Axis Bank, one of the leading private banks in India, offers a range of digital banking services to its customers. One such service is the National Electronic Funds Transfer (NEFT), which allows customers to transfer funds from their Axis Bank account to any other bank account in the country. NEFT is a popular method of money transfer as it is quick, secure, and convenient.
What is NEFT?
NEFT is an electronic funds transfer system that enables individuals and businesses to transfer funds from one bank account to another. It operates on a Deferred Net Settlement (DNS) basis, which means transactions are processed in batches and settled at specific intervals. NEFT transactions can be initiated and completed online through internet banking or mobile banking apps.
How to Transfer Money Using Axis Bank NEFT?
To initiate an NEFT transaction using Axis Bank, you need to follow these simple steps:
- Log in to your Axis Bank internet banking account or mobile banking app
- Select the ‘Fund Transfer’ option and choose ‘NEFT’
- Enter the recipient’s bank account details, including name, account number, and IFSC code
- Enter the amount you wish to transfer
- Confirm the details and authorize the transaction using your net banking password or mobile banking PIN
- You will receive a confirmation message with a unique transaction reference number
Benefits of Using Axis Bank NEFT
Here are some of the benefits of using Axis Bank NEFT:
- Instant transfer of funds
- 24x7 availability, including weekends and bank holidays
- Secure and encrypted transactions
- No limit on the amount of money that can be transferred
- Low transaction fees compared to other methods of money transfer
NEFT Transaction Charges for Axis Bank Customers
Axis Bank charges a nominal fee for NEFT transactions based on the amount being transferred. Here are the NEFT charges for Axis Bank customers:
| Transaction Amount | NEFT Charges |
|---|---|
| Up to Rs. 10,000 | Rs. 2.50 + GST |
| Rs. 10,001 to Rs. 1 lakh | Rs. 5 + GST |
| Rs. 1 lakh to Rs. 2 lakh | Rs. 15 + GST |
| Above Rs. 2 lakh | Rs. 25 + GST |
Axis Bank NEFT Timings
Axis Bank NEFT transactions can be initiated and completed 24x7, including weekends and bank holidays. However, the funds are settled in batches and credited to the recipient’s bank account at specific intervals. Here are the NEFT timings for Axis Bank:
| NEFT Batch Timings | NEFT Settlement Timings |
|---|---|
| Monday to Friday | 8:00 AM, 11:00 AM, 1:00 PM, 3:00 PM, 4:30 PM, 6:30 PM |
| Saturday | 8:00 AM, 11:00 AM, 1:00 PM, 3:00 PM, 4:30 PM |
How Safe is Axis Bank NEFT?
Axis Bank NEFT transactions are safe and secure as they are processed through a secure network and encrypted using advanced security protocols. Axis Bank also uses two-factor authentication to ensure that only authorized users can initiate and complete NEFT transactions. Additionally, Axis Bank has a dedicated fraud prevention team that monitors all transactions and flags any suspicious activity.
Conclusion
Axis Bank NEFT is a quick, convenient, and secure method of transferring funds from your Axis Bank account to any other bank account in the country. With 24x7 availability and low transaction fees, NEFT is a popular choice for individuals and businesses looking to transfer money. So the next time you need to transfer money, consider using Axis Bank NEFT for a hassle-free experience.
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