Hailey Johnson
Axis Bank offers both NEFT and RTGS services for transferring funds between financial institutions in India. NEFT transactions are available 24/7, including weekends and holidays, with no maximum or minimum transaction limit. While NEFT transfers are generally free for online transactions, there are certain scenarios where charges may apply. For instance, offline NEFT transactions conducted at a bank branch typically incur a nominal fee, which can range from Rs. 5 to Rs. 25, depending on the transaction amount. Understanding these charges and limits is crucial for effective financial planning and avoiding unexpected fees.
| Characteristics | Values |
|---|---|
| Online NEFT charges | Waived |
| Branch-based transaction charges | Nominal fees |
| NEFT transaction limit | No limit |
| NEFT transaction timing | 24x7 |
| Intra-bank transaction limit | No limit |
| Intra-bank transaction timing | No limit |
| NEFT charges for current account online transfer | Free |
| NEFT charges for current account offline transfer | Rs. 5 to Rs. 25 |
| NEFT charges for savings account online transfer | Free |
| NEFT charges for savings account offline transfer | Rs. 5 to Rs. 25 |
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What You'll Learn
Axis Bank NEFT online charges
In accordance with RBI guidelines, Axis Bank does not charge any fees for NEFT transactions made online via internet banking or mobile banking apps. This makes it a cost-effective and economical option for customers, especially for frequent fund transfers. The NEFT service is available 24 hours a day, seven days a week, including weekends and bank holidays. There is no maximum or minimum transaction limit, and funds can be transferred seamlessly to both Axis Bank and other bank accounts.
However, nominal charges apply for NEFT transactions conducted at the bank branch. These charges vary depending on the transaction amount and are subject to GST at the prevailing rate. For transactions initiated through Corporate Internet Banking (CIB) or Retail Internet Banking (RIB) platforms during specific time periods, there is a limit of ₹1 crore per transaction. This limit also applies to transactions made through CIB, RIB, or Mobile Banking on the second and fourth Saturdays, Sundays, and bank holidays.
It is important to note that certain customer segments, such as senior citizens and privileged account holders, may have additional benefits or exemptions on NEFT charges. To initiate an NEFT transfer, customers need to register a beneficiary by providing their name, account number, IFSC code, and branch name. Once registered, customers can transfer funds by logging into their Axis Bank internet banking and following the 'Transfer Funds' option.
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NEFT transaction fees at bank branches
NEFT, or National Electronic Funds Transfer, is a popular banking system in India that enables the electronic transfer of funds between financial institutions. Axis Bank offers both NEFT and RTGS services, allowing customers to transfer funds to accounts in other banks or within Axis Bank itself.
While Axis Bank does not charge any fees for NEFT transactions made online via internet banking or mobile banking apps, there is a nominal fee for NEFT transactions conducted at bank branches. These offline transaction fees range from ₹5 to ₹25, depending on the transaction amount, and are subject to GST at the prevailing rate (currently 18%).
It is important to note that Axis Bank follows a tiered pricing structure, meaning that the transaction charges depend on the mode of initiation (online or branch) and the timing of the transfer. For instance, transactions made through Corporate Internet Banking or Retail Internet Banking between 7:00 PM and 7:00 AM on working days have a limit of ₹1 crore per transaction.
To conduct an NEFT transaction at an Axis Bank branch, customers must fill out an NEFT form and provide the beneficiary's name, account number, IFSC code, and branch name. This offline transaction method is useful for customers who have not activated mobile banking or net banking facilities.
By understanding the associated charges and limits, Axis Bank customers can effectively plan their transactions and leverage the benefits of NEFT services for efficient fund transfers.
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NEFT transaction limits
NEFT, or National Electronic Funds Transfer, is an electronic mode of payment in India that allows the easy transfer of money between different bank accounts. While NEFT transactions are typically carried out online, they can also be done offline by visiting a bank branch and filling out the necessary forms.
When it comes to transaction limits, NEFT does not have a specified overall limit. However, individual banks may set their own transaction caps, particularly for high-value transfers. These limits can vary depending on the bank's policies, the type of account, and the relationship with the customer. For example, Axis Bank has set an individual transaction limit of ₹1 crore for transactions initiated through Corporate Internet Banking (CIB) or Retail Internet Banking (RIB) platforms between 7:00 PM and 7:00 AM on working days. Similarly, ICICI Bank allows NEFT transfers of up to ₹10 lakh per day, with an extended limit of ₹20 lakh for transactions via iMobile Pay.
It's important to note that NEFT is generally used for small to medium-sized transactions, and some banks may have lower minimum transfer limits, such as ₹1, to accommodate smaller payments. While there is no minimum transaction amount mandated by NEFT, individual banks may set their own minimum requirements.
In addition to transaction limits, it's worth considering any associated fees or charges. NEFT transactions initiated online through internet banking or mobile banking apps are typically free of charge, in accordance with Reserve Bank of India (RBI) guidelines. However, transactions conducted in person at a bank branch may incur a nominal fee, and this fee is subject to applicable GST.
By understanding the transaction limits and associated fees, individuals can effectively utilise NEFT for their financial needs, ensuring smooth and efficient fund transfers.
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NEFT timings
NEFT (National Electronic Funds Transfer) is a trusted and secure way to transfer funds within India. Axis Bank offers NEFT transactions 24x7 through Retail Internet Banking, Mobile Banking, and Corporate Internet Banking. However, NEFT services cannot be availed on Sundays and bank holidays. Transactions initiated between 11:30 pm and 1:00 am will be settled at 2:00 am due to the End of Day and Start of Day Process.
The funds transfer mechanism is governed and managed by the RBI. NEFT transactions are usually settled in a batch-wise format every 30 minutes. Most transfers are completed within 30 minutes to 2 hours. A transaction initiated after a designated settlement time will be processed in the next slot.
If you are initiating an NEFT transaction through Axis Bank's net banking or mobile banking, there is no limit on the transaction amount. However, if you are visiting an Axis Bank branch to initiate the transaction, you will need to fill out a form and hand it over to a bank staff member along with the payment. In this case, there is a maximum NEFT transfer limit of up to Rs. 10 lakh per transaction for an individual account holder.
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NEFT registration process
NEFT, or National Electronic Fund Transfer, is a secure and fast method of transferring funds from one bank to any other bank participating in the scheme. NEFT is available 24x7x365 with no cap on the transaction amount.
To register a beneficiary for an NEFT transaction, follow these steps:
- Log in to Axis Bank internet banking and provide a username and password.
- Select the 'Transfer Funds' option and choose 'Other Bank Account'.
- Enter beneficiary details such as the beneficiary's name, account number, IFSC code of the branch, etc.
- Choose the account that you want to send funds from.
- Accept the conditions and click on the 'Submit' button.
- Verify beneficiary details by entering the login ID and transaction password, and click the 'Submit' button.
- Click 'Activate Beneficiary' to complete the registration.
Once the beneficiary is registered, you can initiate the NEFT transfer. After the transfer is initiated, you will receive a confirmation message containing the UTR number. This 22-character alphanumeric code is essential for tracking your transfer and resolving any issues. The beneficiary will be intimated about the credited amount within two business hours from the batch in which the transaction was settled.
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Frequently asked questions
Axis Bank does not charge any fees for NEFT transactions made online via internet banking or the mobile banking app.
Axis Bank charges a nominal fee for NEFT transactions conducted at the bank branch. The fee ranges from Rs. 5 to Rs. 25, depending on the transaction amount.
There is no maximum or minimum transaction limit for NEFT transfers through Axis Bank. However, for transactions initiated through Corporate Internet Banking (CIB) or Retail Internet Banking (RIB) platforms between 7:00 PM and 7:00 AM on working days, the limit is set at ₹1 crore per transaction.
NEFT through Axis Bank offers flexibility and accessibility, with no transaction limits and the ability to transfer funds 24x7. It also reduces paperwork and saves visits to the bank.
