Note: As of 1st April, 2020, Andhra Bank has been merged with Union Bank of India and no longer operates as a separate entity. Please check the Union Bank of India NEFT Charges page for updated information.
To enable customers to make fund transfers on the same day, Andhra Bank provides AB Xpress services to all its customers. This is NEFT facility that allows account holders as well as walk-in customers to transfer money to individual accounts and make payments to selected merchants towards utility bills, online shopping and more.
Are there any NEFT Charges?
RBI has waived off NEFT service charges applied by the bank on transactions initiated online via internet banking and/or mobile banking channels. Also, no such charges are levied on inward transactions at Andhra Bank. For NEFT transactions carried out at the bank, the following charges are applied:
| Transaction Amount | NEFT Charges (Per Transaction) |
| Amount up to Rs. 10000 | Rs.2.50 + GST |
| The amount above Rs.10000 and up to Rs.1 lakh | Rs.5 + GST |
| The amount above Rs.1 lakh up to Rs. 2 lakh | Rs.15 + GST |
| The amount above Rs.2 lakh up to Rs. 5 lakh | Rs.25 + GST |
| The amount above Rs.5 lakh and up to Rs.10 lakh | Rs.25 + GST |
Who can access NEFT at Andhra Bank?
NEFT transfers are available for all account holders at Andhra Bank. All you have to do is activate your online account for net banking and mobile banking. You can apply for these services for a username and password. Log in to your account and then make your NEFT transfers as needed.
NEFT services at Andhra Bank are available even to walk-in customers. They can avail these services by filling up a NEFT form. However, the limit for NEFT transfer for walk in customers is Rs.50000.
What are the benefits of NEFT?
Andhra Bank NEFT services or AB Xpress provide you with several benefits such as:
- Available 24×7 for 365 days, including holidays
- No maximum limit on the funds that are transferred using NEFT.
- Minimum Limit as low as Rs.1 for making NEFT transfers using Andhra Bank NEFT
- Convenient option to make all one to one transactions with individual accounts and merchant accounts.
- The NEFT Charges applicable are very nominal in comparison to most online transaction options available.
- No NEFT charges are levied on transactions initiated online via net banking or mobile banking channels
- NEFT is accessible all over India across 99 banks that are NEFT enabled. The updated list of participating institutions can be seen on the Reserve Bank of India website.
- The amount that you transfer is remitted in the beneficiary account within 2 hours.
Andhra Bank NEFT Timings
With NEFT Transactions, you have certain timings that you need to adhere to. Starting from December 2019, the NEFT system has been made a 24×7 accessible payment system. It is also available on holidays. Within the given time frame, there are 48 half-hourly batches in a day.
- NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
- All provisions of NEFT procedural guidelines will be applicable for NEFT 24×7 transactions as well.
How to use Andhra Bank AB Xpress?
Follow these simple steps to make online AB Xpress transactions through NEFT:
- Log on to your Andhra Bank mobile or net banking account.
- Select NEFT under the “Funds Transfer” option.
- Using the Add/ Manage Beneficiary option, register the beneficiary account that you want to make the transfer to.
- The details that you will have to provide include Beneficiary name, Beneficiary account number and Beneficiary IFSC code.
- Then submit the registration request.
- The beneficiary is registered within 30 minutes of applying.
Once your beneficiary has been registered, you can make transactions as you wish. You can include individual accounts, merchants for utility bills and even your credit card as a beneficiary using the steps above. With all transactions, you will receive a confirmation SMS along with a tracking reference number.