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.
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.
