Every Axis Bank branch has a distinct IFSC (Indian Financial System Code). A person needs this code to conduct any online transaction using NEFT, RTGS, IMPS, and internet banking. The Reserve Bank of India, the country's top bank, assigns the code to each bank that conducts business there.

Undoubtedly, the development of online cash transactions has benefited the banking industry by enabling customers to send and receive money electronically. Life has been simpler for everyone thanks to services like NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and Immediate Payment Service (IMPS).

The RBI has introduced these payment methods. The bank has provided each branch that uses the NEFT network with a special 11-digit code to ensure that moving money from one account to another goes smoothly. The three-part code, which may be used to identify both the source and destination banks, is useful. The first part of the code is made up of the first four characters, which stand for the name of the bank; the second part, which is made up of the fifth character, "0," is for future use; and the third part, which is made up of the last six characters in the code, stands for the Axis Bank branch code.

How to transfer money using the Axis Bank IFSC Code?

National Electronic Funds Transfer (NEFT)

NEFT transactions are processed in batches at specific intervals determined by Axis Bank and rely on Deferred Net Settlement. The NEFT fund payments take place in five batches on Saturdays from 9 AM to 1 PM and from 9 AM to 7 PM on weekdays (except on second Saturdays). No minimum or maximum amount can be sent through NEFT at Axis Bank. The beneficiary will receive the funds that day or the following day.

Real Time Gross Settlement System (RTGS)

Axis Bank customers can access real-time financial transactions using the Real Time Gross Settlement System (RTGS). Cash settlement is often accomplished by following one instruction at a time. However, this is among the quickest transfer methods available today. The smallest sum transmitted via RTGS is two lacs of Indian rupees. Additionally, there is no upper restriction imposed by the bank. Within a few hours of the monies being received by the recipient's bank, they will be credited to the appropriate account.

Immediate Payment Service (IMPS)

As its name suggests, the Immediate Payment Service (IMPS) is a quick interbank electronic money transfer method. It may be accessed 24/7 from your home, saving you the trouble of going to the bank and waiting in huge lines. With the help of their mobile number provided by the bank and the specific Mobile Money Identifier (MMID) provided by the bank, customers can send and receive money through IMPS. As a result, IMPS is typically divided into two categories: Internet Banking using the beneficiary's account number and IFSC code of their bank branch is another option for conducting fund transfers. In addition to fast crediting, it needs minimal paperwork and can be done from any location with an internet connection.

Instant Money Transfer (IMT)

An innovative cash remittance service, Instant Money Transfer enables you to send money to a beneficiary solely by utilising his registered mobile phone number. Any Axis Bank ATM allows the recipient to withdraw cash with or without using a credit card or debit card. The recipient receives all the information required for withdrawal on their phone. IMT is significant in many ways since it can be used if the recipient prefers to receive cash, needs money immediately, or doesn't even have a bank account. This approach is also helpful if you need to know the recipient's bank account information or if you can't easily reach them.

Conclusion

In 1994, UTI Bank, now known as Axis Bank, was established. The bank has made amazing progress in its 22 years of outstanding service in the financial industry. It is impressive that it has surpassed those legacy banks to become "the third largest private lender in the country" regarding assets. Axis Bank provides various financial goods, facilities, and services, including loans, insurance, and quick money transfer options. The company has always placed a strong emphasis on personalization and a "never-fear-to-take-risk" mentality. Look at their campaigns; they were always innovative and empowering.

FAQs

What is the IFSC for Axis Bank?

The eleven-character alphanumeric Axis Bank Indian Financial System Code (IFSC) makes online fund transfers easier.

Does each Axis Bank location have its own IFSC?

Yes, every Axis Bank branch has a different IFSC.

How can I obtain the IFS code for Axis Bank?

On the check leaf that Axis Bank supplies, there is printing with the Axis Bank IFS code.

What is the Axis Bank IFSC format?

The first four alphabetical characters represent the name of the bank. The fifth character, 0 (zero), is reserved for usage in the future. The branch is indicated by the final six characters, which are typically numeric but may sometimes be alphabetic.