To make your transition journey with us smooth and hassle-free, we are here to help you understand the important IFSC changes in banking services and how they impact your transactions.
With this blog, we intend to communicate the necessary changes for you to make to embark on this journey with us.
How are the IFSC changes affecting my core banking experience?
| Banking services |
Changes |
| Account details |
Only the IFSC codes will change. Your account number and other details will remain the same. |
| Passbook and cheque books |
You will receive a cheque book with the new IFSC of your account. |
| Internet banking |
Since IFSC codes are crucial, the changes need to be implemented while using services like IMPS, NEFT, and RTGS. |
| Auto-Debit instructions |
Standing instructions / NACH mandates for services like Mutual Funds subscription/ loan repayments / insurance premium debits etc need to be changed with new IFSC codes and account details. |
Key actions for you
As we work towards providing a smoother banking experience for you, we recommend you complete the following actions to avoid interruptions and inconveniences:
| Category |
Actions required by you |
| Banking transactions |
- Inform all tenants, vendors, suppliers, friends, family, etc., to update the Axis Bank IFSC in their bank payee list.
- Ask third parties to add you as a new payee with the revised Axis Bank IFSC.
- Provide Axis Bank cancelled cheques to third parties or financial institutions to update your IFSC details.
|
| Credit Cards |
- Update your Citi Credit Card details for repayment of dues with the Axis Bank IFSC.
|
| Investments |
- Initiate all physical mandates with Axis Bank IFSC while starting new SIPs.
- Share the new IFSC details with the Registrar and Transfer Agents (RTAs) if you hold physical forms of company equity shares.
- Contact equity brokers and BSE Star and NSE NMF to inform them about the IFSC code changes.
- PMS/AIF investments done through third parties require you to update the new Axis Bank IFSC.
|
| Insurance |
- If you have purchased an insurance policy from any insurer other than our insurance partners, inform them about the new IFSC.
|
| Government bodies and employers |
- Contact relevant government bodies such as EPFO and update your Axis Bank IFSC.
- Contact your employer and update the IFSC.
- If you have an FCRA account, contact your CA to update the changes in IFSC.
|
| Trust and society accounts |
- Inform all tenants to update the Axis Bank IFSC in their payee list. Also, make changes to the apps like “My Gate” and “Apartment Adda”.
- For trusts, inform all the donors to update the new IFSC.
|
What happens when you do not update your IFSC details?
Let us consider a scenario where one fails to update their IFSC changes with various institutions. These are the possible consequences:
- Payment failures or delayed payments due to incorrect IFSC.
- Incurring penalties for delayed payments or missed fees.
- Interruption of automated payment services and standing instructions.
- Inconvenience while making or receiving payments.
- Possible impact on your credit score due to missed or failed payments.
