The country's central bank (RBI) has specified three ways in which we can remit money. These include the popular NEFT, RTGS and IMPS. However, to undertake these transactions, we must have the IFSC Code allotted by RBI to each bank and the specified branch.
The Andhra Bank IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'ANDB', stand for the name of the bank, the fifth character is always 'zero' for future use and the final six characters specify the 'exact branch address'.
If you are searching for the IFSC code of your home branch, you can use two mechanisms to search. In the offline mode you will find it written on your cheque book, which has been given to you by the Andhra Bank branch. If you are looking for online IFSC Code of Andhra Bank you can find here in Goodreturns.
All branches of Andhra Bank in India have been issued IFSC codes to conveniently recognize transactions carried out through a specific branch of the bank.
The IFSC Code of Andhra Bank has made online cash transactions a fast and simple operation. IFSC is an 11-digit, alphanumeric code that are unique to a single branch and do not reiterate at all. This IFSC Code is useful to make electronic or online fund transfer to a particular bank. Such codes also allow users to confirm that, without any complications, the transferred funds go to the right individual. Indian Financial System Code (IFSC) is adopted by the Reserve Bank of India (RBI) for electronic payment applications such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IPM), bank-to - bank electronic Instant Mobile Money Transfer Service (IMPS) and Centralized Funds Management System (CFMS).
The banks in India have been assigned specific codes by the Reserve Bank of India, and they mandate its use for all online transactions and fund transfer. It is possible to clarify an IFSC code as bearing three separate parts. The first four alphabets reflect the name of the bank, then the next figure is 0 which is kept for future use (which is normally a function character), The next six digits of the code represent Andhra Bank's particular branch and this is always different. The last 6 digit is always varied from branch to branch. An example of the Andhra Bank IFSC Code can be seen below:
IFSC code of Andhra Bank Bhatinda, Bathinda Branch is ANDB0001799
Until you identify the bank and branch name and IFSC code you can not initiate an online transaction or fund transfer. Chequebooks / leaflets issued by Andhra Bank or on the website of the bank you can find the IFSC codes and MICR codes of your respective branch. A full list of IFSC codes for all the banks in India can also be found on the authorized website of Reserve Bank of India. ut apart from all these, the complete list of IFSC codes for branches of Andhra Bank in India as well as for other banks and their respective branches can be located on the third-party financial websites of India for instance Goodreturns.in
Depending on your location or branch, Goodreturns.in website helps you to conveniently locate the IFSC and MICR code of your bank. You can quickly search the IFSC and MICR code of all branches of the banks of the country from the comfort of your home or office on a 24x7 basis on the Goodreturns website. Below covered process will help you to follow the procedure to find the IFSC and MICR code of your bank branch.
By using NEFT or RTGS facilities, customers of Andhra Bank can easily make online fund transfers accessible on the official web portal of the bank itself.
National Electronic Funds Transfers (NEFT) National Transactions of Electronic Funds (NEFT) are made in batches and have a particular timing during which Andhra Bank settles the funds. This system operates on the basis of Deferred Net Settlements and is carried out on an hourly basis. If the batch processing is within the specified period, the amount is transferred to the recipient on the same day or else on the next working day.
Transfers are rendered on an individual account basis by the Real Time Gross Settlement System (RTGS), i.e. the transfer of funds is scheduled one by one. According to the existing instructions set out, within the same working day, Andhra Bank usually settles RTGS transactions. RTGS is one of the quickest possible ways for fund transfers which can be done on entirely safe frameworks.
Bank customers are required to provide information such as the name of the payee, account number, IFSC code of the receiving Andhra Bank branch, and amount when it is necessary to transfer funds to a specific account holder of Andhra Bank. Here, the IFSC code is necessary to determine the correct branch of the Andhra bank, so that the balance is credited to the bank account of the correct beneficiary. Customers of Andhra Bank can check for any branch's IFSC Code by any of the means listed below-
Bank customers are required to provide details such as the name of the payee, account number, IFSC code of the receiving Andhra Bank branch, and amount when it is necessary to transfer funds to a certain payee of Andhra Bank. Here, the IFSC code is necessary to determine the appropriate branch of the Andhra bank, so that the balance is credited to the bank account of the relevant beneficiary. Using the IFSC code, you can transfer money in a variety of forms to another person who holds an account in any branch of the same or other bank:
National Electronic Funds Transfer (NEFT) is a method of transfer of funds that operates on the basis of deferred settlement, implying that transactions are carried out in batches. The issuer has to have the following information in order to conduct fund transfers by NEFT.
Transfers of funds through the Real Time Gross Settlement (RTGS) system take place on a real-time basis. The sender has to have the following information to allow transfers using RTGS.
Immediate Payment Services (IMPS) is an immediate inter-bank transfer mechanism of funds in real-time. This service is open all year long, 24x7. The sender has to have the following information in order to send funds.
You have definitely come over the need to find a swift code (or BIC code) and when seeking to transfer funds to a different bank than yours, you were asked for it by banking services. This is because practically every bank in the world is a member of the swift network and responsible for money transfers and messages between financial (and also non-financial) organizations, and the use of these codes is mandated by this system. Swift code is a distinctive code for the branch of each institution in the world. This code is utterly necessary for the secure transfer of money from one institution to another and our website is a dedicated web portal for these codes and the entities that hold them. Unlike the institution that first adopted them (SWIFT-Society for Worldwide Interbank Financial Telecommunication), these codes became known as swift codes but were subsequently standardised as BIC (Business Identifier Codes). A swift code generally consists of 8 or 11 characters. Simply stated, most of the time, you just need a swift eight-character code composed of three parts: the first four digits represent the institution, the middle two digits represent the country and the last 2 digits represent the branch or location. After all, in some situations, you will need the eleven-digit code, which also contains the branch identifier, if your bank processes payments through a particular branch.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a universal form of Business Identifier Codes accepted by the International Organization for Standardization ( ISO) (also known as ISO 9362, SWIFT-BIC, BIC code, SWIFT ID or SWIFT code). For both financial as well as non-financial institutions, it is a specific identification code. (A code can also be known as a Business Entity Identifier or BEI when allocated to a non-financial institution.) These codes are used for transferring money across banks, especially for international wire transfers, and also for swapping other messages between banks. Both SWIFT and BIC codes are the same which can be easily found on account statements.
A SWIFT code generally consists of 8 or 11 characters, for instance BBBBUS3M489
Andhra Bank provides AB Xpress facilities to all its customers in order to enable customers to make fund transfers on the same day. This is a NEFT service that helps account holders and walk-in customers to transfer funds to individual accounts and make payments for utilities bills, online shopping etc.
For all account holders at Andhra Bank, NEFT transfers are accessible. What you have to do is access your net banking and mobile banking account in order to use NEFT. After accessing net banking or mobile baking service, you will get a username and password. og in to your account using these credentials and make fund transfer using NEFT. Even for walk-in customers, NEFT services at Andhra Bank are open. By filling out a NEFT form, they can use these facilities. The cap for the NEFT transfer offline at bank branch is Rs.50000.
On every transaction that is rendered, NEFT charges are applicable. Just in the case of inward transactions at Andhra Bank such charges are waived off. NEFT Charges per transaction applied are as follows for all other transactions:
RTGS is a digital payment service provided to enable remittances of significant amounts by banks in India. You can transfer money in real-time to any other bank account in India via RTGS or Real-Time Gross Settlement. There is no holding time to process the transaction and it is usually transferred to the payee's account within one hour. To make RTGS transactions through the bank, one has to fill in the Andhra Bank RTGS form. RTGS payments are processed straight away, unlike NEFT payments. Rs 2,00,000 is the minimum amount that you can transfer through RTGS.
In addition to the offline process, you can complete transactions from any Internet-connected device through a net banking facility. To initiate an online RTGS transaction, below are the steps that you must follow:
In 1985, the assumption of RTGS was implemented thru the UK banks. In India, however, by 2005 only, numerous banks started to provide RTGS payment facilities. RTGS facilities in India are regulated by the Reserve Bank of India. For remitting payments by RTGS, each bank charges a processing fee. RTGS has made it easy to send significant sums of money to any bank account in India within a few minutes, while these transfers previously took days to settle. Charges for Andhra Bank RTGS payment are listed below:
Andhra Bank, via NEFT in India, is one of the major banks offering fund transfer facilities. Through internet banking or mobile banking, customers can use the NEFT service online or ients can also visit the bank. To use the NEFT service, customers visiting the bank have to fill out the Andhra Bank NEFT Form. Cash remittance at Andhra Bank is allowed up to Rs.50,000/- only during offline transactions and there is no upper cap for online transactions, according to the Reserve Bank of India (RBI).
There are two options for customers of the bank to make use of the NEFT facility:
Customers need to provide the following details for online transactions:
Cash remittance is allowed up to Rs.50,000/- only during offline transactions and there is no upper cap for online transactions, according to the Reserve Bank of India (RBI).
Andhra Bank offers an IMPS service for customers that helps them to transfer funds faster using mobile banking and internet banking services. This service is accessible to all Andhra Bank account holders. Using Andhra Bank IMPS, bank customers can transfer funds that are reflected in the beneficiary's account in real-time. Not only can you use an IMPS system to transfer funds to the payee’s account but also you can initiate bill payment and enjoy online shopping in addition. Based on the type of payment that you generate using your online account, transactions carried out by IMPS are charged. Now let's search and learn more about the IMPS charges for Andhra Bank below.
Applicable charges for Andhra Bank IMPS
There are three forms of transfers you can make using the IMPS facility of Andhra Bank:
Note: A charge of Rs.5 plus GST will be incurred for every P2P and P2A transfer you render using IMPS. All P2M transactions are totally cost-free.
Andhra Bank IMPS (Immediate Payment Services) immediately transfers funds of up to Rs 50,000 within a moment to any bank account in India. This is the quick fund transfer facility provided by Andhra Bank, a nationalised public sector bank. Any Andhra Bank account holder now, i.e. Saving Account, Current Account, Staff Account, Overdraft etc. can use NPCI services to make transfer and payments from their mobile phone, i.e. w ith IMPS. IMPS can be used in the Andhra Bank Inter Bank Fund Transfer Mobile Banking application. Customers can also transfer the money straight via their smartphone, where payment is instantaneous. NPCI has set a cap for the mobile number or IFSC money transfers along with account number or Aadhaar transfer mode too.
Steps to register mobile number in case you are a new user
An extremely valuable fund transfer option that helps you to make instant money transfers is the IMPS (Immediate Payment Service) service. Hence, some of its core advantages are:
As mentioned above, there are two options for making an individual to use IMPS transfer. For each transaction type, the specifics you need are as follows:
Mobile to mobile transfer: Name, mobile number and MMID of the beneficiary
Mobile to account transfer: Name, account number and IFSC code of the beneficiary
Note: Provide the details given to you by the retailer in order to make utility payments or other merchant transactions. In the terms of credit card transactions, the account number of the credit card and the IFSC code can be used to facilitate the transfer.
As we realize, the Mobile to Mobile Money Transfer through the IMPS was launched by almost all banks in India today. To use this IMPS service or to do any mobile transaction, we can specify if this is a mobile transfer to mobile money or any other mobile transaction, such as IRCTC ticket bookings etc. For that operation, we need MMID and OTP. Andhra Bank promises its customers a convenient way to get MMID and OTP . With their registered mobile number, the customer just has to send a text SMS. The SMS formats for accessing MMID and OTP for Andhra Bank customers using the SMS service are as follows:
Type ‘MMID’ and send it to 9223173924 to generate MMID of Andhra Bank via SMS.
Alternatively MMID can also be generated by customers by logging into the Andhra Bank Mobile application.
OTP can also be generated by customers by logging into the Andhra Bank Mobile application. For 1 hour, the OTP is valid (only for a single transaction success or failure). The transaction limit for OTP generated by the SMS is 5,000, while the transaction limit for OTP generated by the Mobile Banking Application is 50,000.