If you are an Axis Bank customer and are finding it difficult to choose between different forms of transfers in its iConnect site, here is the terminology that can help you choose the correct one. The Axis Bank iConnect mainly has 3 different types of transfers, Power Transfer, Visa Transfer and Funds transfer. To do transfers through any of the above, you will first have to register the beneficiaries (to which the funds need to be transferred)
This transfer can be used to send funds to any account in India in any bank using the NEFT system. You would need the beneficiary’s account number, IFSC code of his branch. At this point, I have to tell that the Axis bank’s system of finding the IFSC code isn’t the best in the world. I already know the IFSC code of my account in another bank but there is no way to enter it. I had to search through scores of branches to get to my branch’s IFSC.
This should be used if the beneficiary also has an account in Axis bank (not necessary to be in the same branch). This again has 2 types, Self linked account and Third party accounts. Self linked accounts are your own account in different branches of Axis bank and third party accounts are other person’s account in same or different branches of Axis bank.
You just need to enter their account number and the rest of the information will be automatically pulled from the iConnect Database.
When ever possible, it is recommended to use Funds transfer over Power transfer, as it is free and also the transfer happens immediately.
This can be used to transfer money to any person who has a valid Visa Debit card issued by any bank. You will have to enter the debit card number, expiry date and name on the card to do the transfer. You can also use Visa transfer to pay all your Visa powered credit card’s (issued by any bank) bills.
Update: In the newer version of Axis Bank Internet Banking site, the terminology is changed, for good. Now the names are all self explanatory; no more Power transfers. Now you have ‘My Own Axis Bank Account’, ‘Other Axis Bank Account’, ‘Other Bank Account’, ‘Visa credit card transfer’ and ‘Instant Mobile Transfer’. For all these services, the first common step is to add beneficiary.