April 26, 2023

What is MMID in Axis Bank? 

Festive occasion or a medical emergency, your family and extended family need funds and need them urgently.However, they don't have access to netbanking. Is there a way I could make the electronic fund transfer through my mobile phone? Can they receive the funds quickly and safely?
Vyola! Technology is indeed transformational and disruptive and has revolutionised India's digital banking sector, making fund transfers accessible to everyone in every corner of the country by using mobile phones as the medium.
You can now make instant 24*7 interbank electronic fund transfer to individuals and enterprises anywhere using your mobile phone throughout the year including Sundays and bank holidays
This is where the concept of MMID, Mobile Money Identifier comes in.
In simple terms, MMID is a seven digit code which is typically a combination of your mobile number and bank account number which allows for interbank transfers via the mobile banking platform.
Customers can transfer and receive funds via Immediate Payment Services (IMPS) using their registered Mobile number and Mobile Money Identifier (MMID).
Introduced by the Government of India in 2010, MMID was a step up to the two commonly used transfer methods – the Real Time Gross Settlement or RTGS fund transfers and the National Electronic Fund Transfer or NEFT service.
Unlike RTGS and NEFT Services which require net banking facilities to function, with MMID, one could transfer funds to the beneficiary's account electronically using a mobile phone.
As long as you have a phone number linked to your bank account, you can receive fund transfers via MMID. All you need is the mobile number, account number and the IFSC details of the payee.

So how does one go about generating and using the MMID fund transfer method?

  • Firstly, you need to approach your bank, say for example, Axis Bank and apply for mobile banking services.
  • Secondly, you need to register your mobile number with Axis Bank.
  • You can visit your bank and submit an application form to activate this service.
  • Once RMN ( registered mobile number) is done, the bank will issue a seven digit unique MMID code that you can use to initiate instant fund transfers.
    In addition to visiting your Axis Bank branch, you can also generate the MMID code through other mediums such as :
  • Welcome kit that you receive once you have registered for mobile banking.
  • Through phone banking using customer care service. The bank representative will help you in generating the MMID code which will be sent to your registered mobile number within 24 hours.
  • You can also generate MMID code through netbanking by logging in with your customer id and password ( IPVN).
  • Lastly, the MMID code can also be generated through mobile banking applications under the IMPS fund transfer option.
  • It is important to remember that this unique seven digit MMID code can be linked to a single bank account only.
  • For multiple bank accounts, multiple MMID codes would be issued and you can then link all the MMID numbers to one mobile phone number.
  • Besides, the sender and the beneficiary should have an MMID to transfer funds through this facility.

Frequently Asked Questions (FAQs):

Q. How do I use my unique seven digit Axis Bank MMID code to transfer funds into a beneficiary account?

  • It is a very simple process which begins with logging into the mobile banking app of Axis Bank.
    • Navigate through the fund transfer page and click on the IMPS tab.
    • You then type your mobile number and the MMID code of the beneficiary and initiate the transfer.
    • Lastly, check if the transaction is authenticated using an OTP or PIN.
    • Upon verification, the money will be debited from your Axis Bank account and credited to the beneficiary account within seconds.
    • You, the transferer and the beneficiary will receive an SMS notification on your mobile upon completion of the transaction.

Q. How to Send Money through IMPS transfer using Mobile Number and MMID from Axis Mobile?

Axis Mobile is the mobile banking solution provided by the bank for its customers to enjoy a complete suite of transactional banking using his/her mobile phone.
  • Login to Axis Mobile by entering your MPIN
  • Register the beneficiary
  • Transfer -> Mobile Beneficiary (P2P)-> Add
  • Enter the mobile number and MMID of the receiver
  • Transfer funds
  • Transfer -> Mobile Beneficiary (P2P) -> Select Beneficiary Name -> Enter the amount

Q. How to Receive Money using Axis Bank MMID code?

  • Register for SMS Banking with Axis Bank ( Inform the sender his/her registered mobile number and MMID
    • To know MMID
    • SMS MMID to 5676782 to receive your MMID
    • MMID is unique to each bank account

Q. Can the remitter and the beneficiary have accounts in different banks?

Yes, the Remitter (customer who wants to send money) and the Beneficiary (customer who wants to receive the money) can have accounts in different banks.
To transfer funds using Mobile Number and MMID, you will require:
  • Beneficiary's mobile number which should be registered with his bank.
  • MMID code of the beneficiary.
  • MMID code of the remitter.

Q. Is it safe to transfer funds via Axis mobile?

As India's third-largest private sector player with ₹1,195,528 crore assets (FY2022).
Axis Bank has an illustrious track record of delivering superior value to its customer

Q. Is there any threshold on the amount that can be transferred using Axis mobile?

Yes, the maximum amount that can be transferred on a daily basis is limited to ₹50,000.

Q. If money is debited from my account, however, the transaction has failed, then what is the way forward?

In such a scenario, Axis Bank will reverse your transaction and the amount would get credited into your account within 48 hours.

Q. Is it possible to initiate an IMPS transfer through MMID code using credit or is it required for me to have sufficient balance?

No credit facility is allowed. The transaction will only happen if you have sufficient balance in your bank account.

Q. Can only Aadhar card details be used to transfer funds using MMID code?

Yes, account holders can facilitate transfers just by entering the Aadhaar card number of the beneficiary as the Aadhaar card number is linked to the bank account of the beneficiary.

Q. Is the MMID facility available for NRI customers?

Yes, NRI customers can transfer funds using their NRI account to the resident account using IMPS.

Q. Can NR ( Non Resident) customers generate MMID code?

No, only resident customers can generate MMID code.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Upstox Margin Trading Facility
Apple Logo
Downloadlogo
iOS App
Google Play Logo
Downloadlogo
Android App

RELATED ARTICLES

RTGS Fastest Mode of Transfer

The cheetah, the panther and the tiger, all belong to the cat family. However, each one of them have unique as well as similar characteristics, with the cheetah being the fastest terrestrial animal within the kingdom. Likewise, within the realm of interbank payment transfers, you have the RTGS, IMPS and NEFT channels, each with their distinct characteristics and overlapping similarities. However, for payments to the beneficiary's/payee's account, above ₹ 2lakhs, RTGS is the fastest route to fulfil your requirement. Backed by the RBI, Real Time Gross Settlements, customers can avail this channel, everytime ( 247365), everywhere through RTGS enabled bank branches within India. As the name indicates, the settlement of payments occurs on a real time basis as fund transfer amounts are settled individually on a gross basis without netting, rather than in batches as in the case of NEFT payment gateway. Consequently, the amount is transferred to the payee's account within 30 minutes of initiation of payment. Customers, both retail as well as corporate, can transfer big ticket/ high value amounts of ₹2 lakh (minimum threshold limit) and above urgently to the payee's account within 30 minutes through a safe and secure payment gateway, thus eliminating the possibility of losses, thefts, or fraudulent encashment of money. This facility can be availed free of charge if executed online. However, if fulfilled via a bank branch, a nominal service charge ( maximum amount capped by the RBI) is levied on the sender as the payee is not liable to pay any service charge. Amount Service charge ₹2 Lakh – ₹5 Lakh upto ₹24.50+GST ₹5 Lakh & above upto ₹49.50+ GST The service charges (₹24.50 and ₹49.50 ) per transaction is capped by the RBI. Banks may charge service fees lower than the capped amount.

What is mPassbook & How to Get Mobile Passbook: Charges, Features, & Benefits

Any person with a bank account has to have used a passbook. A [ savings account](https://upstox.com/savings-account/what-is-savings-account/) or current account's transactions are recorded in this book, which the bank provides. A bank employee or teller is used to manage passbooks and records the transactions in the books. The teller was required to sign in the book to attest to the bank's approval of the transactions. This did, however, provide room for human error and factual deception. Modern passbooks were created to be easily integrated with computers to eliminate these issues. You no longer need to visit a teller to write transactions and sign the book. Banks have automated tellers that are set up to record transactions following your account information. Your account information is stored on a Bar-Code carried by modern passbooks. Place the book into the device, and it will automatically write the transactions. However, this was only the beginning of banking process automation. The mpassbook is another novel idea that has recently gained much popularity.

Punjab National Bank (PNB) Corporate Banking

- 'XYZ Cement Ltd.' plans to expand its installed capacity by setting up a greenfield manufacturing plant. The company is seeking to evaluate the means to finance this capex. - 'ABC Communications Ltd', a telecom service provider plans to pare its burgeoning debt position. The company is seeking customisable financial products to meet its requirement. - 'DEF trading Ltd' has recently on-boarded new customers. The company is seeking a working capital loan to meet its requirement. Welcome to the realm of corporate banking wherein banks provide a comprehensive, customisable suite of services to small, medium and large businesses, across the government and private sector undertakings. The services suite comprises: - Long-term loans - Short-term working capital loan - Syndicate lending - Treasury products such as Forex hedging solutions and advisory services - Cash management - Risk management services - Trade finance - Commercial real estate - Equipment financing - Payment processing - Private equity financing - Netbanking and mobile banking multi-channel services As an empirical example, let us take a look at Punjab National Bank(PNB). Headquartered in New Delhi, Punjab National Bank is India's second largest public sector undertaking, backed by an asset base of ₹1,339,301 crore ( FY2022), spread across a wide network, domestic and overseas and with a customer base of 180 million. Now let us look at the nuances of net banking services- registration, login process, eligibility criteria etc. - To begin with, as long as you have the relevant KYC documents, you can avail the bank's digital banking services. - You could either download the application form from the official web portal, www.pnbindia.in or visit the nearest branch to avail the e-registration form. - Once the details have been filled in the application form and submitted, the bank would send the username or customer ID as login credentials for digital services. - Now login with these credentials into the web portal. - You will be asked to enter an OTP which will be sent on your registered mobile number. - You would be required to list down a set of seven Q&As and then and then select an image. - As a cyber security practice, it is advisable to change your password after the first login. Always ensure that the password is coded as cryptic. - Once your password has been authenticated, you can login with the same. So basically, the digital services portfolio provides: - Seamless, simplified and speedier channel as you can access your account 247365, everytime, everywhere. - Easy and quick processing of adding benedixiaey to your account. - Easy and quick process for limit setting. - You can also avail the facility of 'future transaction management', provisions for recurring transactions as you can schedule them as per your business requirement. - Customers can also utilise the online channel to pay their direct/indirect taxes, insurance premiums and mutual fund payments etc.

TMB Net Banking & How to Transfer Money Online: Login & Registration

TMB Net Banking is the ultimate solution for all your banking needs! It is an incredibly convenient, safe, and secure way to access your bank account, pay bills, transfer funds, and manage your money anytime, anywhere. With TMB Net Banking, you can enjoy a wide range of services that make banking and money management an absolute breeze! You can perform transactions with lightning speed and maximum security while keeping track of your financial activities with ease. With this incredible online banking facility, you can take complete control over your finances - no matter where you are!