Monday, October 28, 2013

Instant Money Transfer(IMT service) to any Mobile number in India : Axis Bank

When it come to have Technology and Banking together then Private bank comes first .Axis Bank has innovative feature  of Instant Money Transfer (IMT) service for the Bank's customer.
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 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)

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.
The following limits exist for IMT transactions:
Sender limit
Rs. 10,000 per transaction
Receiver limit (checked on his or her mobile number)
Rs. 25,000 per month

How It Works
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).
How to Withdrawal
If the beneficiary has a Debit card (of any recognized Bank), 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):
PAN Card
Voter Identity Card
Driving License
Identity Card (Subject to Bank's satisfaction)
Letter from recognized authority