IFSC stands for Indian Financial System Code which is an 11-digit alphanumeric code. It is used to identify the bank branch that is participating in the National Electronic Fund Transfer (NEFT) or Real Time Gross Settlement (RTGS) system. Every bank branch has its own unique code which makes it easy for the customers to transfer funds from one bank to another. The IFSC code is also used in other payment systems like the Immediate Payment Service (IMPS) and the Unified Payments Interface (UPI). In this article, we will discuss the IFSC code of Airtel Payment Bank. Here you can find a lot of useful information about types and review of different brokers,
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Understanding IFSC Code
IFSC is a unique 11-digit code assigned to each bank branch in India. It is used to identify the branch participating in the NEFT, RTGS, IMPS and UPI payment systems. The first four characters of the IFSC code represent the bank name, the fifth character is always a zero and the last six characters represent the branch code. For example, the IFSC code of the State Bank of India, Hyderabad branch is SBIN0020036.
Airtel Payment Bank’s IFSC Code
Airtel Payment Bank is a payments bank set up by Bharti Airtel and is a part of the Airtel group. Airtel Payments Bank offers customers an interest rate of 7.25% per annum on their deposits. The IFSC code for Airtel Payment Bank is AIRT0000001. This code is used for NEFT, RTGS, IMPS and UPI payments.
In conclusion, the IFSC code is an 11-digit alphanumeric code used to identify the bank branch participating in the NEFT, RTGS, IMPS and UPI payment systems. Airtel Payment Bank has its own unique IFSC code which is AIRT0000001. This code is used for all the payment systems mentioned above. The IFSC code is essential for making payments and transfers from one bank to another.
The Indian banking sector saw the inclusion of yet another bank with the launch of Airtel Payment Bank, a mobile-based payment bank authorized by the Reserve Bank of India on November 23, 2016, offering a variety of banking services. Airtel customers can open an account at Airtel Payment Bank with a minimum balance of zero that involves no charges for online/offline transactions. According to RBI regulations, Airtel Payment Bank also offers other banking services such as savings and deposit accounts, cash deposits, transfers, payments, and mobile banking services such as mobile and utility bill payments.
To use the services of Airtel Payment Bank, the customer must provide an IFSC code, a unique 11-character code assigned to every bank simultaneously by the Indian Financial System Code (IFSC). This code helps in distinguishing and identifying a particular bank branch which is necessary when sending or receiving money through NEFT, RTGS or IMPS.
Airtel Payment Bank’s IFSC code is BKID0010591. This number can be obtained either by entering the bank name in the search bar or using the drop down list of states/districts provided. When a customer looks up the bank’s IFSC code, they also get the central bank address, bank branch address, and advice regarding mandatory details such as account holder’s name, account number, etc.
Airtel Payment Bank encourages digital transactions among its customers and provides an efficient banking system for all its customers. Airtel customers can easily open the app and pay bills, buy tickets, and transfer money. That’s not all, though. Nowadays, Indian online casino users can also make deposits and withdrawals through Airtel Payments Bank on select betting/gaming platforms and real money casino apps.
Airtel Payment Bank is thus a revolutionary step for the development of digital India. The application of IFSC codes with Airtel Payment Bank makes the transactions secure and fast. Airtel customers get the convenience of having a digital bank in their hands. It is indeed beneficial for both the customers and the bank.