Thursday, December 1, 2011

Axis Bank’s (India) Instant Money Transfer

In the arena of innovative ePayment Products, Axis Bank had launched an Instant Money Transfer product in September 2010. It is more than 1 year of its launch, and the transctions via IMT seem to be on the increase.

These new cutting-edge ePayment options, aid in increasing the reach of the Banking network to the unbanked and are a part of the Financial Inclusion drive.

RBI is clear that all path-breaking payment products have to designed around the Banking channel only. At least one leg of the transaction has to be via the Bank Channel.

Keeping this in view, IMT is designed to benefit the Unbanked, but via the Banking channel.

In short, in IMT, the Sender has to have a bank account, whereas the Receiver need not have a bank account.

More details of the Axis Bank’s IMT service can be accessed @ Axis Bank-IMT-FAQ's

The IMT funds receiver, if he/she does not have an account with Axis Bank, has to do an one time registration of his/her mobile number with Axis Bank.

Once the registration is done, the IMT funds can be withdrawn via ATM on the cardless mode.
Yes, Cash from ATM can be withdrawn without the ATM card.

So, IMT is a double innovation i.e 01) Cash to the Unbanked 02) Withdraw Cash from ATM without an ATM Card.

Charges: Like allgood things in life, IMT is not free. There is a per transaction fee of Rs25/-(all inclusive)

There are financial limits for IMT transactions. As IMT is an emergency channel and keeping in view the AML norms, the limits have been set.
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

So, go and try Axis Bank’s (India) Instant Money Transfer