With the evolution of payment services, every bank is moved from its ledger-based account number to longer account numbers varying from 9 to 18 digits. When you open an account with Axis Bank, you will be issued a 15-digit bank account number. Wondering how these numbers are structured? Well, there is no uniform format across the industry. Every bank follows its own format and pattern for structuring bank account numbers. Let’s see how an Axis Bank Account Number is devised.
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Structure of Axis Bank Account Number
Old Axis Bank account numbers consist of branch code, product or scheme code followed by the ledger account number. With the change in software, the format has been changed now. However, the length of the account number still remains the same, which is 15-digits. Let’s see how the structure of Axis Bank’s new account numbers looks like.
Let’s say the 15-digit Axis Bank account number is 9170100000000319. The account number follows below format
- First digit – 9, which is the running serial number used by Axis Bank for all the new accounts.
- Next two digits – 17, last two digits of the year in which your account is opened
- Next two digits- 01, is the scheme code depicting the type of account you hold. For example, 01-savings, 02-current account. The list is exhaustive as the bank offers an array of products under its umbrella of financial product offerings.
- 6-14 digits – represent the ledger number i.e. 31 (prefix it with zeros to arrive at 15-digits)
- Last digit -9, which is the check digit i.e. the sum of first 5 digits (9+1+7+0+1=18 which means 1+8=9)
Axis Bank has been issuing instant accounts for the last few years which provides the account kit instantly when the account opening formalities are completed. As larger volume transactions are handled every day on the digital payment platform with the real-time settlement, the unique structure of bank accounts avoids the risk of wrong credits to some extent. However, to make it even more feasible for the digital platform, Reserve Bank of India has asked all the banks to work towards uniformity of account number and account number portability.
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With the Axis mobile apps, e-wallets and ample digital service offered, it’s quite easy to access the account number and any account-related details. With its best digital initiatives and financial inclusion in rural areas, Axis Bank is helping customers to experience ‘effortless banking’.