Adding a beneficiary to your bank account is an essential step for seamless financial transactions. It enables you to transfer funds quickly and securely. Whether you're paying someone, sending money to family, or conducting business transactions, knowing how to add a beneficiary to your bank account saves you time and hassle.
Who is a beneficiary?
A beneficiary is an individual or entity who can receive funds from your bank account. By adding a beneficiary, you streamline the process of transferring money, making transactions more efficient and secure. This is particularly useful for recurring payments, such as rent / utilities, or sending money to family members.
Adding beneficiary to a bank account
Most banks allow you to add beneficiaries to your account online using their mobile app or Internet banking. You can also do it through their assistant / chatbot services. For instance, you can use the Axis AHA service for quick access to your account right on the website.
- Log in to your Internet / mobile banking account by authenticating with your credentials.
- Navigate to the 'Fund Transfer' section, where you will typically find the option to add a new beneficiary.
- Select 'Add Payee' and choose the type of their account (it can be own bank or other banks).
- Fill in the beneficiary’s name, account number, bank name and IFSC accurately, and then click on 'Add' and 'Confirm'.
- You will need to authenticate the process with a one-time password (OTP) sent to your registered mobile number or email (if using NetBanking). If you're using the app, you will need to authenticate it with your mPIN.
- Once authenticated, the beneficiary will be added. Activation may take a few minutes to a few hours.
How to transfer money after adding a beneficiary
1. Go to the 'All Payees' option in the 'Fund Transfer' section. You'll find your beneficiary names in the 'Select Other Bank Payee' option.
2. Select the beneficiary you just added from your list.
3. Enter the transfer amount and any additional remarks. You can select IMPS from the options for immediate transfers.
4. Review the details and authenticate the transfer with your mPIN or OTP.
Limits on fund transfers
It is important to note that banks might have daily or monthly limits on the amount you transfer through online banking. These limits are in place for security reasons. If you need to transfer a larger sum, you might need to visit your bank branch.
Also Read: Credit Card payment through Internet Banking
How to transfer money without adding a beneficiary?
If there is an urgent situation but you do not have the beneficiary details, you can now send money using just their mobile number or UPI ID. There are other options for domestic transfers, like Axis Bank's Instant Money Transfer (IMT). This option enables you to send money to a person without an account as all the details go on the mobile number.
Following the aforementioned steps can help you add a beneficiary to your account and transfer money with ease.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
