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Axis Bank Introduces Pull Fund Feature

Axis bank keeps on innovating and this time another innovative feature which has come to the light is the Pull Funds feature which is effectively allowing a third party to access your account and doing the needful action. Pull Funds Request is pulling of funds from a remitter who has registered your account as beneficiary for 'Pull Funds' either through Internet Banking or by visiting branch. Check out how Pull funds feature works:

Beneficiary Registration : By adding a beneficiary account, you authorise your beneficiary to pull funds from your account even on an adhoc or emergency basis.While registering a beneficiary you can specify the limit and duration. You have to Register New Beneficiary and Activate Beneficiary as per procedure in vogue. As a security measure you can have access to all the Pull funds History.


Example:A father allows his son/daughter to pull funds into their account upto a certain limit for their daily needs.

Verdict

This is a good feature for a family where family members are spread apart or for children studying in hostel or for businesses requiring small daily money requirement for running their business.

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