The
Indian Financial System Code, widely known as the
IFSC code has been an important tool in making sure all online
banking transactions are completed in real time. With changing world
of technology, bank operations have streamlines their services
helping users with various online financial transactions. People can now send funds electronically, purchase goods over the internet and pay using net banking as well as transfer larger sums of money between individuals and companies using National Electronic FundsTransfer (NEFT) and Real Time Gross Settlement (RTGS) settlement systems. All these activities are possible because of the implantation of IFSC codes by the Reserve Bank of India. IFSC codes help online transactions in identifying the sender and recipient bank branch in quick time making sure all online financial transitions are completed easily.
Understanding IFSC Codes:
Indian
Financial System Code or IFSC code is a set of eleven special
characters that correspond to a particular bank branch. Each bank
branch has its own unique IFSC Code that helps in online financial
transactions. IFSC codes help automated computer systems to know
about the sender and the recipient for online funds transfer.
- The first four characters of the IFSC code are always alphabetic and correlate to the name of the bank concerned.
- The fifth character is reserved for future use by Reserve Bank of India and is always assigned the value '0' as of now.
- The last six characters correspond to the bank branch and can be either numeric or alphabetic or a combination of both alphabets and numbers.
Examples of IFSC Codes:
Let
us consider the example of IFSC code for
Axis Bank Anna Nagar branch in Chennai. The IFSC code of the Axis
Bank Anna Nagar branch used for all online transactions including
RTGS, IMPs and NEFT is UTIB0000016.
- The first four characters of the code represent the name of the bank.
- Since Axis Bank was known as UTI Bank earlier the IFSC code correspond t the old name of the bank.
- The fifth character is '0' and reserved for future use as per RBI guidelines.
- The last six characters 000016 correspond to the Anna Nagar branch of Axis Bank.
Similarly
let us take another example of axis bank located in Jubilee Hills in
Hyderabad city. The IFSC code of Axis Bank Jubilee Hills branch in
Hyderabad is UTIB0000030.
- The first four characters correspond to the name of the bank i.e. UTI bank Limited.
- The fifth character is o and reserved for future use.
- While the last characters 000030 correspond to the Jubilee Hills branch of Axis Bank located in Hyderabad city.
How to Find IFSC Codes for Axis Bank:
Each Axis Bank branch has its own unique IFSC code. The list of all Axis Bank branches with its IFSC codes is available at the official website of Axis Bank as well as with Reserve Bank of India. As per RBI guidelines, each Axis Bank branch displays its corresponding IFSC code in the bank premises for visitors and common people. Users seeking IFSC codes for any Axis Bank branch can also use the online IFSC code finder tool, it has an extensive list of IFSC codes for all banks including all branches of Axis Bank.
