I always like when banks’ use technology and bring new products and services to their customers. Pull funds is one such feature from Axis Bank which I came across recently. As the name suggests, one can Pull Funds from any account that has registered the puller as a beneficiary.
Axis Bank gives the example of a father and son. A father can register his son’s account as a beneficiary and can allow his son, who, let us assume is studying in a university away from home, to pull funds whenever he requires. If you’re a father, do not worry yet, as there’s a monthly limit that you can set only from with in which your son can pull funds.
Son: Dad I need Rs.2000 to pay exam fee
Dad: Okay, I’ll transfer today
Son: Dad, I pulled Rs.2000 from your account to pay my exam fee.
This is just an example and obviously there can be many other practical uses for various people.
Prerequisites to Pull Funds
At present, this feature is only available to Axis Bank customers. So both our father and son must have their accounts in axis bank (need not be from the same branch).
And both of them should have Internet Banking facility.
To initiate the process, the father must first add his son’s account as a beneficiary from his Internet Banking account. He can set monthly limit and the time period till which this registration will be active. For example, he can set a monthly limit of Rs.5000 with this registration valid till 31 December 2013. Till that date, his son can Pull funds up to Rs.5000 every month. Of course, if there’s not enough balance in fathers account, pulling won’t work.
Once he added his son as a beneficiary, he needs to activate it. Once that is done, the job from his end is over.
Son, when ever he wants to pull funds, logs into his internet banking account and see a list of accounts from which he can pull funds (at this time; there’s only his fathers’ account). He can select that account, enter the amount he wants to pull and enter any remarks that he wishes to write (exam fee, for example).
The Pull Funds will now be initiated, and funds will be transferred from fathers to son’s account immediately.
Throughout this process, regular SMS alerts will keep both of them aware of the current situation.