IFSC Code For AXIS BANK in VIVEKANANDA NAGAR, KOLATHUR, TAMIL NADU

What is an IFSC Code?

The Indian Financial System Code (IFSC) is a distinct 11-digit code comprising both alphabets and numbers. This code is essential for conducting electronic or online money transfers, enabling accurate and secure direction of funds to the intended bank branch. The Reserve Bank of India (RBI) assigns these codes to streamline and monitor banking transactions via any of the three main electronic funds settlement systems in India: Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) systems, and Immediate Payment Service (IMPS).

How to Find Your IFSC Code?

• Bank Passbook: Typically listed on the front page alongside account details.
• Cheque Book: Found on the top or bottom of every cheque issued by the bank.
• Account Statements: Detailed in the transaction summary section of printed or electronic statements.
• Internet Banking Services: Accessible through the online banking portal, typically under account details.
• Reserve Bank of India Website: Access comprehensive lists of IFSC codes for all registered banks.

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How IFSC Codes Facilitate Banking Transactions

Immediate Payment Service (IMPS) allows for instant, 24/7 fund transfers, and the IFSC code ensures that your money reaches the intended recipient without delay.
National Electronic Funds Transfer (NEFT) now operates around the clock, allowing for continuous electronic transfers from your bank account to another account, whether within the same bank or across different banks.
Real Time Gross Settlement (RTGS) is used for high-value transactions and operates in real-time. The minimum transfer limit of Rs. 2 lakhs.

Structure of IFSC Code

The IFSC code is structured in a specific way, in three parts:

1. The first four characters represent the bank's name.
2. The fifth character is always '0' (reserved for future use).
3. The last six characters identify the specific branch.