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Axis Bank IFSC code stands for Indian Financial System Code of the bank. Axis Bank IFSC code allows account holders to send and receive funds online. The IFSC code of Axis Bank is an 11-digit alphanumeric code that enables an individual to carry out online fund transactions. The Reserve Bank of India has issued a unique IFSC code to all the Axis bank branches in the country. Carrying out online transactions has made it easy for an individual to carry out fund transfer in an easy and safe way. Without a valid IFSC code, the fund transfer is not validated and an individual cannot transfer funds. IFSC code is seen as a safety net for all banking related transactions. The Axis bank IFSC code helps an individual distinguish the branch in which he is transferring the money. Axis Bank IFSC code is used to make an online payment system such as RTGS, NEFT and IMPS. Axis Bank IFSC code gives an exclusive identity to each bank, thus making it easy for the transferor to identify the account holder’s branch bank.
In simple words, Axis Bank IFSC code is an 11-digit alphanumeric number that states the following:
The first four digits represent the name of the bank
The fifth digit is 0
The last six digits represent the branch name of the Axis Bank.
Here’s an example of Axis Bank IFSC code for a better understanding:
IFSC code of Axis bank Worli Branch is: UTIB0000060
While the IFSC code of Axis Bank Sakinaka Branch is: UTIB0001696
The first four digits in both the above IFSC codes represent the bank-UTI, the fifth digit is 0, while the last six digits give the branch bank a unique identity as they are different.
If you want to transfer to an individual holding an account with the Axis Bank, then you would require the below details:
To successfully initiate a funds transfer from your Axis bank account, you would require the below details:
One can find Axis Bank IFSC code on the chequebook or passbook issued by the bank. IFSC code of any Axis Branch Bank can be found online on a trusted website. The AXIS Bank IFSC code can be found at the bottom of the chequebook, besides the cheque number. You can also get Axis Bank MICR code online.
Axis Bank makes money transfer process an easy one by offering its account holders with the National Electronic Fund Transfer or NEFT services. Using this payment service, Axis Bank account holders can transfer money in a quick and hassle-free way. Through this service, money is dispatched in the beneficiary’s account in batches. For each transaction made, a minimum and maximum of Rs 2.50 to Rs 25 is charged. The daily transfer limit has been set to Rs 1 and up to Rs 10 lakh. Entering the IFSC code is a must for using this payment service.
Recently, Axis Bank has started offering the IMPS payment system service i.e. Immediate Payment Service that allows an individual to transfer funds instantly, without any waiting time, unlike NEFT. This service is available for Axis Bank holders on a 24* 7 basis including Sundays and public holidays. To use this service, the account holder would require IFSC code, contact details, the account number of the beneficiary.
Charges for Axis Bank IMPS
|IMPS Funds Transfer||Charges|
|Outward||- Up to Rs.1000 - Free |
- Rs. 1,000 to Rs. 1,00,000- Rs. 5 per transaction
- Rs. 1,00,000 to Rs. 2,00,000 - Rs. 15 per transaction
* Taxes Extra
Through Real Time Gross Settlement Service, money can be transferred from one bank to another on a real-time basis. This payment service is used to transfer money in high values and the money is credited to the beneficiary’s account within 30 minutes. The RTGS payment service is available from 8.00 hours to 16.00 hours on weekdays and from 8.00 hours to 16:00 hours on Saturdays.
Axis Bank is India’s third largest private sector bank offering a range of financial services for personal and corporate banking. The bank has over has over 3,703 branches, 13,814 ATMs with the head office in Mumbai. The bank sells an array of financial products to large and mid-size corporates, SME, and retail businesses.
What are the other ways to transfer funds from Axis bank account?
Apart from NEFT, IMPS and RTGS payment system, an Axis Bank account holder can transfer funds through electronic clearing service, visa money and instant money transfer service.
How can Axis Bank account holder initiate IMPS funds transfer using IFSC code?
Axis Bank account holders can initiate funds transfer using IFSC code and bank account number from Axis Mobile, the bank’s application service.
Does an individual need to hold an account with Axis bank for using its IMPS service?
Yes, it is mandatory for an individual to hold an account with Axis Bank for using its IMPS service.