Transfer Funds

Money transferring has become a lot easier with technology becoming a major part of our day to day lives. While there used to be a time, when people would deliver cash personally for the fear of a middle man interrupting the transaction, nowadays life has become simpler and transactions much easier with RTGS or Real Time Gross Settlement.

Real-time gross settlement systems (RTGS) is a funds transfer system where money transfer takes place from one bank to another on a "real time" basis and "gross" basis. Settlement in the "real time" means that the transaction happens almost immediately. "Gross settlement" means the transaction is settled on one to one basis unlike NEFT where the transaction happens in bulk at a given point in time during the day. Once the transaction is processed, they are irrevocable. The minimum amount that needs to be remitted through NEFT is 2 lakhs.

RTGS is used for transactions which are very high in value and need to be cleared immediately. The bank that receives the money has to credit the amount in the account within 30 minutes of receiving it. The RTGS service window for transactions is available to banks from 8.00 hours to 16.00 hours on week days and from 8.00 hours to 16:00 hours on Saturdays for settlement at from RBI’s end. However, the timings that the banks follow may vary depending on the customer timings of the bank branches.

Axis Bank is pleased to announce the launch of Immediate Payment Service (IMPS), a unique concept of account to account funds transfer for all Bank account holders. This service is available 24x7, throughout the year including Sundays and any bank holidays.

Axis Bank is pleased to announce the launch of Instant Money Transfer (IMT) service for the Bank's customer.

IMT is an innovative domestic money remittance service that allows you to send money to a receiver only by using the receiver's mobile number. The receiver can withdraw money from an Axis Bank ATM with or without using a card. The receiver receives all the details required for withdrawal of the cash on his or her mobile phone.

Axis Bank offers you Visa enabled services to conveniently pay bills of a Visa Credit Card issued by any bank, or transfer money to a beneficiary's bank account using the Visa Debit Card number.

The Visa Money Transfer facility can be accessed through the Internet by going to the option, Log on to i-Connect

Features

• Pay bills of multiple Visa Credit Cards issued by any bank
• Transfer money to the bank account of beneficiaries possessing Visa Debit Card of any bank
• Schedule recurring payments
• Track the bill payments you have already made
• Visa Money Transfer depends on the time taken by the Payee's bank to process the payment. Normally it takes around 3-4 days to process the payment.

The world of banking has changed drastically over the last few years. The Indian Financial System Code is critical for NEFT and RTGS transactions. The Indian Financial System Code is an alphanumeric code that uniquely identifies a bank-branch. This is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use. Bank IFS Code is used to route the messages to the destination banks/branches.

With this unique number you can be rest assured that the transaction taking place is safe. It is used to be sure that the account the person is remitting to is credible and the bank falls under the list of banks that offer the service. IFSC can be seen as a safety net for all banking related transactions. Bank-wise lists of IFS Codes are available with all the bank-branches participating in inter bank electronic funds transfer. A list of bank-branches participating in NEFT/RTGS and their IFS Code is available on the website of Reserve Bank of India Banks also print the IFS code of the branch on cheques issued by branches to their customers.

The IFS Code is a critical number for all major transactions.

ECS is an electronic clearing system that facilitates paperless credit / debit transaction directly linked to your account and also provides for a faster method of effecting periodic and repetitive payments.