Axis Bank RTGS 2023: Real Time Gross Settlement (RTGS) is primarily designed for handling large value transactions, with a minimum remittance amount of Rs 2 lakh. In this article, we’ll cover essential information about Axis Bank’s RTGS services, including the axis bank rtgs form, rules, timi, and charges. RTGS enables you to transfer funds to any bank across India in real timing, making transactions more efficient and extending their reach. Read on to find complete details on Axis Bank RTGS, including how to send payments via Axis Bank RTGS, associated charges, and the RTGS timing.”
इस पोस्ट में क्या है ?
- 1 What is RTGS?
- 1.1 How Customers Benefit
- 1.2 Axis Bank RTGS Form
- 1.3 Transfer Minimum and Maximum Amounts
- 1.4 Axis Bank RTGS Charges
- 1.5 Sending Payments via RTGS in Axis Bank
- 1.6 Timings for RTGS
- 1.7 When is the Beneficiary Account Credited?
- 1.8 What is the RTGS Transaction Scheduling Time Frame?
- 1.9 Distinguishing Between RTGS and NEFT
- 1.10 What is the Benefits of Axis Bank RTGS
What is RTGS?
Axis Bank’s Real Time Gross Settlement (RTGS) is a comprehensive nationwide payment system that enables seamless one-to-one fund transfers. Within this scheme, individuals have the convenience of electronically transferring funds from any bank branch to another individual holding an account in any participating bank branch across the country.
How Customers Benefit
Customers can swiftly transfer funds to accounts in different bank branches, and this service incurs only minimal charges.
Axis Bank RTGS Form
Click Here to Download Axis Bank RTGS, NEFT Form
Transfer Minimum and Maximum Amounts
- Minimum: Rs. 200000
- Maximum: No Limit
Axis Bank RTGS Charges
|Mode of Transaction||Charges|
|Online modes (i.e. internet banking, Mobile app)||🌐 No Charges|
|₹2 lakh up to ₹5 lakh||₹25/- per transaction|
|₹5 lakh +||₹50/- per transaction|
Sending Payments via RTGS in Axis Bank
There are two methods to initiate payments through Axis Bank RTGS:
1. RTGS via Bank Branch: If you prefer the offline route, visit your nearest Axis Bank branch. Request an RTGS Form or Slip, and fill in all the required details. Submit the completed form to the cashier, and your bank branch will process the payment to the recipient within 2 working hours.
2. RTGS Via Internet Banking: Alternatively, you can send money through RTGS using your Axis Bank Internet Banking Service. To do this, log in to the Axis Bank website and add a new beneficiary. Once added, you can make payments through RTGS. Online RTGS is available to all Axis Bank customers with Internet Banking and full transaction rights.
If you wish to avail the Axis Bank RTG. Facility, you can download the application form or visit your Axis Bank branch to submit the completed form. Existing Axis Bank Connect customers with “view rights” who want full transaction rights should resubmit their application form to their base branch.
To initiate an RTGS transfer through Axis Bank Retail NetBanking, follow these steps:
- Log in to your Axis Bank Retail NetBanking account.
- On the left-hand side navigation bar, locate and click on “Other Bank Transfer – RTGS” under the Funds Transfer section.
- Fill in all the necessary details, including the transfer amount, destination account number, IFSC Code, beneficiary name, and payment details. Once all these details are accurately entered, a unique transaction confirmation number will be generated. This number should be used for any inquiries related to this specific transaction.
Timings for RTGS
Under regular circumstances, the beneficiary branches are expected to receive transferred funds in real-time, immediately upon the transfer initiated by the remitting bank. The beneficiary bank is required to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.
RTGS transactions can be initiated around the clock through Retail Internet Banking and Corporate Internet Banking, subject to the following conditions:
- Between 7:00 am and 6:00 pm: Transactions are subject to customer approval limits.
- From 6:00 pm to 7:00 am (including the 2nd and 4th Saturday, Sunday, and Bank Holidays): Transactions up to INR 1 Crore can be processed.
When is the Beneficiary Account Credited?
- Axis Bank RTG. operates 24×7, all year round.
- Upon confirmation, transactions are immediately debited from the source account and queued for processing. Transactions initiated before the daily cut-off time will be processed on the same day.
- Transactions initiated outside RTGS operating hours and on RTGS holidays will be processed (for onward transfer to the beneficiary bank) on the following working day. Ensure sufficient funds are available in your account to complete the transaction. If you are retrying, verify the status of your previous transaction.
- Please be aware that once the amount is debited and processed by Axis Bank, the timing of crediting the beneficiary’s account depends entirely on the destination bank.
Cut off time for remittance through Axis Bank RTGS
Typically, beneficiary branches are anticipated to receive transferred funds in real-time as soon as the remitting bank initiates the transfer. The beneficiary bank is required to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.
What is the RTGS Transaction Scheduling Time Frame?
- You can schedule an RTGS transaction in advance within a time frame of 3 working days.
- You can use this service for various types of transactions, including:
- Cash Management Transfer
- Supplier Payment
- Tax Payment
- Trade Settlement Payment
- Value Added Tax Payment
If none of the options mentioned above corresponds to your specific transaction, please select “Cash Management Transfer” as the default option.
Distinguishing Between RTGS and NEFT
- Both RTGS (Real Time Gross Settlement) and NEFT are mechanisms provided by the RBI to enable online fund transfers among member banks.
- According to RBI guidelines effective from November 15, 2010, RTGS (Real Time Gross Settlement) is exclusively available for transactions of Rs. 2,00,000 and above. For transactions below Rs. 2,00,000, NEFT should be utilized.
What is the Benefits of Axis Bank RTGS
- axis bank rtgs timing is accessible to all – Both existing and new users of our Net banking service are eligible to take advantage of this online facility.
- axis bank rtgs timing Facility offers simplicity, convenience, speed, and security – Users can effortlessly transfer funds to beneficiaries in other banks, ensuring a quick, secure, and seamless process. Funds transfer to other banks is not only faster but also more secure and safe.
- Customers can utilize Axis Bank RTGS anytime, anywhere, with simplicity and ease – Whether you’re at home or in the office, you can operate it from anywhere, saving both time and energy.
- Get more value for less – Axis Bank RTGS is a cost-effective option compared to conventional methods of remittance, such as Demand Drafts (DD) or Money Transfers (MT).