IFSC stands for Indian Financial System Code. It is represented by an 11 digit unique character composed of numbers and alphabets specifically assigned to each bank branch in India. IFSC is essential as it enables transfer of funds electronically through NEFT, IMPS and RTGS between banks.
Axis Bank IFSC Code Search
Axis Bank IFSC Code is a unique code generated to all Axis bank branches in India. This code enables Axis Bank account holders to transfer funds electronically to other receivers. Axis Bank IFSC Codes are assigned by the RBI (Reserve Bank of India) to each individual branches of Axis Bank as it is an enabler in carrying out RTGS, NEFT and IMPS transactions efficiently.
Online electronic transactions have reshaped the banking world and have made it easier, efficient and more convenient for businesses and individual customers to transact. Axis Bank IFSC Code helps in making online transactions within and outside of Axis bank accounts. Each Axis bank branch has a unique IFSC Code issued by RBI which helps to identify the sender and receiver’s bank while processing a transaction.
IFSC Code is essential to make an electronic fund transfers by the way of National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS) and Real Time Gross Settlement (RTGS) system. All of the mentioned online transaction services have been introduced by the Reserve Bank of India, including the IFSC code, that is assigned to each branch in order to operate and maintain efficient fund transfers between individuals and banks.
About Axis Bank
Axis Bank was established in the year 1994 as UTI Bank. The Bank was initially promoted by the Unit Trust of India (UTI), Life Insurance Corporation of India (LIC), General Insurance Corporation, National Insurance Company, The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance Company. In 2005, UTI was listed on the London Stock Exchange and from 2007 UTI Bank came to be known as Axis Bank.
Axis Bank as of 2016 had a network of over 3,120 branches and extension 12,922 ATMs and ten international offices, making it the largest ATM network among private banks in India. Axis Bank is the third largest private sector bank in India and offers a large array of financial services to individuals and business ranging from small-large Corporates, MSME, Agriculture and Retail Businesses.
Latest News on Axis Bank
Axis Bank opens IFSC Banking Unit at GIFT City SEZ
Axis Bank launches ‘Axis Start-up Social’
Axis Bank starts banking operations in Sharjah
National Bank of Oman partners with Axis Bank to offer banking services to the Indian community in Oman
Axis Bank Interest Rates
Axis Bank Loans
How to Open an Account at Axis Bank
Applicants and businesses can choose from various types of accounts and select the one that suits their financial requirements the most
To be eligible to open any savings account with Axis Bank, applicants will be required to submit the following documents.
Two passport size photographs
Proof of identity – Passport, Driving license, Voter’s ID card.
Proof of address – Passport, Driving license, Voter’s ID card
Form 16 if PAN card is not available
For Hindu undivided families (HUF):
Copy of PAN card
Form 16 if PAN card is not available
Declaration form from Karta (Head of HUF)
Proof of identity and address of Karta document
Consent letter from joint Hindu family that has been signed by the heads of the family
For joint applicants:
Identity and address proof of both entities
In case of a married couple, only the address of the primary account holder will be required
For the Online/offline method of bank account opening:
Visit the Axis Bank homepage or the nearest Axis bank branch near you.
Select open account/ pick up the application form
Choose a savings account that will suit your financial needs and requirements.
The next step for the individual to open an account in Axis Bank is to submit the following required documents.
Proof of identity – Passport, Driving license, Voter’s ID card, etc.
Proof of address – Passport, Driving license, Voter’s ID card, etc.
Form 16, if PAN card is not available
Passport size photographs
Now The applicant has to fill in the application form with all the required fields.
Once the application form is ready with all documents and relevant information filled in, the applicant will be required to visit and submit the form and the (Know your customer) KYC documents at the Axis Bank branch of their choice. This can also be done online.
After submitting the application, Axis Bank will verify the application and documents and revert back and open the bank account.
Some Banks have a minimum balance requirement for the savings bank account, the applicant must be aware of this and maintain to required balance to avoid any penalty.
Once the initial deposit of the respective amount has been made, the bank will hand you a starter package consisting of a debit card and relevant documents with regards to operating the account.
Customers have to meet the below-mentioned requirements to be eligible to open an account at Axis Bank.
The applicant should be a citizen of India.
The applicant should be a minimum of 18 years to be eligible, except in cases of a minor savings account.
The applicant must provide valid know your customer (KYC) documents provings his/her identity and address.
At the time of opening an account, the applicant will have to make an initial deposit. The amount depends on the type of account and location of bank branch such as urban, semi-urban or rural.
Some Banks also provide a zero balance account option.
On opening an account, customers are offered a starters pack, consisting of a debit card, chequebook, passbook and other documents containing bank operating procedures.
Account holders having a savings account with Axis Bank can transact at any ATM across the country.
Axis Bank account holders can utilise the convenient and efficient net/online banking facilities.
In order to keep track of finances, account holders will receive free monthly e-statements.
Account holders can carry out fund transfers through the NEFT, IMPS and RTGS using IFSC code.