The Indian Financial System Code also known as the IFSC code plays a critical role in verifying and managing each bank account. With changing technology bank operations have streamlines their administrations helping clients to fasten everyday banking operations. Individuals can now send funds electronically, buy merchandise over the web and pay online at the click of a button. 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. From national electronic funds transfer (NEFT) and real time gross settlement (RTGS) settlement systems to online purchases and funds transfer, every financial dealing in undertaken due to the presence of IFSC codes.
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.
Examples of Axis Bank IFSC Code:
Let us consider the example of IFSC code for Axis Bank located in The Mall in Ludhiana. The IFSC code of the Axis Bank The Mall branch used for all online transactions including RTGS, IMPs and NEFT is UTIB0000042.
Finding IFSC Codes Online:
IFSC codes for all Axis Bank branches are available on the official website of Axis Bank as well as on the website of Reserve Bank of India. For the convenience of users an extensive database of all IFSC codes is available, India's premier financial website. BankBazaar.com with its state of the art IFSC code search tool allows easy search operations and has an extensive list of IFSC codes for all pan India bank branches.
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. From national electronic funds transfer (NEFT) and real time gross settlement (RTGS) settlement systems to online purchases and funds transfer, every financial dealing in undertaken due to the presence of IFSC codes.
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 Axis Bank IFSC Code:
Let us consider the example of IFSC code for Axis Bank located in The Mall in Ludhiana. The IFSC code of the Axis Bank The Mall branch used for all online transactions including RTGS, IMPs and NEFT is UTIB0000042.
- 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 corresponds to the old name of the bank.
- The fifth character is '0' and reserved for future use as per RBI guidelines.
- The last six characters 000042 correspond to the The Mall branch of Axis Bank in Ludhiana City.
- 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 000284 correspond to the Dum Dum branch of Axis Bank located in Kolkata city in West Bengal.
Finding IFSC Codes Online:
IFSC codes for all Axis Bank branches are available on the official website of Axis Bank as well as on the website of Reserve Bank of India. For the convenience of users an extensive database of all IFSC codes is available, India's premier financial website. BankBazaar.com with its state of the art IFSC code search tool allows easy search operations and has an extensive list of IFSC codes for all pan India bank branches.