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Axis Bank Allows Cardless Cash Withdrawal: Here’s Process And Charges?

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Unlike the SBI's Yono App and similar to what ICICI bank offers in respect of cardless withdrawal of cash, Axis bank also offers the service via which only pre-specified beneficiary can withdraw cash from the bank's ATM on the pre-condition that he or she should not be having the account with the bank.

Process to withdraw cash without a debit or ATM card:-

Transferor of payment needs to follow the below steps:
  
 

Transferor of payment needs to follow the below steps:

As per the bank's website to allow the beneficiary to withdraw without the ATM, you as a transferor of payment or amount need to follow in the below instructions:

1.Login to your net banking account of Axis Bank. Begin with the fund transfer. You need to enter the details of the beneficiary including his name, mobile number, address. After this is done, you need to key in the amount which you wish to send over to the beneficiary and at the same time set a sender's code. This code will be required by the beneficiary to withdraw the sum from the ATM.

2.The service facilitated as part of instant money transfer or IMT as and when initiated will send over an SMS to the beneficiary on his or her mobile number. SMS will include details such as the IMT amount, IMT code or ID which is an unique code giving reference to your IMT transaction, expiry date for the IMT as well as an SMS code auto-generated by the bank.

Steps beneficiary of funds need to follow for cardless withdrawal
  

Steps beneficiary of funds need to follow for cardless withdrawal

The pre-specified beneficiary who is entitled to receive funds at the ATM premise need to select the option of IMT or instant money transfer. Then on he or she needs to click on 'Withdraw IMT' and key in the details received over his phone i.e. IMT details, the sender's code, the SMS Code and the IMT amount.

As and when the bank matches and verifies all the details to be true, the cash gets dispensed from the ATM machine.

For the withdrawal of cash without ATM, Axis bank has given the option to secure such sum from any of the AXIS Bank ATM and other bank ATMs that also offer such a facility are of Laxmi Vilas Bank and Bank of India.

Cash withdrawal limit via IMT
  
 

Cash withdrawal limit via IMT

The sender of funds using the IMT option can send a maximum of Rs. 10,000 in a single transaction or Rs. 25,000 in a month.

The transaction has to be a one-time one i.e. all of the funds transferred are required to be withdrawn in one go.

Charges for initiating an IMT transaction
  

Charges for initiating an IMT transaction

Sender of the funds initiating the transfer to a beneficiary who will withdraw the funds without an ATM will be charges Rs. 25 per transaction i.e. inclusive of taxes. And the amount will be deducted from his or her i.e. sender's Axis bank account. And, in case the transaction gets cancelled or expired, this service charges levied will not be refunded to the sender's account.

GoodReturns.in

Story first published: Thursday, April 18, 2019, 15:46 [IST]
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