Introduction
Axis Bank is pleased to announce the launch of Instant Money Transfer (IMT) service for the Bank's customer. (http://axisbank.com)
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.
- The importance of IMT is multi fold. 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
To send an IMT to a receiver, all you need is the receiver's mobile phone number. You can send money to a receiver by following the below mentioned process:
Initiating an IMT
Axis Bank customers can login to Internet Banking and initiate IMT. Customers can register beneficiaries by entering the beneficiary's name, mobile number and address. This beneficiary registration is a one-time process. Once a beneficiary is successfully registered, IMT can be initiated by entering the Amount to be transferred and Setting a sender's code. (The beneficiary would need this code to withdraw cash from the ATM).
As soon as an IMT is issued the Beneficiary receives an SMS on his or her mobile number containing the details of the IMT. The details present in the SMS are:
- The IMT amount
- SMS Code (Axis Bank will generate this and send to the beneficiary)
- IMT ID (a unique code which can be used to refer your IMT transaction)
- IMT Expiry date
Withdraw the IMT
The Beneficiary can withdraw the IMT from any Axis Bank ATM. The beneficiary has to select IMT > WITHDRAW IMT and provide the following details:
- Mobile number on which he or she has received the IMT details
- The Sender's code
- The SMS Code
- The IMT amount
- On validation of the above-mentioned details, the cash will be dispensed from the ATM.
Cancel IMT
The sender can cancel an IMT issued by him or her at an Axis Bank ATM. To cancel an IMT, the sender needs to select IMT > CANCEL IMT and provide the IMT ID to cancel the IMT. This IMT ID is given to the sender during the initiation of the IMT transaction (IMT ID is printed on the ATM receipt and is also sent as an SMS to the sender's mobile number, if provided).
Status Check
The sender can check the IMT issued by him or her at an Axis Bank ATM. To check the status of an IMT, the sender needs to select IMT > STATUS ENQUIRY and provide the IMT ID. This IMT ID is given to the sender during the initiation of the IMT transaction (IMT ID is printed on the ATM receipt and is also sent as an SMS to the sender's mobile number, if provided).
Limits
The following limits exist for IMT transactions:
Sender limits
- Rs. 5,000 per transaction
- Rs. 25,000 per month
Receiver limits (checked on his or her mobile number)
- Rs. 5,000 per transaction
- Rs. 1,00,000 in a calendar year
Initiating the IMT
Axis Bank customer can send money to any mobile number in India by providing the beneficiary's mobile number, Amount to be transferred and setting the Sender's code (The beneficiary would need this code to withdraw cash from the ATM).
Withdrawal
If the beneficiary has a Debit card, he or she can withdraw the IMT by using his or her Axis Bank debit card. After inserting the card, the receiver can select IMT > WITHDRAW IMT and provide the following details:
- Mobile number on which he or she has received the IMT details
- The Sender's code
- The SMS code
- The IMT amount
On validation of the above-mentioned details, the cash will be dispensed from the ATM.
If the beneficiary doesn't have a Debit card (of any recognized Bank), he or she can perform a card less IMT withdrawal at any Axis Bank ATM. To do so, the receiver needs to register his or her mobile phone number at any of the Axis Bank branches (the registration process is described below). Once registered, the receiver will be able to withdraw any number of IMTs issued on his or her mobile phone without using a card. While registering, the receiver needs to provider KYC documents and register his or her mobile number. The list of documents acceptable for the KYC is:
Proof of address of the recipient (any one document):
- Telephone Bill
- Ration Card
- Bank Statement
- Electricity Bill
- Letter from any recognised public authority
- Letter from Employer
- Letter from gram panchayat or any government official
- Any other document acceptable to the bank
Photo identity proof (any one document):
- Passport
- PAN Card
- Voter Identity Card
- Driving License
- Identity Card (Subject to Bank's satisfaction)
- Letter from recognized authority
Charges
A sender will be charged Rs. 25 (inclusive of taxes) for every IMT transaction he or she issues to a receiver. Please note that there are no reversals of these charges in case the IMT expires or is cancelled.
There is no charge for cancellation of an IMT.
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