Power Transfer

Power Transfer

Power Transfer

Fund Transfers to Axis Accounts

Fund Transfers to Other Bank Accounts - NEFT/RTGS(Power Transfer)

 

 

Fund Transfers to Axis Accounts

Can I Transfer funds to my own Axis Bank Accounts?

Yes, you can transfer funds to your other Axis Bank accounts linked to your Customer ID easily with our Internet Banking facility

How do I transfer funds to my Axis Bank Account?

  • Login to Internet Banking on www.axisbank.com
  • Go to Accounts and click on Transfer Funds
  • Select My Own Axis Bank Account
  • Select your other Axis Bank account
  • Enter details like Transaction amount, Transaction remarks
  • Enter the Netsecure code to complete your transaction
  • Your transaction is completed and your payment confirmation number will be displayed on screen.

Are there any charges for fund transfers?

Yes, charges applicable will be shown upfront.

How much time does it take to transfer the funds?

The funds are transferred to any Axis Bank account instantly on a best effort basis.

How do I register a beneficiary with an Axis Bank Account for Fund Transfer?

  • Login to Internet Banking on www.axisbank.com
  • Go to Accounts and click on Transfer Funds
  • Select the option "Other Axis Bank Account"
  • Click on "Register New Beneficiary"
  • Enter the Beneficiary Nick Name and account Number. Click on Get Account Details. The name of the beneficiary will be displayed on the screen. Validate if the correct beneficiary is being registered.
  • Enter details like Transaction amount, Transaction remarks
  • Enter the Netsecure code to complete your transaction
  • Your beneficiary is now registered. Click on "Activate" to activate the beneficiary
  • Please note that for the safety of your account, funds transfer to any new beneficiary will be enabled only after 8 hours post activation.

How many beneficiaries can I register?

You can register as many beneficiaries as you want. However, for security reasons, you can add only 3 beneficiaries in a calendar day. Funds can be transfered to these beneficiaries only 8 hours post activation. Beneficiary approved at 8.00 AM will be activated at 4.00 PM (IST). Please plan any adhoc payments accordingly.

Can I transfer funds to a new beneficiary immediately upon activation?

No. Due to security reasons, instant transfer of funds to a new beneficiary is not allowed. Funds can be transferred to a beneficiary only 8 hours post activation.

How will I come to know that the beneficiary added by me has been activated?

You will receive a confirmation SMS advising activation of your beneficiary on your registered mobile number. You will be able to transfer funds to this beneficiary 8 hours post reciept of that SMS.

Is there any Daily Transaction Limit?

Yes, there are 2 types of daily transaction limit:

Type 1: Daily Limit on funds transfers between Own Accounts, Other Axis Bank Accounts & Payment to Axis Credit card under Cards Tab

Type 2: Daily Limit on funds transfers to Other Bank accounts(NEFT), Bill payments & Bill presentments, Payment using Internet Banking for purchases made at other websites, Online Trading Transactions

The Type 1 and 2 limits for a new account are Rs 50,000 by default. You can change your transaction limit by selecting "Transaction Limit" under the Accounts tab.

Can I modify my daily transaction limit?

Yes, you can modify your daily transaction limit by selecting "Transaction Limit" under the Accounts tab.

Please note:

  • NetSecure registration is mandatory to modify the daily limit via Internet Banking.
  • The Limit that you set will be the total amount that you can transfer/spend on any particular day for the selected transaction type.
  • The Limit that you set will be applicable for today and the following days too, until it is modified later.
  • Any Limit value greater than Rs. 2.5 Lakh will be sent to Bank, for approval, which will take some processing time

For the following transaction types the limit cannot be modified:

  • e-Wallet card: Current Limt - Rs. 1,00,000 per day
  • Visa credit card bill payment: Current Limit - Rs. 50,000 per day
  • Mobile Recharge: Current Limit - Rs. 1,000 per transaction. A maximum of 3 such transactions per day
  • Fixed Deposits: Current Limit - Rs. 50,00,000 per day

I am unable to change my transaction limit. What should I do?

If you have reset your adaptive authentication questions, for security reasons, you will not be able to modify your transaction limit for the next 5 days. Please try changing the transaction limit after 5 days.

How do I transfer funds to any other Axis Bank Account?

  • Login to Internet Banking on www.axisbank.com
  • Go to Accounts and click on Transfer Funds
  • Select the option "Other Axis Bank Account"
  • If you are transfering funds to this account for the first time, please follow the steps for registering a new beneficiary. Please activate the beneficiary post registration. You will be able to tranfer funds to this beneficiary only 8 hours post activation
  • Click on the "Pay" option next to your registered beneficiaries name.
  • Enter the Amount to be transfered and remarks if any and click on Transfer
  • Enter the Netsecure Code and click on Ok to complete the transfer

Can I schedule fund transfers to an Axis Bank Account?

Yes, you can schedule payments to any Axis Account by registering them as a payee under the option "Schedule Fund Transfer to Axis Bank Account" under Transfer Funds. If you have not registerd the payee then click on 'Add New Payee' and follow registration process. If you have already registered your Payee, select it from the Active Registered Payee list and simply click on 'Schedule Now'.

What are the types of scheduled fund transfers?

There are two types of scheduled fund transfers:

  • One Time Payment: Schedule a payment for a future date to a beneficiary. The payment will be made just once on the set date
  • Repetitive Payment: Schedule a payment to the beneficiary for a fixed period for a fixed number of installments. To schedule a repetitive payment, specify the payment date for the first transfer, payment frequency (weekly, bi-monthly, bi-weekly, monthly, etc) and the total number of payments to be made. The system will automatically transfer the said amount on the scheduled dates till the number of installments specified are completed.

Can I cancel a scheduled payment?

Yes, you can delete a scheduled payment by clicking on "View/Edit Scheduled Payments" under the option Schedule fund transfer to other Axis Bank Account".

If you wish to delete only the next payment and not delete the later payments, then please select "Delete the Payment" and click on "Update".

If you wish to delete the entire schedule of payments, then select both "Make Changes to entire schedule" and "Delete the payment", then click on "Update".

Can I modify a scheduled payment?

Yes, you can edit/modify a scheduled payment by clicking on "View/Edit Scheduled Payments" under the option Schedule fund transfer to other Axis Bank Account".

If you wish to modify only the next payment and not delete the later payments, then please make the desired changes and click on "Update".

If you wish to modify the entire schedule of payments, then select "Make Changes to entire schedule" , then click on "Update".

 

 

Fund Transfers to Other Bank Accounts - NEFT/RTGS(Power Transfer)

What is NEFT?

NEFT is an RBI service network which allows participating Banks and their branches to transfer funds within the network in a relatively short period of time. We have extended this service to our customers through the Axis Bank Internet Banking interface. With this you can transfer funds to various branches of most of the banks.

What details do I need to provide in order to effect a transfer to Other Bank Accounts (NEFT)?

You need to provide following details

  • Amount to be remitted
  • Account number from where the funds will be debited
  • Name of the beneficiary bank, and the name of the beneficiary customer
  • Beneficiary account number
  • Sender to receiver information, if there is one
  • IFSC code of the receiving branch

What is an IFSC code?

The Indian Financial System Code (IFSC) is an RBI issued code which is being used in the NEFT system to identify recipient bank branches. While selecting the payee's branch, it is essential that the IFSC code mentioned against the branch be the same as the IFSC code of the branch you want your funds to be transferred to. Our IFSC code is mentioned on our cheque books on every cheque leaf below the Bank name and address.

How do I register a beneficiary for Fund Transfer facility?

You can register a beneficiary for transferring funds to Other Bank account by following the process given below:

  • Go to Transfer Funds section.
  • Click on "Register New Beneficiary" under the option "Other Bank account"
  • Enter the relevant details including the account no. and IFSC code
  • Enter your transaction password and click on Submit to register the beneficiary
  • Post registration you have to activate the beneficiary to make fund transfers to his/her account.
  • Click on "Activate Beneficiary" and enter the Netsecure code to activate the beneficiary successfully

What do I do if I have registered a payee with incorrect details and have sent money as well?

Payments having incorrect registration details are generally returned by the recipient bank on the second or third day of the transaction. In cases when the recipient bank does not revert with the funds, then a follow up with the beneficiary bank is required. Please contact us for the RBI reference number of the transaction, basis which you can follow up with the beneficiary bank

Can I make NEFT transactions on holidays?

Requests for NEFT transasctions are accepted on Holidays & Sundays (Sundays and holidays as defined by RBI) but the actual debit and the transaction is completed only on the next working day.

What is the cut off time for NEFT?

As per RBI directive, if a customer's account is debited on a given working day then the funds should be transferred over to RBI on the same day. RBI carries out multiple NEFT processing batches in a day in which transactions are submitted. The cut off time is set as per the last batch processed by Axis Bank. This cut off time is currently set at 18.30 pm on weekdays and 12 pm on Saturdays.

How many beneficiaries can I add for NEFT?

You can register as many beneficiaries as you want to your account. However, for security reasons, you can add only 3 beneficiaries in a calendar day. Funds can be transfered to these beneficiaries only 8 hours post activation. Beneficiary approved at 8.00 AM will be activated at 4.00 PM (IST). Please plan any adhoc payments accordingly.

Can I transfer funds to a new beneficiary immediately upon activation?

No. Due to security reasons, instant transfer of funds to a new beneficiary is not allowed. Funds can be transferred to a beneficiary only 8 hours post activation.

How will I come to know that the beneficiary added by me has been activated?

You will receive a confirmation SMS advising activation of your beneficiary on your registered mobile number. You will be able to transfer funds to this account 8 hours post reciept of that SMS.

What are the charges for using the NEFT facility?

The applicable charges will be shown upfront.

What is RTGS?

RTGS' stands for 'Real Time Gross Settlement'. The RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on a 'gross' basis. This is the fastest possible money transfer through banking channels.

How is RTGS different from NEFT?

NEFT is an electronic fund transfer system that operates on a deferred net settlement (DNS) basis, which settles transactions in batches. In DNS, the settlement takes place at a definite time and all transactions are held up till that instant. Any transaction initiated after a designated settlement time will have to wait till the next designated settlement time. RTGS is different because transactions are processed in real-time.

Are there minimum or maximum limits for RTGS transfers?

The RTGS system has been designed for large value transactions.
The minimum amount to be remitted through RTGS is Rs. 2 Lakhs. There is no upper ceiling for RTGS transactions.

What information do I need to provide while using the RTGS funds transfer?

You need to provide following details

  • Amount to be remitted
  • Account number from where the funds will be debited
  • Name of the beneficiary bank, and the name of the beneficiary customer
  • Beneficiary account number
  • Sender to receiver information, if there is one
  • IFSC code of the receiving branch

What are the charges for the RTGS funds transfer service?

The applicable charges will be shown upfront.

How long does it take for funds to be transferred from one account to another in RTGS?

Real-time means that beneficiary branches are expected to receive the funds as soon as they are transferred by the remitting bank. The beneficiary bank must credit the beneficiary's account within 30 minutes of receiving the funds transfer message.

If the money is not credited successfully, will the remitting customer get the funds back?

With RTGS, the receiving bank should credit the amount to the beneficiary instantly. If for some reason the money cannot be credited, the receiving bank has to return the money to the remitting bank within 1 hour. As soon as the money is returned, the original debit entry in the customer's account is reversed.

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