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Axis Bank IMPS Charges

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Updated: 08-12-2023 05:40:06 AM

There are various channels such as Net Banking, NEFT, RTGS and mobile banking that can be used for funds transfer. An individual can initiate the transaction by using MMID, mobile number, account number, and IFSC code. The Immediate Payment Service (IMPS) can be used to make instant fund transfer from Axis Bank to another bank or an Axis Bank account maintained with the same or another branch. There are several benefits of using an IMPS interface for fund transfer rather than using RTGS or NEFT. But, all the account holders must be aware of the Axis Bank IMPS charges applicable.

Axis Bank IMPS service is available 24 x 7 and 356 days a year for all the account holders of the bank. The IMPS system falls under the purview of the Reserve Bank of India and is operated by the National Payments Corporation of India.

What are Axis Bank IMPS Charges?
Benefits of Axis Bank IMPS
Limitations of Axis Bank IMPS
How to add a Beneficiary for Axis IMPS Fund Transfer?
Transferring Money through IMPS using Aadhaar Card Number
How to transfer funds using Axis Bank IMPS?
What is MMID?

What are Axis Bank IMPS Charges?

Banks levy some charges for an IMPS fund transfer. The charges depend on the amount transferred using IMPS. Axis Bank IMPS charges are mentioned below:

Transaction Amount Axis IMPS Charges (Per transaction)
Up to Rs.1000 Rs. 2.50
Above Rs.1000 to Rs.1 lakh Rs. 5
Above Rs.1 lakh to Rs.2 lakh Rs.15

There are no charges for inward credits. The charges are only for outward remittances. Additional charges and taxes are applicable. Also, Axis IMPS charges may vary from one type of savings account to another.

Benefits of Axis Bank IMPS

  • Axis Mobile Banking app:  IMPS is a very convenient and easy way for fund transfer and can be used anytime anywhere. The funds can be received or sent with Axis Bank Mobile Banking App with a tap of a button using MMID. The customer can use the benefit of ‘Tap and Pay’
  • 24/7 availability:  The IMPS transfer can be done any time during the day and 365 days a year including weekends and bank holidays unlike other methods, which process fund transfers only on bank working days.
  • Immediate credit of funds:  The most important benefit of an IMPS fund transfer is that the beneficiary gets the fund instantly without any delay. The entire process happens on a real-time basis.

Limitations of Axis Bank IMPS

Need to add beneficiary: The account holder is required to add the beneficiary or payee through internet banking using IFSC code before initiating the fund transfer. It takes usually 30minutes to add and activate a beneficiary.

How to add a Beneficiary for Axis IMPS Fund Transfer?

Following are the steps that are used to add a beneficiary to initiate an IMPS fund transfer:

  • Log in to your online Axis Bank account via the net banking facility
  • Choose “Fund Transfer” and “ Add payee”
  • Enter all the details of the beneficiary such as MMID and mobile number, bank account number, and IFSC code of the beneficiary account branch.

Transferring Money through IMPS using Aadhaar Card Number

Account holder can initiate an IMPS transaction using the beneficiary’s Aadhaar number. It helps in making the IMPS transfer easier as the account holder is only required to provide Aadhaar number instead of MMID, phone number or IFSC code and account number.

How to transfer funds using Axis Bank IMPS?

After the beneficiary is added it takes approximately 30 minutes to activate and confirm. Once the beneficiary is activated following are the steps for IMPS fund transfer:

  • Login to your Axis Bank net banking portal or Axis mobile banking app
  • Click on “Funds Transfer” and select the IMPS fund transfer method.
  • Choose “IMPS using MMID” or “IMPS using IFSC code”
  • Enter the amount for transfer and click on confirm.

What is MMID?

A Mobile Money Identification number is provided by the bank to an account holder to avail mobile banking service of the bank. This unique seven digits mobile number is used to make IMPS transfers and is linked with the bank account as well. An MMID number can be obtained using Internet banking or using ATM or SMS service.

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