Date:08/09/2007 URL: http://www.thehindu.com/2007/09/08/stories/2007090855431000.htm

Andhra Pradesh

Bank launches new facility

Staff Reporter

VISAKHAPATNAM: As part of the nation-wide initiative, Andhra Bank launched the National Electronic Fund Transfer (NEFT) in 30 branches in Visakhapatnam zone on Friday. The facility is now available in 604 branches across the country.

NEFT is an efficient, secure, economical and reliable method of immediate transfer of funds from one branch to another, within the network.

Customers of different banks can also avail the system by using the bank’s network. Under the system, funds will be transferred from the customer of one bank to customer of another bank on the same day within an hour or two by using the computer networks of the participating banks.

The facility is open to all types of savings and current account holders and customers can avail the system from the start of the business hours to 4 p.m. on weekdays and till 12 noon on Sundays.