Axis Bank

Glossary of Axis Bank Terms

Axis Bank: A prominent Indian multinational banking institution, formerly known as UTI Bank, which was established in 1993 and rebranded in 2007. Headquartered in Mumbai, it is recognized as the third largest private sector bank in India and offers a variety of financial services.

Personal Banking: Refers to banking services provided to individual customers. Axis Bank’s personal banking includes savings and current accounts, fixed deposits, personal loans, and various credit and debit cards designed to meet the financial needs of individuals.

Internet Banking: An online platform that allows customers to conduct banking operations over the internet. Through Axis Bank’s internet banking services, users can manage their accounts, transfer funds, pay bills, and monitor transactions securely from any device with internet access.

Mobile Banking: A service that enables customers to perform financial transactions using their smartphones or tablets. The Axis Mobile app offers a suite of features including fund transfers, bill payments, loan applications, and instant access to account details right at the user’s fingertips.

Corporate Banking: This segment focuses on providing banking solutions to businesses and corporations. Services include corporate loans, treasury management, and trade finance, which help companies manage their financial operations effectively.

SMS Services: Axis Bank provides various SMS services allowing customers to quickly obtain information. For instance, users can send ‘BAL‘ to a designated number to check their account balance or ‘MINI‘ for a mini statement of their recent transactions.

Account Balance: The current amount of money available in a bank account. Axis Bank clients can conveniently check their account balance through SMS, the mobile app, or internet banking features.

Mini Statement: A brief summary of the most recent transactions made in a bank account. Customers can receive their mini statement instantly via SMS, allowing them to stay updated on recent financial activities.

Saving Account: A deposit account that allows individuals to save money while earning interest. Axis Bank offers various savings accounts featuring competitive interest rates and easy accessibility to funds.

Fixed Deposits: A financial instrument provided by banks that offers a higher rate of interest than regular savings accounts, provided the money is locked for a specified tenure. Axis Bank offers flexible terms on fixed deposits to cater to various investment needs.

Personal Loan: A type of unsecured loan granted to individuals based on their creditworthiness and ability to repay. Axis Bank’s personal loans can be used for various purposes, such as medical emergencies, travel, or debt consolidation.

FASTag: An electronic toll collection system operated by Axis Bank, which allows customers to pass through toll plazas without stopping for cash transactions. The FASTag is linked to the user’s bank account, providing convenience and efficiency when traveling on highways.

Credit Card: An instrument that allows users to borrow funds up to a certain limit for purchases or cash advances, which must be repaid, often with interest. Axis Bank offers a range of credit cards with various features tailored to meet customer preferences.

Axis Bank App: A mobile application designed to facilitate seamless banking experiences for customers. The app allows users to perform transactions, manage accounts, and access exclusive offers and services directly from their mobile devices.

Net Banking Registration: The process through which customers register for online banking services provided by Axis Bank. This allows them to access their accounts online and utilize the various features offered through the bank’s digital platforms.

Customer Care: Axis Bank provides dedicated customer service to assist clients with their banking needs. Their customer support team is accessible through various channels, ensuring that users receive timely and effective assistance.

Mutual Funds: Investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. Axis Bank offers a range of mutual fund options for customers looking to diversify their investments.

• Foundation: Established as UTI Bank in 1993, rebranded as Axis Bank in 2007.
• Headquarters: Located in Mumbai, Maharashtra, India.
• Services Offered: Personal Banking, Internet Banking, Corporate Banking.
• Account Access: Instant balance inquiry via SMS (BAL to 56161600).
• Account Statements: Mini statement available via SMS (MINI to 56161600).
• Mobile App: Axis Mobile, a user-friendly application with over 250 features.
• Security: Known for robust security measures in banking services.
• Market Position: Third largest private sector bank in India.
• Stock Information: Listed on NSE and BSE under AXISBANK symbol.
• Loan Services: Offers personal loans and diverse lending options.

Overview of Axis Bank

Axis Bank Limited is one of the prominent banking institutions in India, formerly known as UTI Bank from 1993 to 2007. Headquartered in Mumbai, it has established itself as a leader in providing diverse banking and financial services to a wide array of customers. This article delves into the various services offered by Axis Bank, highlights its personal and corporate banking features, and provides practical tips for utilizing these services effectively.

Personal Banking Services

Axis Bank offers a comprehensive range of personal banking services tailored to meet the needs of individual clients. Opening a bank account is simple and can be done through their user-friendly portal or at a local branch. The bank provides basic account options such as savings, current accounts, and fixed deposits, catering to various financial goals.

Online Banking Convenience

The emergence of internet banking has transformed the banking experience. Axis Bank’s online platform allows customers to manage their accounts seamlessly. Users can monitor account balances, transfer funds, and pay bills with just a few clicks. For instant account balance inquiries, customers can send an SMS with the command BAL to 56161600 or +91 9951 860 002. This convenience is enhanced by the option to receive mini statements through SMS by sending MINI.

Mobile Banking Features

The Axis Bank Mobile App offers a secure and efficient way for customers to interact with their banking needs. With over 250 features, including fund transfers, bill payments, and loan inquiries, the app is designed for user convenience. The app’s strong security protocols ensure the safety of user data, making it a reliable choice for banking on the go.

Corporate Banking Solutions

For businesses, Axis Bank provides tailored corporate banking services. This includes financing options for working capital, term loans, and trade and transaction banking. Businesses can access credit facilities suited to their operational needs and benefit from specialized financial products that streamline their banking processes.

Investment and Insurance Products

In addition to basic banking services, Axis Bank also provides investment and insurance products. Clients can invest in mutual funds, fixed deposit schemes, and various insurance plans that provide financial protection. Being informed about these offerings can lead to informed financial decisions, enhancing wealth management strategies.

Accessing Axis Bank from Abroad

Axis Bank has catered to its international clientele by offering NRO savings accounts for non-resident Indians. This allows expatriates to manage their finances in India and maintain seamless banking relationships, regardless of their current location. The application process is straightforward, enabling overseas customers to take advantage of Axis Bank’s offerings.

Customer Support and Service

Axis Bank prides itself on delivering exceptional customer service. Customers can reach out via phone, email, or through various social media platforms for any queries. The bank’s support system is designed to address issues promptly, ensuring a positive banking experience.

Safety Measures

Axis Bank employs stringent measures to protect the financial information of its clients. Utilizing advanced technology for security, customers can feel safe while banking. Keeping money in an Axis Bank account is regarded as a secure choice due to its robust infrastructure and commitment to customer data protection.

Comparison of Axis Bank Services

Service Type	Description
Personal Banking	Offers a range of accounts, loans, and insurance products to individuals.
Corporate Banking	Designed for businesses, providing credit facilities, treasury services, and trade finance.
Internet Banking	Convenient online platform for managing accounts and transactions from anywhere.
Mobile Banking	User-friendly app with over 250 features, including fund transfers and bill payments.
Customer Support	Available via multiple channels like phone, SMS, and online chat for inquiries and assistance.
Account Management	Easy access to account balances and mini statements through SMS services.
Investment Options	Provides mutual funds, stocks, and fixed deposits to help customers grow their wealth.
Loans	Personal, home, and auto loans available with competitive interest rates and flexible terms.
Credit Cards	Wide selection of credit cards offering rewards, cashback, and travel perks.
Safety Features	Robust security measures in place to ensure the safety of customer transactions and data.