What is NEFT?
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, customers can transfer funds from their bank to any individual having an account with any other bank in the country participating in the Scheme.
A bank needs to be a part of the NEFT funds transfer network and the system must be NEFT enabled for the designated bank branch. The list of bank-wise branches which are participating in NEFT is provided in the website of Reserve Bank of India
NEFT transactions can be initiated 24×7 through Retail Internet Banking, Mobile Banking and Corporate Internet Banking as per below.
- From 8 AM to 4.30 PM – As per customer approval limit
- From 4.30 PM to 6.30 PM – Less than INR 5 crores
- From 6.30 PM to 8 AM – upto INR 1 Crore (Including 2nd and 4th Saturday, Sunday and Bank Holidays)
NEFT features and NEFT process:
- Batch Processing Settlement
- Settlements are cleared through a central clearing centre
- No Transactional limits and Nominal Fees Charged:
How to transfer money through NEFT?
To execute a NEFT transaction, the process followed is:
- If you are the remitter, you need to fill a NEFT application form providing the beneficiary details such as name, bank and branch name, Indian Financial System Code (an alphanumeric code used to identify a particular bank), account type, account number, and the amount to be remitted. By doing so, you, the remitter, authorise your bank branch to debit the account and transfer the amount to the beneficiary.
- The originating bank branch prepares and sends a message to its pooling centre, also known as the NEFT Service Centre.
- The pooling centre then forwards the message to the NEFT clearing centre to be included in the available batch.
- The NEFT clearing centre sorts fund transfer destination-wise and prepare to account entries to receive funds from the originating banks (debit) and give (credit) the funds to the designated bank. And after that, bank-wise remittance messages are forwarded to the destination bank through their pooling centre (NEFT Service Centre).
- The destination banks receive the inward remittances messages from the Clearing Centre and pass on the credit intimation to the beneficiary customers’ accounts.
The beneficiary is intimated about the credited amount to his account within two business hours from the batch in which the transaction was settled. However, for whatever reason, if the transaction wasn’t credited into the beneficiary’s account, the destination bank will return the transaction (to the origination bank branch) within two hours of completion of the batch in which the transaction was processed.
Benefits of NEFT:
- Eliminates the need to send physical cheque or demand draft to the beneficiary
- Facility available 24×7 on Internet (Retail & Corporate) and Mobile Banking Channels w.e.f. 16th December 2019
- No need to worry about loss/theft of physical instrument or likelihood of fraudulent encashment
- Reduced paperwork
- Highly cost effective
- You get a confirmation of the remittance via SMS or email within two hours
- Comfort to transact from anywhere (provided you choose internet banking or mobile banking as the mode)
- Facilitates near-to real-time fund transfer securely
- Aids better control over finances
National Electronic Fund Transfer (NEFT) is one of the fund transfer service by Axis Bank. The NEFT is service offer from the bank by applying for an internet banking facility. The NEFT service is offered to all the customers. There are no charges for NEFT transactions initiated online via Axis Bank’s internet banking or mobile banking. So, before making any transaction one must be aware of the Axis Bank NEFT charges.
Axis Bank NEFT Charges and Fees
Following the directions from the Reserve Bank of India (RBI), Axis Bank levies no charges on NEFT and RTGS transactions initiated online through internet banking or mobile banking app. a nominal amount is charged on NEFT transactions done by the customer at the bank branch. Here are the particulars:
|Transaction Amount||Axis NEFT Charges (Per Transaction)*|
|Up to Rs.10000||Rs.2.5|
|Rs.10000 – Rs.1 Lakh||Rs.5|
|Rs.1 Lakh – Rs.2 Lakh||Rs.15|
|Above Rs.2 Lakh||Rs.25|
*Please note that Axis Bank can levy GST charges and other taxes if applicable for an NEFT transaction. The above-mentioned charges are to be paid for each NEFT transaction carried out by an account holder.
Points to remember
- Free Inward transactions at destination bank branches (for credit to beneficiary accounts)
- Axis Bank NEFT Charges may differ for different savings account offered by Axis Bank.
- Outward transactions at originating bank branches – charges applicable for the remitter for an NEFT transaction
Information for NEFT Transfer
- Beneficiary’s Account Number
- Bank Name
- Payee name
- IFSC code
- TRANSFER Amount
NEFT Transfer from Axis Bank to other Bank Account
Following are the steps to carry out a fund transfer using NEFT from Axis bank Account to any other bank account:
Step1: Login to Axis Bank net banking portal using the username and password
Step 2: Go to the ‘Transfer Funds’ option, and then choose the ‘Other Bank Account’ option
Step 3: Enter all necessary details such as name of the payee, account number and IFSC code
Step 4: Verify details and proceed
Step 5: A confirmation message will be sent by the bank
It is very easy to register a beneficiary for a NEFT transaction. An account holder can follow the below mentioned steps to register a beneficiary in Axis Bank:
Step 1: Log in to Axis Bank internet banking and provide username and password
Step 2: Enter beneficiary details in the ‘Other Bank Account’ option
Step 3: Under beneficiary detail provide the beneficiary name, account number, IFSC code, branch name
Step 4: Accept conditions and click on the ‘Submit’ button
Step 5: Verify beneficiary details by entering the login id, transaction password, and click the ‘Submit’ button
Step 6: Click the ‘Activate Beneficiary’ to complete the registration
Step 1: Login to Axis Bank internet banking with your username and password
Step 2: Enter the information provided below to make credit card bill payment through Axis Bank NEFT.
|Beneficiary Name||As mentioned on your credit card|
|Beneficiary Bank Name||Name of the bank that has issued the credit card|
|Branch name||Branch of the bank that issued the card|
|Beneficiary Account number||The 16-digit credit card number|
Step 3: Verify the details
Step 4: A confirmation message will be sentAxis Bank NEFT Timings
Axis Bank NEFT transactions are processed on a round-the-clock basis i.e. 24×7, for 365 days. It is also available on holidays.
Benefits of Axis Bank NEFT
- It is very user friendly.
- Economical as the Axis Bank NEFT charges are minimal.
- Risk-free fund transfer process as in case of any technical error the fund is credited back into the account.
- Backed by the Reserve Bank of India (RBI).
- Axis Bank NEFT comes with batch processing settlement. All the NEFT transactions are settled in 48 half-hourly batches that run from 00:30 hours to 00:00 hours.
Frequently Asked Questions (FAQs)
Q. Are there any charges applicable on Axis Bank NEFT transactions?
No, there are no charges applied on NEFT transactions done online. However, a nominal charge starting from Rs.2.5 is charged on NEFT transactions initiated online.
Q. What are the timings for Axis Bank NEFT?
NEFT transactions are available 24×7, 365 days. NEFT transactions after usual banking hours of banks is possible by automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
Q. What are the different modes of NEFT transactions available in Axis Bank?
NEFT transactions is initiated via Internet banking, Mobile banking, and at the bank branch.
Q. Can I cancel NEFT in Axis Bank?
No, once initiated, an NEFT in Axis Bank cannot be cancelled.
Q. Can I do NEFT on Sundays?
Yes, NEFT transactions is possible on Sundays using the internet or mobile banking channels.