Axis Bank’s internet banking service allows you to conduct online banking transactions using your bank account. Customers must first add a beneficiary to use the online transaction service.
If you wish to add a new beneficiary to your axis bank account, follow the instructions below.
Who is Beneficiary in Axis Bank Account?
- Add Beneficiary in Axis Bank using Internet Banking
- Add Beneficiary in Axis Bank using Mobile Banking
- Add Beneficiary in Axis Bank using Axis Bank ATM
- Axis Bank Beneficiary Activation Time
- Frequently Asked Questions
After a transaction is completed, a beneficiary is the person who receives the funds. Beneficiaries might be either individuals or businesses.
Beneficiaries are added to the bank account so that the payer does not have to enter the payee data every time he or she conducts a transaction.
Add Beneficiary in Axis Bank using Internet Banking
How to add a beneficiary to your Axis Bank Net Banking account:
Step #1: Go to the official website of Axis Bank Netbanking.
Step 2: Visit the website and log in. Fill in your login information.
Step #3: Choose the Payments option from the menu box.
Step #4: From the drop-down option, select Transfer Money.
Step #5: Choose the type of transfer funds under the transfer funds options. If your payee is an Axis Bank customer, choose the Axis Bank account. Click on the other bank account if the payee is a customer of another bank.
Step #6: Select Add New Payee from the drop-down menu.
Step #7: Fill in all beneficiary information, such as their bank account number, nickname, account number, IFSC code, and so forth.
Step #8: When you’ve completed the details, click the Continue button.
Step #9: The bank will add your beneficiary after you confirm your request.
Add Beneficiary in Axis Bank using Mobile Banking
How to add a beneficiary to your Axis Bank Mobile Banking account:
Step 1: Install and launch the Axis Bank mobile app.
Step #2: Choose Transfer Money from the Payment section.
Step #3: To use the service, enter your MPIN code.
Step #4: Next, enter your Internet banking information and click the Next button.
Step #5: Choose the option to Add Payee.
Step #6: Choose the type of beneficiary.
- If the beneficiary has an Axis Bank account, choose that option.
- Choose the Other Bank option if the beneficiary has an account with a different bank.
Step #7: Fill out the beneficiary information on the next screen, including the recipient’s account number, nickname, MMID, bank IFSC code, and so on.
Step #8: Review the information and click the Add button to continue.
Step #9: The bank will send you a One Time Password to the phone number you provided. Please enter the OTP.
Step #10: If you did not receive your OPT or if it has expired. To get a new OTP, click the regenerate button.
Step 11: Select the option to confirm.
Step #12: Your beneficiary was successfully added.
Add Beneficiary in Axis Bank using Axis Bank ATM
To add a beneficiary using an Axis Bank ATM, follow these steps:
Step 1: Go to an Axis ATM near you.
Step #2: Insert your debit card in the ATM.
Step #3: Choose the Money Transfers option from the payment area.
Step #4: Go to the IMPS tab.
Step #5: Fill in all IMPS-related details, such as the beneficiary’s name, nickname, account number, branch name, and bank’s IFSC code.
Step #6: Finish the IMPS beneficiary setup and select the Registration option.
Step #7: Fill in all of the required information, including your registered phone number.
Step #8: Double-check your registered phone number.
Step #9: Use the machine to enter the OTP.
Step #10: Your request to add a beneficiary will be processed shortly.
Axis Bank Beneficiary Activation Time
In most circumstances, this procedure takes a significant amount of time because the beneficiary must be activated in Axis Bank for at least 30 minutes.
Frequently Asked Questions
How long does Axis Bank take to add a beneficiary?
It takes roughly 30 minutes for Axis Bank to register a new beneficiary. Customers can call the bank if it takes longer than expected.
What are the hours for the transaction to the beneficiary in Axis Bank?
Transfers to the beneficiary are possible 24 hours a day, 7 days a week. This is a real-time process.
Can Axis Bank customers do IMPS without adding a beneficiary?
It is not possible to use the IMPS service without first registering a beneficiary.
What is the duration of the cooling period in Axis Bank?
The cooling period is the time period during which a payer is unable to conduct a transaction to a newly established beneficiary account.
The cooling period at Axis Bank is 30 minutes.