In this Article We know about Axis Bank NEFT Online, Axis Bank NEFT Form 2023, Axis Bank NEFT Timing, Difference RTGS and NEFT, Axis Bank NEFT: Experience the Convenience of National Electronic Funds Transfer (NEFT) for Online Fund Transfers to Other Banks. NEFT allows you to effortlessly transfer funds and conveniently make credit card payments to any bank throughout India. This service streamlines your transactions, providing enhanced ease and expanded accessibility compared to previous methods.
- 1 Axis Bank NEFT
- 1.1 Who Is Eligible for the Axis Bank NEFT Service?
- 1.2 Axis Bank NEFT Form
- 1.3 Minimum and Maximum Amount for Transfers
- 1.4 Axis Bank NEFT Charges
- 1.5 How to Send Payment via NEFT
- 1.6 Essential Requirements for Remittance by the Customer
- 1.7 When will the funds be deposited into the recipient’s account?
- 1.8 Axis Bank NEFT Timing
- 1.9 Difference RTGS and NEFT?
- 1.10 Advantages of Axis Bank NEFT?
- 1.11 Axis Bank NEFT Online
- 1.12 Is it possible to initiate a stop on an NEFT payment?
- 1.13 Crucial Guidelines for Axis Bank NEFT
- 1.14 General Points about Axis Bank NEFT
- 2 FAQ?:
Axis Bank NEFT
Axis Bank NEFT Form NEFT has revolutionized the landscape of online fund transfers. Previously, people may have hesitated to embrace this high-tech solution, fearing potential complexity. However, with the resounding success of NEFT, an increasing number of individuals have adopted it and shared their positive experiences.
Charges are associated with NEFT transactions, particularly when the beneficiary holds an account with a different bank. These charges vary depending on the transferred amount, ranging from a minimal Rs 2.50 to Rs 25. Thus, the cost remains quite affordable and doesn’t burden the sender.
This transfer method is widely regarded as secure, encouraging its use as it eliminates the need for cash handling. Both the remitter and beneficiary receive transaction notifications, providing peace of mind. Once you are aware of the bank’s operating hours, the transfer process is straightforward, ensuring a hassle-free experience.
Who Is Eligible for the Axis Bank NEFT Service?
Entities such as individuals, businesses, or corporations that hold accounts at a bank branch can utilize NEFT for fund transfers. Moreover, individuals without a bank account (walk-in customers) can visit NEFT-enabled branches to deposit cash and provide instructions for funds transfer through NEFT.
It’s important to note that cash deposits for such transactions are limited to a maximum of Rs. 50,000 per transaction. In these cases, customers are required to provide comprehensive details, including their complete address and telephone number. NEFT serves as a valuable tool, enabling originators and remitters to initiate fund transfer transactions even in the absence of a bank account.
- Customers who maintain Savings or Current Accounts at the branch.
- Walk-in customers for transactions below Rs. 50,000.
How it Benefits Customers:
Customers have the ability to transfer funds to accounts in other bank branches, with the added advantage of instantaneous transfers at minimal fees.
Axis Bank NEFT Form
See This Axis Bank NEFT Form
Minimum and Maximum Amount for Transfers
- Minimum: Rs.1
- Maximum: Unlimited
Axis Bank NEFT Charges
|Transaction Type||NEFT Charges|
|Mobile and Internet Banking||Nil|
How to Send Payment via NEFT
There are two methods to initiate NEFT payments, which are as follows:
1. NEFT via Bank Branch: If you prefer to make NEFT transactions in person at a bank branch, please visit your nearest Axis Bank branch. Request an NEFT Form or Slip, and complete all the required details as specified in the NEFT Form. Submit the filled form to the cashier, and your bank branch will process the payment, usually within 2 working hours.
2. NEFT via Internet Banking: Alternatively, you can send money via NEFT using your Axis Bank Internet Banking Service. To do this, log in to the Axis Bank website and add a new beneficiary. Once the beneficiary is added, you can initiate NEFT payments. Online NEFT is available to all Axis Bank customers with Internet Banking access and full transaction rights.
To avail of the Axis Bank NEFT Facility, you can download the application form or visit your Axis Bank Branch. Submit the duly filled form to your base branch. If you are an existing Axis Bank Connect customer with “view right” and wish to upgrade to full transaction rights, please resubmit your application form (available for download from the provided URL) to your base branch.
- Access your Axis Bank Retail NetBanking account.
- On the left-hand side navigation bar, locate and select “Other Bank Transfer – NEFT” within the Funds Transfer section.
- Complete all the required information, including the transfer amount, destination account number, IFSC Code, beneficiary name, and payment details. Once these details are accurately provided, a unique transaction confirmation number will be generated. Please make note of this number for any inquiries or concerns related to the specific transaction.
Essential Requirements for Remittance by the Customer
To facilitate a remittance, you will need the following information:
- The IFSC (Indian Financial System Code) of the recipient bank branch, which is an 11-character code.
- Beneficiary account number, name, and address (the intended recipient of the remittance).
You can obtain the IFSC of the branch in the following ways:
- The IFSC code is typically printed on your cheque books.
- You can request it from the branch where your account is maintained.
- The RBI website also provides access to IFSC information.
- If you are unsure about the beneficiary bank’s IFSC, you can often find it while registering the beneficiary by selecting the bank and branch.
Please note that you can also acquire this information from the bank branch directly.
When will the funds be deposited into the recipient’s account?
- Axis Bank NEFT operates 24×7, 365 days a year.
- Once confirmed, transactions are immediately debited from the source account and queued for processing.
- Transactions initiated before the cutoff time are processed on the same day.
- Transactions outside NEFT hours and on NEFT holidays are processed on the next working day for onward transfer to the beneficiary bank.
- Ensure sufficient funds in your account for transaction processing.
- Check the status of previous transactions if you are retrying.
- Please be aware that the time it takes for the credited amount to reach the beneficiary account depends on the destination bank’s processing times.
Axis Bank NEFT Timing
Axis Bank NEFT Timing NEFT transactions can be initiated round the clock via Retail Internet Banking, Mobile Banking, and Corporate Internet Banking, based on the following schedule:
- Axis Bank NEFT Timing From 8 AM to 4:30 PM: As per the customer’s approved limit.
- From 4:30 PM to 6:30 PM: Transactions of less than INR 5 crores.
- From 6:30 PM to 8 AM (including 2nd and 4th Saturdays, Sundays, and Bank Holidays): Axis Bank NEFT Timing Transactions of up to INR 1 Crore.
The Significance of the Account Number
Regarding Outward Transactions:
- When sending funds, it is crucial to accurately include the beneficiary’s Account Number in the voucher, specifying the intended recipient.
Regarding Inward Transactions:
- When requesting remittances from customers of other banks, it is obligatory to provide your 15-digit Finacle Account Number without exception.
Difference RTGS and NEFT?
- Difference RTGS and NEFT: RBI facilitates online fund transfers through both RTGS (Real Time Gross Settlement) and NEFT between member banks.
- Starting from November 15, 2010, as per RBI guidelines,Difference RTGS and NEFT , RTGS is reserved exclusively for transactions amounting to Rs. 2,00,000 and above.
- Difference RTGS and NEFT: For transactions below the Rs. 2,00,000 threshold, NEFT should be the preferred method of transfer.
Advantages of Axis Bank NEFT?
- Axis Bank NEFT is accessible to all, extending its availability to both existing and new users of our Net banking services.
- The Axis Bank NEFT Facility offers a straightforward, convenient, swift, and secure means of transferring funds to beneficiaries in other banks. This method ensures a faster, secure, and safe transfer.
- Customers can enjoy the convenience of using Axis Bank NEFT from anywhere and at any time. It’s a straightforward and user-friendly process that allows for easy transactions, helping to save time and effort.
- Axis Bank NEFT is a cost-effective option, with lower charges in comparison to traditional remittance methods like DD/MT.
Axis Bank NEFT Online
Axis Bank NEFT Online For follow these steps:
- Visit the Axis Bank web portal and enter your correct username and password.
- Click on the ‘Transfer Funds’ option.
- Go to the ‘Other Bank Account’ tab and select ‘Make Payment’ under the transfer funds category.
- Choose RTGS and input the necessary details, including beneficiary name, amount, IFSC code, and more.
- Complete the fund transfer by entering the One-Time Password and Transaction Password.
Is it possible to initiate a stop on an NEFT payment?
No, once the transaction is processed, it cannot be halted.
Crucial Guidelines for Axis Bank NEFT
- The time required to credit the account is contingent on the processing duration of the Payee’s Bank.
- The funds will arrive at the Payee’s bank within the timeframe specified by the Reserve Bank of India.
General Points about Axis Bank NEFT
- The funds transfer option is applicable to all beneficiary bank branches participating in the NEFT scheme.
- It is essential to verify the accuracy of beneficiary details before executing the transfer.
- Make sure to record the transaction reference number for any inquiries or communication related to NEFT transactions. This reference number is used to follow up with the destination bank for crediting the recipient’s account.
- Please be aware that NEFT transactions are intended for transferring funds from Axis Bank to other banks. To transfer funds to another Axis Bank account, use the Third Party Transfer option.
Axis Bank charges no fees for NEFT ,Axis Bank NEFT Timing, and RTGS transactions made online using internet banking or mobile banking apps in accordance with RBI guidelines. Nonetheless, a small fee is levied on NEFT transactions conducted by the consumer at the bank branch.
Axis Bank offers an online RTGS service window from 07:00 hours to 17:45 hours on weekdays and working Saturdays. RTGS transactions are available round the clock through the bank’s Retail Internet Banking and Corporate Internet Banking platforms.
IMPS facilitates instantaneous fund transfers into the beneficiary’s account. The beneficiary’s bank has a 30-minute window to credit and reflect the received funds. In contrast, NEFT operates on a net and batch fund transfer system, making payments in batches. Consequently, NEFT may involve a longer waiting time compared to IMPS.