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Old March 21st, 2016, 02:24 PM
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Join Date: Nov 2011
Default Re: Money Transfer Axis Bank

Axis Bank is a type of private sector bank of India.
It was formed in the year 1990.
It’s headquarter is located in Mumbai, Maharashtra, India.

Its products are:
Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management

As you have asked about the instant money transfer (IMT) service by Axis Bank, I am giving you information about it

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)

The following limits exist for IMT transactions:
Sender limit
Rs. 5,000 per transaction
Receiver limit (checked on his or her mobile number)
Rs. 25,000 per month
Answered By StudyChaCha Member
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