Axis Bank is one of the topmost and largest private sector banks in India. It offers a wide range of financial services for personal as well as corporate banking. Over the years, Axis Bank has opened multiple new branches across the country. Two of the Internet banking services are NEFT and RTGS. If you are new to banking’s technicalities and terminologies, we are here to help you with it. This article would discuss a little about NEFT/RTGS means and how to download the Axis Bank RTGS/NEFT pdf forms.
What is RTGS and NEFT?
The RTGS (Real Time Gross Settlement) and NEFT (National Electronic Fund Transfer) are electronic payment systems. These systems allow bank customers to transfer funds from one account to another on a real-time basis, conveniently and securely. The online fund transfer approach saves the hassle of visiting the bank, waiting in a queue, and sparing much paperwork.
The RTGS is meant for the transaction of large amounts. The minimum amount that can be remitted through RTGs is INR 2.0 lakhs without any additional charge for the transaction. This method can be accessible simply by requesting the bank for an Internet Banking Username and password for an encrypted transaction.
How RTGS and NEFT Payment Systems Are Different?
Any individual who has a running savings or current account in the bank is eligible to avail of the Axis Bank NEFT/RTGS services. People who do not have an account in Axis bank can deposit the cash at any NEFT-enabled branch for remittance, but they can only transact a limited amount of INR 50,000.
- In RTGS, the fund transfer happens on a real-time basis, i.e., at the instant time of the request. It is one of the fastest transaction facilities available. Whereas, NEFT works on a deferred settlement basis. The amounts transferred under NEFT are settled in batches on hourly time slots.
- The RTGS service is accessible from 7:00 am to 6:00 pm on weekdays and on working Saturdays. Whereas, NEFT is available from 8:00 am to 6:30 pm from Monday to Friday and on working Saturdays in twelve settlements.
- While the RTGS transaction can only be done within the pre-mentioned time, NEFT can be availed beyond the cut-off time, and the fund will be transferred with the next lot.
How To Do an RTGS/NEFT Transaction?
The Axis Bank RTGS/NEFT services can only be done at a specific time.
- The bank allows the transfer of funds via NEFT from Monday to Friday from 10:00 am to 4:30 pm and Saturday except for the 2nd and 4th Saturdays.
- The RTGS facility allows the fund transaction from Monday and Friday from 10:00 am to 3:30 pm and Saturdays, excluding the 2nd and 4th Saturdays.
Both processes need only a few minutes to transfer funds from one bank account to another. You have to enter the beneficiary details in the Axis Bank RTGS application form. And after a quick verification of the accounts, the bank transfers the amount instantaneously. Under normal circumstances, the beneficiary can expect the amount credited to their account within 30 minutes.
Download Axis Bank RTGS and NEFT Forms
The Axis Bank RTGS and NEFT forms require reading many instructions and need multiple sections to be filled up. To make it easy, we have listed down easy-to-follow points to help you fill-up the forms.
Before that, let’s see from where you can download the Axis Bank NEFT/ RTGS forms in PDF format.
- If you have an account with Axis Bank, you will have a password and username for Internet banking. Log in to the site using that.
- Once you have an account with Axis Bank, you will see many options divided into various sections.
- Click the “PAYMENT” section to access the RTGS/NEFT services. You can get the PDF format and fill in the details using any PDF reader.
Or If you do not have enough time to follow the above-given steps for Downloading Axis Bank RTGS and NEFT Form, then don’t worry; click over the Download button given below, and then the form will get downloaded in some seconds.
How To Fill Up The Axis Bank RTGS/NEFT Application Form?
On the Axis Bank RTGS application form, you will find two different sections. In the top section, the applicant must write the beneficiary’s details, i.e., to whom the fund is to be credited.
In the second section, the remitter’s details are to be entered.
Ensure all parts are filled with the correct information, account numbers, bank IFSC codes, and the amount to be transferred.
Make sure to recheck all the details are absolutely error-free before you send the application to avoid any further hassle.
It does not take to be an expert to do some basic internet banking. If you didn’t know how to, it is time to get started. Just following some simple steps will make you good to go.
You might be also interested in checking out How to Change Mobile Number in Axis Bank.
We hope this brief article has helped you understand the fundamental concept of internet banking services and how to download and fill up NEFT and RTGS application forms.