Power Transfer

Power Transfer

Power Transfer

What is the daily transaction limit?

The daily debit limit is a security feature which limits the amount of money that can flow from your account in a day. You can have the following combinations of transactions in your default daily transaction limits:

  • A maximum of Rs 50000 on - Fund transfers to self-linked accounts, Other Axis Bank accounts, Creation of Demand Drafts and Axis Bank Credit Card Bill Payment under Credit Card section.
  • In addition to the above, a maximum of Rs 50000 on Fund transfers to Other Bank Accounts (NEFT), Bill Payments, Mobile Recharges, Creation of Virtual Cards and Direct Debit transactions (Payment made using Axis Bank Internet Banking at various merchants website).

Can I increase my daily transaction limit?

Yes, you can increase your transaction limit online. Transactions limit upto or less that Rs.2.5 lacs will be processed instantly. Limit enhancement above Rs.2.5 lacs will be sent to branch for approval and will take some processing time.

What are different types Transaction Limit?

There are 2 types of transaction limits Type I & Type II, This facility allows you to enhance/reduce your daily financial transaction limits for Type I & Type II each upto 2.5 lakhs instantly and more than Rs.2.5 lakhs within 3 working days of submission of request through Internet Banking

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

2. Type II : 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

Can I modify limit for all types of transactions

There are limits on some types of transactions, which cannot be modified. The transaction limits for such transactions are as under :

  • e-Wallet card : Rs. 1,00,000 per day
  • Visa credit card bill payment : Rs. 50,000 per day
  • Fixed Deposits : Rs. 5,000,000 per day

What are types of fund transfers I can do?

You can do the following types:

  • Fund Transfer between your own linked accounts
  • Fund Transfer to any Other Axis Bank account
  • Fund Transfer to Other Bank's Account (NEFT)

Is this facility available to Non-Resident Indians?

Yes, this facility is available to Non-Resident Indians also. Funds can be transferred from a NRE account to another NRE / NRO / Resident account. Similarly, funds can be transferred from a NRO account to another NRO / Resident account. However, this facility is not available for transfer of funds from resident accounts to NRE / NRO accounts.

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. Fund transfer to other bank is done on the same working day.

What is National Electronic Funds transfer (NEFT)?

NEFT is a 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

  • Beneficiary account number
  • IFSC Code

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?

Register a beneficiary for transferring funds to Other Axis Bank account

  • Go to Transfer Funds section.
  • Click on "Register New Beneficiary" under the option "Other Axis Bank account"
  • Enter a nickname for the Beneficiary and his Axis Bank account number and Submit
  • 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.
Register a beneficiary for transferring funds to Other Bank account

  • 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 rare cases when the recipient bank does not revert with the funds, then a follow up is needed. 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 are accepted on Holidays & Sundays (Sundays and holidays as defined by RBI) but the actual debit and the transaction is completed only in 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 18.45 pm on weekdays and 12.45 pm on Saturdays.

Beneficiary Cap and Cooling Period Registration

  1. What is the change in the beneficiary addition process?

    Now you can activate only 3 beneficiaries in each of the following categories: Intra-bank and Inter-Bank transfers for retail banking customers and Inter-Bank for corporate customers in a calendar day. Transfer funds can be done to these beneficiaries only after 24 hours of activation request placed.

    Beneficiary approved after 8.00 PM will be activated on the next day after 8.00 PM (IST). Customers can commence funds transfer to the new beneficiary only 24 hours after its activation.

  2. Can a new beneficiary be activated immediately for transfer of funds?

    No. After introducing the security measures, instant activation of beneficiaries will not be allowed.

  3. What if I want to activate more than one beneficiary in a day?

    Activation of only 3 beneficiaries is a risk measure in the interest of the customer. Any inconvenience is regretted but to limit the potential risk, Bank allows only 3 beneficiary activations.

  4. 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. 24 hours post reciept of that SMS the activation request will be complete.

  5. Can I transfer funds to beneficiary up to the daily limit of Internet Banking immediately upon activation?

    As a risk measure, immediate transfer requests cannot be made. It will take 24 hours for the new beneficiary activation.

  6. Can I get my newly added beneficiary approved or activated over phone call/ e-mail to Bank or Bank's representative?

    No. There is no such process for immediate activation of beneficiaries.

  7. Does Bill Payment/Mobile Recharge have a cooling period?

    No. Cooling period does not apply to Bill Payment and Mobile recharge.

  8. Is there a limit on the number of beneficiaries that can be added for Bill Payment/Mobile Recharge?

    No there is no limit set to the number of beneficiaries that can be added for Bill Payment/Mobile Recharge.

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