Axis Bank NEFT Process & Timings
Axis Bank offers customers a wide range of fund transfer options. National Electronic Fund Transfer, commonly abbreviated as NEFT, is one such service. NEFT is a national payment system that facilitates one-to-one money transfers. Customers can use this service to transfer money from their bank to anyone who has an account with any other bank in the country that is taking part in it. Read on to learn more about Axis Bank NEFT.
What is NEFT & How Does It Work?
NEFT means National Electronic Funds Transfer. It is a way to send money from your bank account to someone else’s bank account in India.
How NEFT Works:
- You log in to your bank’s website, app, or go to the bank branch.
- You enter the receiver’s account number, bank name, branch, and IFSC code.
- You tell the bank how much money to send.
- The bank sends your request to NEFT.
- NEFT processes many transfers in groups throughout the day.
- The money reaches the receiver’s account after processing.
Benefits of Axis Bank NEFT
- Easy, reliable
- Hassle-free
- Backed by RBI
- Minimal transaction charges make this an economical option when compared to other types of fund transfer methods
- This is a comparatively risk-free process and even if funds do not get transferred due to technical glitches, it will be credited back to the account holder
How to Register a Beneficiary in Axis Bank
- Login to Axis Bank internet banking by providing username and password
- Enter beneficiary details that falls under the 'Other Bank Account' option
- Under beneficiary detail fill in the beneficiary name, account number, IFSC code, branch name
- Accept conditions and hit the 'Submit' button
- Verify beneficiary details by entering login id, transaction password, and click the 'Submit' button
- The final step is to click the 'Activate Beneficiary' option.
Axis Bank NEFT Fees and Charges
Transaction amount | Transaction fee |
Up to Rs.10,000 | Rs.2.50 |
Above Rs.10,000 to Rs.1 lakh | Rs.5 |
Above Rs.1 lakh to Rs.2 lakh | Rs.15 |
Above Rs.2 lakh | Rs.25 |
*Please note that GST charges may be levied for all Axis Bank NEFT transactions. Also, please keep in mind that the above rates are for each transaction carried out.
Axis Bank NEFT Timings
Presently, Axis Bank NEFT transactions will be processed during the working hours of the bank from Monday to Saturday. NEFT services cannot be availed on bank holidays.
Who is Eligible to Use Axis Bank NEFT?
NEFT transactions can be made by any user of an Axis Bank account in accordance with the Axis Bank NEFT schedules. Direct cash transfers from the branch can also be done through the Axis Bank NEFT form. A transaction can be carried out offline if the remitter hasn't enabled internet or mobile banking.
In this case, completing a NEFT transfer would require you to go to the closest Axis Bank office. The remitter can only serve the beneficiaries of the bank that has enabled NEFT. The official website of the Reserve Bank of India has a list of banks that support NEFT.
Details Required to Carry Out a NEFT Transaction
- The 16-digit beneficiary account number
- Payee name
- IFSC code
Limitations of Axis Bank NEFT
- NEFT transfer can only be done and processed during the working hours of the bank
- NEFT facilities will not be available during bank holidays and weekends
- NEFT is not as fast as Immediate Payment Service (IMPS), where funds get transferred immediately.
Process to Transfer Funds through NEFT from Axis Bank to Any Bank
- Step1: Login to Axis Bank internet banking by providing username and password
- Step 2: Go to the 'Transfer Funds' option, under which, choose the 'Other Bank Account' option
- Step 3: Enter all relevant details such as name of payee, account details and IFSC code
- Step 4: Verify details, click on save
- Step 5: A confirmation message will be sent.
How to Use Axis Bank NEFT to Pay Credit Card Bills
Step1: Login to Axis Bank internet banking by providing username and password.
Step 2: Add the beneficiary.
Step 3: Go to the 'Transfer Funds' option, under which, choose the 'Other Bank Account' option.
Step 4: Fill in details as mentioned in the table below
Payee name | Name as on credit card |
Payee bank name | Name of credit card issuing bank |
Branch name | Branch of credit card issuing bank |
Account number | The 16-digit credit card number |
IFSC code | UTIB0000400 |
- Step 5: Verify details
- Step 6: A confirmation message will be sent.
IFSC Top Pages
FAQs on Axis Bank NEFT
- Explain what is NEFT?
National Electronic Funds Transfer, abbreviated as NEFT, is nothing but a fund transfer mechanism using which funds can be transferred from one bank account to another.
- How are NEFT transactions usually settled?
NEFT transactions are usually settled in a batch-wise format.
- What is the minimum and maximum limit for NEFT transactions?
There is no minimum and maximum limit for Axis bank NEFT transactions.
- Who governs Axis Bank NEFT transactions?
The funds transfer mechanism is governed and managed by the RBI. All NEFT-enabled banks in India will fall under the RBI.
- Do all customers automatically get access to these services?
Yes. Ideally all account holders with an active internet banking id and password can send funds through NEFT. Contact the bank to get the internet banking facility.
- What should an account holder do in case NEFT transfer is delayed?
The first option is to check the status of the transaction by contacting the customer care division. If there is a delay of more than 3 working days, then it is a concern. If there is no resolution of the query by the bank, the customer can contact RBI.
- If funds are not received or credited to the payee's account, what will be the next step by the bank?
If there is any error in a NEFT transaction and the money is not credited, it will be refunded as soon as possible.
- What is the time frame within which funds get transferred through NEFT?
All NEFT transactions can be processed during bank working hours. It will generally take a few hours for NEFT transfers. It could take a day nor two, latest, due to batch-wise settlement.
- In case the fund transfer does not happen and funds have not been credited to the payee's account, what will happen?
In such a case, the money will be credited back to the account holder as soon as possible.
- Can NEFT transfer be done through other methods, apart from online?
Customers can also visit the nearest Axis Bank branch to avail NEFT services. Mobile banking can also be used for NEFT transfer and to use this facility one might have to download the bank's app on their respective smartphone.
- Do all bank branches in India offer NEFT facilities?
No, all banks in India do not offer NEFT transfer facilities. Only banks that are NEFT-enabled provide the respective service.
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