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?
NEFT charges are applicable to every transaction that is made. These charges are waived off only in case of inward transactions at Andhra Bank.
For all other transactions, the NEFT Charges applied are as follows:
|Transaction Amount||NEFT Charges (Per Transaction)|
|Amount up to Rs. 10000||Rs.2.50 + GST|
|Amount above Rs.10000 and up to Rs.1 lakh||Rs.5 + GST|
|Amount above Rs.1 lakh up to Rs. 2 lakh||Rs.15 + GST|
|Amount above Rs.2 lakh up to Rs. 5 lakh||Rs.25 + GST|
|Amount above Rs.5 lakh and up to Rs.10 lakh||Rs.25 + GST|
These charges are debited automatically when you make NEFT transactions online.
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:
- 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.
- 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. Within the given time frame, 23 transactions are possible on full working days. NEFT transactions are cleared on a half hourly basis. These batches are cleared at the following timings each day:
- Monday to Saturday: 8:00 am to 7:00 pm
You cannot make any NEFT Transactions on 2nd and 4th Saturdays. These NEFT holidays also include Sundays and declared bank holidays. For any transaction initiated on a NEFT holiday, the amount will be debited from the beneficiary account immediately. However, it will only reflect in the beneficiary account on the following working day.
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.