| National Electronic Funds Transfer |
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 National Electronic Funds Transfer |
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National Electronic Funds Transfer (NEFT - On line Funds Transfer to other banks) Called AB Xpress
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| What is NEFT? |
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National Electronic Funds Transfer (NEFT) is a funds transfer mechanism where transfer of money takes place from one bank to another on the same day . In other words, this is an electronic payment processing environment wherein transactions are settled as soon as they are processed.
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| Who can avail this facility |
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Only customers of the branch where they are having Savings/Current Accounts
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| In what way it is beneficial to the Customers |
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Customer can remit funds to the account of another bank branch
The funds are transferred instantaneously at nominal charges
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| Min Amount for Transfer |
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Rs.1
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| Max Amount for Transfer |
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No Limit
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| Charges |
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For transactions up to Rs 1 lakh – not exceeding Rs 5 (+ Service Tax)
For transactions above Rs 1 lakh and up to Rs 2 lakhs – not exceeding Rs 15 (+ Service Tax)
For transactions above Rs 2 lakhs – not exceeding Rs 25 (+ Service Tax)
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| What the customer must have for remittance |
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IFSC of the bank branch to which the remittance to be made (IFSC is 11 characters code)
Beneficiary account number, Name and Address (to whom the remittance is intended to )
Approach the branch with the above details
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| How to get the IFSC of the branch |
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- It is available on the cheque leaf supplied by the bank
- Can also get from the branch
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| What is the time frame for reaching the funds at the other end |
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Within 2 hrs of remittance on the same day
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| Cut off time for remittance through NEFT |
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Monday to Friday : 0900 hrs to 1845 hrs
Saturday : 0900 hrs to 1245 hrs
NEFT works on all days except on Sundays and National Holidays
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| Importance Account Number |
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Outward :While remitting the funds, Account Number of the beneficiary is to be mentioned correctly in the voucher (to whom the remittance is intended to ).
Inward : While seeking remittance from other bank Customers it is mandatory to quote your 15 Digit Finacle Account Number compulsorily.
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| Helpline |
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For further details and redressal of NEFT complaints, please contact at following address:
Andhra Bank, Service Centre,
11, Homi Modi Street, Bansilal Building
Fort, MUMBAI 400 001
Phone : 022-22610228/22610106
email: neftcell@andhrabank.co.in
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