Axis Bank NEFT Form: Your Gateway to Seamless Online Fund Transfers

Axis Bank NEFT Form 2023: facilitates National Electronic Funds Transfer (NEFT) for online fund transfers to other banks. NEFT allows you to seamlessly transfer funds and make credit card payments to any bank across India. This service ensures easier transactions with broader reach and fewer restrictions, making your financial transactions more convenient than ever before.

What is NEFT?

NEFT has revolutionized large fund transfers online. Initially, there might have been hesitancy due to its complex technology, raising concerns about potential confusion. However, the scheme’s success has encouraged more widespread usage and advocacy. Charges are applicable for NEFT transactions, especially if the beneficiary holds an account in the same bank. Yet, when money is transferred from one bank to a beneficiary in another, a specific set of charges is levied.

The charges vary depending on the transferred amount, usually ranging from Rs 2.50 to Rs 25. These fees are minimal, making it an affordable option without straining one’s finances. NEFT transactions are considered highly secure since they involve no physical cash. Both the remitter and beneficiary receive transaction confirmations via messages, ensuring peace of mind for both parties. With the bank’s provided timings, initiating a transfer is straightforward and hassle-free, taking care of all necessary aspects.

Who Is Eligible for Axis Bank NEFT Facility

Individuals, firms, or corporates maintaining accounts with a bank branch can utilize NEFT for fund transfers. Even individuals without a bank account (walk-in customers) can deposit cash at NEFT-enabled branches for fund transfers, limited to a maximum of Rs. 50,000 per transaction. These customers must provide complete details like address and telephone number. NEFT enables originators or remitters to initiate fund transfer transactions without a bank account.

This service benefits:

1. Customers having Savings/Current Accounts at the branch.
2. Walk-in customers for transactions below Rs. 50,000.

Advantages for Customers: Customers can seamlessly transfer funds to another bank branch instantly and at nominal charges.

Axis Bank NEFT Form

Click Here to Download Axis Bank RTGS, NEFT Form

Limits for Fund Transfer Amounts

• Minimum: Rs.1
• Maximum: No Limit

Axis Bank NEFT Charges

Transaction Type	NEFT Charges
Mobile and Internet Banking	Nil
Bank Branch	Nil

Sending Payments Using NEFT

There are two methods for making payments through NEFT. The first method is NEFT via Online Internet Banking, and the second is NEFT via Bank Branch.

NEFT via Bank Branch: To perform NEFT transactions offline, visit your nearest Axis Bank Branch, request an NEFT Form or Slip, complete all the required details on the NEFT Form, and submit it to the Cashier. Your bank branch will then process the payment to another individual within 2 working hours.

NEFT Via Internet Banking: Use your Axis Bank Internet Banking Service to transfer money via NEFT. Log in to the Axis Bank Website, add a new beneficiary, and then proceed to make the payment through NEFT. Online NEFT is available for all Axis Bank customers using Internet Banking, with complete transaction rights.

To access the Axis Bank NEFT Facility, download the application form or visit your Axis Bank Branch to submit the completed form to your base branch. If you are already an Axis Bank Connect customer with “view right” and wish to access full transaction rights, resubmit your application form to your base branch.

To initiate an NEFT payment through Axis Bank Retail NetBanking, navigate to the left-hand side navigation bar, select “Other Bank Transfer – NEFT” under the Funds Transfer section. Fill in all the necessary details such as transfer amount, destination account number, IFSC Code, beneficiary name, and payment details accurately. After completing these details, a unique transaction confirmation number will be generated, which should be referenced for any transaction-related inquiries.

Essential Requirements for Remittance

Ensure you have the following details: the IFSC code of the bank branch (an 11-character code), beneficiary account number, as well as the name and address of the intended recipient. Take these details to the branch to proceed with the remittance.

To obtain the IFSC of the branch:

The Indian Financial System Code (IFSC) is an 11-digit unique code assigned to NEFT/RTGS enabled branches. Typically, this code is printed on cheque books or can be acquired from the branch where the account is held. It’s also accessible on the RBI website. If the IFSC for the beneficiary bank is unknown, it can be obtained by selecting the Bank and Branch during beneficiary registration.

The code is usually found on the bank-supplied cheque leaf or can be acquired directly from the branch.

When Does the Amount Get Credited to the Beneficiary’s Account?

• Axis Bank NEFT operates 24×7, 365 days a year.
• Transactions are immediately debited from the source account upon confirmation and undergo processing. Transactions initiated before the cut-off time are processed on the same day.
• Transactions outside NEFT operating hours or on NEFT holidays are processed on the next working day for onward transfer to the beneficiary bank. Ensure sufficient funds for transaction processing. If retrying, check the status of the previous transaction.
• After debiting and processing from Axis Bank, the credit into the beneficiary’s account depends entirely on the destination bank.

Axis Bank NEFT Timing

NEFT transactions can be initiated 24×7 through Retail Internet Banking, Mobile Banking, and Corporate Internet Banking with specific timings:

• From 8 AM to 4:30 PM: Subject to customer approval limit
• From 4:30 PM to 6:30 PM: Transactions below INR 5 crores
• From 6:30 PM to 8 AM: Transactions up to INR 1 Crore (including 2nd and 4th Saturdays, Sundays, and Bank Holidays)

Regarding account numbers

• For outward transactions: Ensure the beneficiary’s Account Number is accurately mentioned in the voucher.
• For inward transactions from other banks, it’s mandatory to provide your 15-digit Finacle Account Number.

Distinguishing RTGS and NEFT

Comparison Between RTGS and NEFT and Benefits/Guidelines for Axis Bank NEFT:

1. Both RTGS (Real Time Gross Settlement) and NEFT are facilitated by RBI for online funds transfer between various member banks.
2. As of November 15, 2010, according to RBI guidelines, RTGS (Real Time Gross Settlement) is available exclusively for transactions of Rs.2,00,000/- and above. For transactions below Rs.2,00,000/-, NEFT should be used.
3. Axis Bank NEFT Benefits:
   • Available to all Axis Bank Net banking users (existing and new) for convenient online transactions.
   • Secure and straightforward fund transfers to beneficiaries in other banks, ensuring faster, secure, and safe transactions.
   • Operable from anywhere, anytime, offering convenience and time-saving benefits for users at home or in the office.
   • Cost-efficient: Axis Bank NEFT incurs lower charges compared to traditional remittance methods like DD/MT.
4. Stopping an initiated NEFT Payment: Once an NEFT transaction is processed, stopping the payment is not possible.
5. Important Instructions for Axis Bank NEFT:
   • Crediting time depends on the Payee’s Bank processing duration.
   • Funds will reach the Payee’s bank within the time specified by the Reserve Bank of India.
6. General notes for Axis Bank NEFT
   • Applicable to all participating beneficiary bank branches in the NEFT scheme.
   • Verify beneficiary details before executing the transfer.
   • Maintain a record of the transaction reference number for queries/communications with the destination bank for credit into the recipient’s account.
   • NEFT transactions are specifically for transferring funds from Axis Bank to other banks. For Axis Bank internal transfers, use the Third Party Transfer option.

Axis Bank NEFT Form 2023 FAQ