The National Electronic Funds Transfer system has significantly changed the way we move money across the country. This payment system makes one-to-one fund transfers smooth and effortless, helping people shift their money between banks. Axis Bank, one of India’s leading financial institutions, has specific rules and limitations to keep in mind. In this article, we’ll delve into the details of the NEFT fund transfer limit Axis Bank, timings and registration processes, and the numerous benefits of using this service.
How to Transfer Funds Through Axis Bank NEFT Services?
To easily transfer money using the National Electronic Funds Transfer through Axis Bank, you can simply follow these steps:
- Start by logging into your Axis Bank internet banking account.
- You’ll need to enter your username and password to ensure a secure login.
- Once you are in your account, find the menu named Transfer Funds.
- There, you’ll see an option called Other Bank Account. Select that to start an NEFT transaction.
- Input the Details of the Payee by typing in the name of the person you’re paying, everything about their bank account specifics, along with that special IFSC that’s linked directly to their bank branch.
- Before you move forward, it’s essential to go through the information you’ve put in just to ensure everything is correct and keep your transaction safe by saving it.
- Once you hit save on the transaction, a confirmation message will pop up, letting you know your NEFT transfer request has gone through successfully.
What is the NEFT Limit for Axis Bank?
The Axis Bank NEFT transfer limit is as follows:
Transaction Limit | Timing |
No limit (on working days) | 7:00 am to 7:00 pm |
There is no limit (on working days) through the CMS online channel | Up to 9:30 PM |
NEFT limit in Axis Bank: Post banking hours, up to INR 1 crore per transaction (on working days) through CIB/RIB/Mobile Banking | Post 7 PM – till 7 AM |
NEFT limit in Axis Bank: Up to INR 1 crore per transaction (on working days) through CIB/RIB/Mobile Banking | Full Day – 1 Crore (7:00 am to 7:00 am) |
How to Register a Beneficiary in Axis Bank?
To add a beneficiary within Axis Bank’s Internet banking system, simply follow these straightforward steps:
- Access Axis Bank internet banking: Start by logging in with your username and password to access Axis Bank’s internet banking platform.
- Enter beneficiary details: Within the interface, select the other bank account option for adding a beneficiary.
- Fill in beneficiary information: Provide the required beneficiary details, including their name, account number, IFSC code, and branch name.
- Accept terms and submit: After entering the details, review and accept the terms and conditions. Afterward, select the Submit button to move forward.
- Confirmation: Enter the beneficiary’s login ID and transaction password and click ‘Submit’ to confirm the provided information.
- Activate beneficiary: To complete the process, select the Activate Beneficiary option.
What Details Are Required for Initiating NEFT Transaction
To make an NEFT transfer, you should have these six essential details ready:
- The recipient’s name
- The branch of their bank where they hold the account.
- The account name associated with their bank.
- The IFSC code of their bank.
- The account number owned by the recipient’s bank.
- The specific amount you wish to transfer.
What are the Axis Bank NEFT Charges?
Axis Bank does not charge fees for NEFT and RTGS transactions made through online channels like internet banking or mobile apps, as in line with RBI guidelines. However, a small fee applies to NEFT transactions conducted by customers at the bank branch.
Here’s the breakdown of Axis Bank NEFT charges:
Amount: Rs. 10,000
- Axis Bank NEFT charges online: NIL
- NEFT charges Axis Bank offline: Rs. 2.50
Amount: Rs. 10,001 – Rs. 1,00,000
- Axis Bank NEFT charges online: NIL
- NEFT charges Axis Bank offline: Rs. 5.00
Amount: Rs. 1,00,000 – Rs. 2,00,000
- Axis NEFT charges online: NIL
- NEFT charges Axis Bank offline: Rs. 15.00
Amount: More than Rs. 2,00,000
- Axis NEFT charges online: NIL
- NEFT charges Axis Bank offline: Rs. 25.00
What are the Timings for Axis Bank NEFT?
Axis Bank provides the convenience of conducting NEFT transactions 24/7 through multiple channels, including net banking, mobile banking, and corporate internet banking. The NEFT time limit Axis Bank are as follows:
- The transaction processing window spans from 8 a.m. to 4:30 p.m., and the precise timing is subject to the customer’s approval limit.
- Transactions under Rs. 5 crores are accommodated from 4:30 p.m. to 6:30 p.m.
- Transactions below Rs. 1 crore can be conducted during the time slot of 6:30 p.m. to 8 a.m., including the second and fourth Saturdays, Sundays, and bank holidays.
Advantages of Axis Bank NEFT
- Elimination of physical instruments: NEFT simplifies the transfer process and reduces paperwork by eliminating the need to send physical cheques or demand drafts to the beneficiary.
- Extended availability: The service is accessible 24/7 through internet banking for both retail and corporate customers, as well as via mobile banking channels, starting from December 16, 2019. This expanded availability ensures enhanced convenience and flexibility for users.
- Enhanced security: NEFT ensures the safety of transactions by eliminating the need for physical instruments, reducing the risk of fraudulent encashment. This brings peace of mind to both senders and recipients, as worries about loss or theft are eliminated.
- Streamlined procedures: The NEFT system simplifies financial transactions by streamlining procedures. This not only reduces the requirement for extensive paperwork but also saves time and promotes environmental sustainability.
- Cost effective: The service provided is highly cost-effective. By eliminating expenses associated with physical instrument handling and postage, it offers a more budget-friendly solution.
- Confirmation of remittance: The remittance confirmation is readily provided to users through SMS or email within two hours of the transaction.
- Convenience and accessibility: NEFT offers the comfort of conducting transactions from anywhere. Users can easily access it through internet banking or mobile banking, making it accessible to a wide range of customers.
- Near-real-time transfers: The service facilitates secure near-real-time fund transfers, allowing for quicker access to funds by the beneficiary.
- Financial control: NEFT, a secure and efficient method of transferring funds, enhances financial management by providing better control over one’s finances.
Steps to Pay Credit Card Bills with Axis Bank NEFT
Making credit card bill payments through Axis Bank NEFT, follow these steps for a seamless process:
- Access your Axis Bank net banking account: Start by signing into your Axis Bank online banking account. Make sure to enter your username and password to ensure safe access.
- Navigate to the credit card section: Once you have signed into your account, just search for the part that’s specifically about credit cards.
- Select the specific credit card: In the credit card section, you’ll see all your Axis Bank credit cards if you have more than one, just select the specific card you’d like to make a payment for.
- Initiate the payment: Once you have chosen your credit card, look for a button that says Pay Now. Go ahead and click on that to start the payment process.
- Choose the account for deduction: You’ll be asked to choose the bank account you want to use for the payment.
- Specify the payment amount: Type in the precise amount you plan to pay towards your credit card bill.
- Complete the transaction: Once you’ve entered the payment amount, hit the Proceed button to wrap up the transaction.
Conclusion
In this article, we’ve explored how Axis Bank’s NEFT system works. We’ve looked at how much money you can send, how to set it up, and the benefits it offers. NEFT makes sending money more accessible and more secure. It’s also better for the environment because you don’t need physical documents. You can use it almost constantly, and it keeps your money safe. It’s easy to use, doesn’t cost much, and lets you control your finances better. Plus, it confirms that your money got where it needs to be. So, with Axis Bank NEFT, you can handle your cash smoothly and make sure your transactions are on time, all in the digital age of banking.
Axis Bank NEFT Limit FAQ’s:-
IMPS, NEFT, and RTGS are three distinct electronic money transfer methods used in India. IMPS stands for Immediate Payment Service, NEFT stands for National Electronic Funds Transfer, and RTGS stands for Real Time Gross Settlement. These methods enable quick and secure transactions within the country.
In India, not all bank branches offer NEFT services. NEFT can only be accessed at branches of banks that have enabled this service.
No, NEFT transfers are specifically designed for domestic transactions conducted in Indian currency. As a result, they cannot be utilised for international fund transfers.
Yes, if your bank offers NEFT services and you have an account with them, you will automatically have access to NEFT. If you don’t have an account with Axis Bank, you can still utilise NEFT services by visiting any bank branch.
For online transactions made through Axis Bank, there are no charges for NEFT. The bank provides this service without fees, making it a cost-effective option for customers.