Using Axis Bank Instant Money Transfer service you can send cash to your relatives or friends instantly, anywhere in India at a very low cost. The receiver need not be an account holder with any bank, but you need to have an account with Axis Bank to use this service. Receiver will be sent a SMS on his or her mobile number containing the detail of the Instant Money Transfer. Once receiver receives details of the transactions SMS he or she needs to go to the nearest Axis Bank ATM and withdraw the money (The service can be availed using mobile, netbanking and ATMs)
Features
You can use the service for any of these cases:-
The receiver prefers cash
The receiver needs money instantly / needs emergency cash
The receiver doesn’t have a bank account
When you don’t know the receiver’s bank account details
The receiver is not within easy distance (to deliver cash or send a cheque by hand)
How it works
- Log into your account Axis Bank account ( mobile banking, net banking or an ATM) and initiate an IMT
- Enter amount to be sent
- Enter the receiver’s mobile number
- Enter pre-decided personal identification number (PIN) that both you and your receiver know
- Finish the transaction
- Now, bank sends these 3 information (IMT, receiver’s cellphone number and the common PIN) to the receiver phone as SMS along with a new PIN
- Once receiver receives these information as SMS he or she needs to go to the nearest Axis Bank ATM and withdraw the money (The service can be availed using mobile, netbanking and ATMs)
Information required to initiate Axis IMT
You need to provide the following details
- Mobile number of the Receiver
- The transaction amount
- While issuing the transaction, you set a Sender’s Code(common PIN)
Information required to receive Axis IMT
Receiver will get an SMS on his or her mobile number containing the detail of the IMT. The details present in the SMS are:
- The IMT amount
- SMS Code
- IMT ID (a unique code which can be used to refer to your IMT transaction)
- IMT Expiry date
The Receiver can withdraw the IMT using the above details at any Axis Bank ATMs. Receiver can also perform a card-less IMT withdrawal at any Axis Bank ATM
Fee
There is a flat fee of Rs.25 per transaction for the sender ( inclusive of taxes )
How much can I send using Axis Instant Money Transfer ?
The maximum the sender can transfer upto,
- Rs. 5,000 per transaction
- Rs. 25,000 per month
The maximum the receiver can receive (checked on the mobile number) upto,
- Rs. 5,000 per transaction
- Rs. 1,00,000 in a calendar year
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{ 8 comments… read them below or add one }
I am having a Query!
Through Axis Bank Instant Money Transfer option how the receiver can take money in AXIS Bank ATM , if the Receiver does not have ATM Card.
I am at US now, i want to transfer money to my family, I am having AXIS bank Travel Card , i am using the card for withdraw money from Bank of America’s ATMs. My family at india don’t have AXIS bank ATM card.
Please suggest me for Money transfer to india from Us, assume in india the received don’t have ATM card but having Mobile Phone.
Thanks and Regards
K. Alagu Sundar
It is meant for the customers holding Saving / Current Account in AXIS Bank, India. Its is meant for domestic account and not for overseas remittance. Though I am not really sure whether available, such services can also be offered for NRI/NRO accounts – but, definitely not for travel cards.
How should i transfer money from my axis account to the paypal id?
Pl let me know how to creat a imt in net banking or in ATM
Its really not instant money transfer. Its just a regular transfer only. If you want to send money to a person “instantly”. He need to register himself in near by Axis bank branch if any. Then only he can get the payment. Another important thing is he/she need to submit address and id proof for this registration.
I dont find anything reallt meant to be instant here
It takes more than a week if you cancel the IMT in any case.
it means i have to go axis bank only for imt function
if there is no axis bank atm present then ?
imt function work on other bank also?
I have a query,
I have sent IMT money to my friend who does not have account and having mobile. He only has Axis ATM in his town. He went to the ATM and tried cardless IMT ATM transaction. But, it got freezed for multiple times and he was unsuccessful at that time. I called Axis bank customer care and they are saying receiver needs to submit the address and ID proofs at Axis branch and then he can avail cardless transaction. In the above senario, I felt IMT is failing. When there is no branch near how can a customer can submit the documents and use Axis ATM?