IMPS using MMID via Axis Mobile app
An IMPS transfer through an Axis Bank ATM can also be facilitated by Axis Bank customers. As per protocol, the applicant must first enter the recipient 's details and then transfer the funds.
IMPS Transfer process
The customers of Axis Bank will also have the merchant's details and then transfer the fund. Follow the steps listed below to execute a transaction at a merchant shop using IMPS:
In order to enable the transfer of the Axis Bank IMPS fund, the account holder must enter the beneficiary's details first. The remitter can then choose to enter either the MMID or registered mobile number, the IFSC code and account number, or the recipient's Aadhaar card number while rendering the transfer.
IFSC code: The holder of the Axis Bank account can even transfer money to the recipient by specifying his or her account number and the bank's IFSC code. The IFSC code helps to identify the branch of the bank in which the receiver maintains his or her account. The following specifics will need to be specified in order to initiate a fund transfer using IFSC code.
Name, IFSC code and account number of the payee
MMID and registered mobile: A specific seven-digit number issued to every account holder to either transfer or receive funds is the Mobile Money Identification number. The bank's unique code is the first four digits of an MMID. If you opt to make fund transfer using MMID then you need to enter the registered mobile number of the payee or recipient. The following details of the recipient must be entered to initiate a transfer using MMID.
Name, mobile number and MMID of the beneficiary
Aadhaar Card: As the recent change to the IMPS, account holders can allow transfers by merely entering the recipient's Aadhaar card number as the Aadhaar card number is linked to the recipient's bank account.
At Axis Bank, there are many methods by which money can be quickly transferred electronically. One such form of transferring the funds is NEFT, i.e. National Electronics Fund Transfer. The NEFT service is accessible at more than 99 banks in India nationally. Axis Bank is among the banks providing its account holders with the NEFT service. But, prior to rendering any transfer using the aforementioned facility, one should be informed of the Axis Bank NEFT Timings. The bank also charges some fees for NEFT transfers. Axis Bank had to change its working hours after the lockdown and transiently terminate non-essential services as well. Nevertheless, the bank resumed its regular operational hours in August, i.e. from 10 a.m. to 4 p.m. All amenities, namely non-financial services, such as passbook updating, will be accessible at the branch during the bank's standard working hours. And when branch offices are open, account holders must obey the social distancing laws and unless strictly required, they must not visit the bank. Axis Bank Mobile Banking can be used by account holders to take advantage of banking facilities. The primary objective of preventive measure steps is to prevent physical interaction and reduce the likelihood of spreading the deadly virus COVID.
Between 8:00 AM to 6:30 PM from Monday to Saturday (except 2nd & 4th Saturdays) NEFT transactions are processed in Axis Bank and its respective branches. Banks will not levy any service charges, as instructed by the Reserve Bank of India (RBI), on the transfer of funds electronically via the NEFT framework. Customers can therefore use Axis Bank Net-banking for free and trigger NEFT transactions. The NEFT allows a person, company, or corporation to transfer funds electronically from either bank branch to another individual, corporation which has an account in another branch. It enables the transfer of funds one by one. It is a payment mechanism that is commonly accepted. An account holder can make NEFT transfers at the following times, according to the Reserve Bank of India (RBI) Regulations:
NEFT transactions can be carried out by all Axis Bank account holders under defined Axis Bank NEFT timeframes. Banks also have a direct cash transfer alternative from the branch which can be done by filling in the NEFT form of Axis Bank. If the sender has not enabled mobile banking or net banking services, an offline transaction can be carried out. In that case, you will need to visit the nearest branch of Axis Bank in order to make fund transfer via NEFT. NEFT transfers can be carried by the sender only to the beneficiaries of the NEFT authorized bank. To search the list of NEFT allowed banks, check the Reserve Bank of India's official website. These are the factors why NEFT is pretty prevalent and commonly used in the country as a means of fund transfer. Some of NEFT's main advantages are as follows:
You can comply with the Axis Bank account NEFT transaction by using any of the following means:
One of the easiest and user-friendly methods to transfer funds online to another account is to use Axis NEFT online. The most frequent form of fund transfer is NEFT. In the defined Axis Bank NEFT Timings, any account holder can use the NEFT Facility. If any transfer is made after the above schedule or on bank holidays, the balance will be expressed in the account of the beneficiary on the next working day. The measures for conducting the NEFT transaction from the Axis account are as follows:
National Electronic Fund Transfer (NEFT) is the fund transfer facility provided by Axis Bank to its customers. By registering for an internet banking service, the NEFT service can be availed from Axis Bank. The NEFT facility is offered to all customers. And for NEFT transactions facilitated online via internet banking or mobile banking by Axis Bank, there are no charges imposed by the bank. So, one has to be mindful of the Axis Bank NEFT charges before making any transaction. Axis Bank does not levy charges on NEFT and RTGS transactions conducted online via internet banking or a mobile banking app, as directed by the Reserve Bank of India (RBI). However, on NEFT transactions made by the customer at the bank branch, a nominal amount is charged which are as follows:
Note: Remember that where applicable to a NEFT transaction, Axis Bank can impose GST charges and other taxes. For each NEFT operation carried out by the account holder, the above costs are to be charged.
Established in 1993, Axis Bank is one of India's leading private sector banks, providing a variety of mobile banking and internet banking services to its customers. Axis Bank consumers can perform different banking practises quickly and conveniently with the use of mobile banking services and at their own comfort. Axis bank customers can use a new era of money transfer alternative called the IMPS with the use of mobile banking. IMPS stands for Immediate Payment Service which with the aid of mobile banking, is a unique way to transfer money from one account to another account. All Axis Bank account holders can take advantage of the service. IMPS is an automated interbank service offered by Axis Bank to its customers. Here are the main advantages of this service:
Using their account number and IFSC code, Axis bank customers can use the IMPS facility to transfer funds either via their mobile number and Mobile Money Identification (MMID) number or through internet banking. Transferring money is nothing but using NEFT or RTGS by using account number and IFSC code, while transferring money is something different with the aid of mobile number and MMID number, so let us know how it functions precisely.
MMID refers to Mobile Money Identification number. The MMID is a specific 7-digit number given by the bank to customers as they enroll their mobile phone number for mobile banking service. An MMID code is used for the efficient sending and receipt of money banking transactions. While doing interbank fund transactions, this number is used. Please keep in mind that it is advantageous if both the sender and the receiver are enrolled with the mobile banking service and have an MMID code. But you can even receive money in your account if you don't have the MMID number. Below are the requirements for Axis bank customers to transfer funds using their mobile and MMID numbers:
You do not need to panic if you did not obtain your MMID number while registering your mobile phone number for mobile banking, or if you missed or forgot your Axis Bank MMID number, as Axis Bank offers a simple way to recover your MMID number. To get your MMID number, you only need to send an SMS as described below.
IMPS calls for Immediate Payment Service. The Government of India initiated this facility in 2010 and is managed by the National Payment Corporation of India (NPCI). It conducts every transaction immediately, as the title implies. Using his registered mobile number, IMPS enables the consumer to make payments. The transfer of funds from one account to another is also a safe process. The awesome feature about IMPS is that, irrespective of national and bank holidays, it is available around the clock and throughout the year. Almost every Indian bank is a participant of the IMPS system at present. When you transfer funds to someone via IMPS, the authorized mobile number directs the customer to his bank account. IMPS does not transfer the amount directly to the receiver's bank account, unlike RTGS and NEFT. It transfers the balance from the account of the customer instead and credits it to their mobile number. Then, the amount is transferred from the mobile number of the sender to the mobile number of the recipient. Ultimately, the balance is "transferred" from the mobile number of the beneficiary to the associated bank account.
The Axis Bank IFSC credit card code is primarily used by National Electronic Funds Transfer to pay for an unpaid credit card bill. At the click of a mouse, a cardholder can conveniently use this unique code to trigger an online payment. The Indian Financial System Code is an alphanumeric code of 11 digits and is also known as the IFSC. UTIB0000400 is the Axis Bank credit card IFSC code. The first 4 digits are reflective of the bank name in this code, and the digit after that is '0'. The zero is set for potential use, while the branch code is denoted by the last 6 digits.
Using the NEFT system for which IFSC is a necessity, even those who do not have an Axis Bank savings account would be able to make credit card bill payments. The steps involved are listed below: