Airtel Payments Bank users can now transfer funds via National Electronic Funds Transfer (NEFT) at any time of the day. In-line with the Reserve Bank of India's guidelines, Airtel Payments Bank customers can do NEFT transactions on a 24x7 basis. The transfers will work even on holidays enabling the customers to receive or send funds to any bank from anywhere, anytime. Usually, NEFT transactions do not work on holidays and non-bank hours, especially with the government banks. However, it has changed now. Airtel Payments Bank already allows users to transfer funds via UPI at any time, but now, they can also do NEFT transactions.
Airtel Payments Bank NEFT Fund Transfer Becomes Hassle-Free
For the unaware, Airtel Payments Bank customers can transfer funds via NEFT using the banking section of the Airtel Thanks app or website of the Airtel Payments Bank. Customers will have to select the 'Transfer Money' option followed by 'transfer to Bank’ option, after which a screen to register beneficiary will appear. Once the beneficiary registration process is completed, the customer can easily transfer the money. Sadly, the beneficiary registration process still exists. Unlike UPI, you can't transfer funds via NEFT without the beneficiary registration.
Mr Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, “We are committed to providing customers with efficient and smooth banking experience. We welcome the RBI mandate as it will allow our customers to easily transfer the money to any bank account at any time using NEFT mode. This will add to the overall online banking experience for the customers.”
Airtel Payments Bank Offers UPI, IMPS and Debit Card Transactions
When the service was announced a couple of years ago, Airtel Payments Bank was India's first payments bank solution. Airtel Payments Bank offers a host of solutions like UPI, IMPS, debit card and wallet to make digital payments and money transfers. Currently, Send Money feature is available only for Airtel Payments Bank account users, whereas the non-Airtel Payments Bank account users can upgrade at the nearest banking point or use the UPI feature to send money.
To send money via UPI, Airtel Payments Bank users will have to first register for the BHIM UPI service present inside the Bank section of Airtel Thanks app. With the BHIM UPI service, users can Pay Money or Request Money.
Another advantage of Airtel Payments Bank is the Person-to-Merchant payment solution. Yes, you can head over to a nearest retail store and pay via Airtel Payments Bank without any hassle. The service is pretty much similar to Paytm and other digital payment wallet solutions. Airtel Payments Bank also has Person-to-Person transactions as well.
While recharging your prepaid number or paying the bill for your postpaid bill, you will get the option to choose Airtel Payments Bank as a payment option. Airtel Thanks app users can also head over Quick Actions section to quickly recharge their prepaid number, Buy FASTag, pay bills, use BHIM UPI service, scan and pay to merchants, add money to Airtel Payments Bank, Buy Insurance, book train tickets, purchase gift cards for various third-party services and so on.
Overall, Airtel Payments Bank has become a one-stop solution for every need these days.