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Andhra Bank Savings Account

Andhra Bank is one of the oldest public sector banks in India. It offers different types of financial products including savings account. Customers of Andhra Bank savings account get interest rate and have to keep a minimum balance. Andhra Bank offers different types of savings account to cater to the different types of customers.

History of Andhra Bank 

Andhra Bank was registered on 20th November 1923 and was founded by eminent freedom fighter Dr. Bhogaraju Pattabhi Sitaramayya. It started its operation on 28th November 1923 with a paid-up capital of Rs 1.00 lakh and authorised capital of Rs 10.00 lakhs.

Headquartered in Hyderabad, Andhra Bank is a public sector bank of India with a network of 2885 branches as of 31 March 2019. It currently operates in 25 states and three Union Territories. As per the recent reports by Minister of Finance, Andhra Bank will be merged with Union Bank of India.   

Interest rate on Andhra Bank savings account 

The savings account offers a specific interest rate to its customers. The interest rates are revised regularly based on the current repo rate and are calculated at the end of the day balance. The saving account interest rate in Andhra Bank above Rs.1 lakh is linked to the repo rate and is a few percentage points lower than the current repo rate.

andhra bank savings account interest rate

Minimum balance in Andhra Bank savings account

Account-holders of Andhra Bank Savings Account has to keep a minimum balance in a savings account. However, the minimum balance requirement will depend on the type of savings account and the location of the bank branch. Savings account holders of Andhra Bank with cheque facilities have to keep a higher minimum average balance than customers who don’t have cheque book facility. Similar is the case with account holders residing in the urban areas.

A basic savings account or no-frills account, a category of savings account, has the lowest average balance of Rs.5.  

Here’s the minimum balance requirement of Andhra Bank savings account

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How to open Andhra Bank Savings account 

To make the opening of an Andhra Bank savings bank account a seamless process, the bank has introduced the online opening of saving account. Abhaya Saving Bank (ASOGP), Abhaya Gold Savings (AGOGP), AB Jeevan Abhaya (AJOGP) and AB Super Salary SB Account (SBPRV) are the four types of savings account where the online application is valid.

Online opening of the bank savings account is available for resident Indians and can be opened for self-operation.

Steps to open an Andhra Bank savings account online

Step 1: Visit the online account opening form page and fill the required details.

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Step 2: Upload the soft copy of passport size photographs, scanned copy photo id, scanned copy of address proof.

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Step 3: After the submission of the documents, a unique Tracking ID Number is generated and will be sent to the given email address. Keep this number safe for future reference. 

Step 4: Visit the nearest Andhra Bank branch with the original documents for verification after 3 working days and not more than 15 days.

 Step 5: The bank representative will check the original documents with the details that were added.  

Step 6: Once the details are approved, a new savings account will be opened with Andhra Bank.

Types of Andhra Bank Savings Account 

Andhra Bank provides different types of savings account to its customers. There are 13 different types of Andhra Bank account.

AB Jeevan Abhaya

 AB Jeevan Abhaya is a savings bank account provides group life insurance cover with an accidental death benefit. IndiaFirst Life Insurance covers insurance.

AB Kiddy Bank 

This savings account is meant for children of up to 18 years. The minimum balance of this savings account is Rs. 100. Children between the years 10 to 18 can open and operate this account without any guardian after producing an age proof. For children who are below 10 years, the natural guardian should open and operate the account. Customers of this bank account will be given a doll where children can put their savings. The lock of the doll remains with the bank and one needs to visit the bank branch to open the doll.

AB Abhaya Plus

AB Abhaya Plus is a savings account with accidental insurance facility that covers death / partial or permanent disability. A premium of Rs.36 needs to be paid against the insurance facility. The maximum insurance cover of the account is Rs.1 lakh.

AB Easy Savings (No-frills account)

This savings account aims to cater to the vast sections of the unbanked population. It is similar to the basic savings account or zero balance account. Although the minimum balance of the account is Rs. 5, there are no charges on the non-maintenance of the minimum balance amount.

KYC Norms of the account are relaxed. Customers can be introduced by an existing bank account holder. The person introducing should have at least a six-month relationship with the bank. Any other proof of identity and address that seems fit to the bank.

Abhaya Savings Bank Account

This savings account can be opened either jointly or singly. It also offers personal accident insurance cover against death or permanent/partial disability for up to Rs.50,000 per person.

AB Gold Account

This bank account covers accident risk and offers insurance cover worth Rs.2 lakh per person. The premium for this account stands at Rs.91 per person.

AB Super Salary SB Account

AB Super Salary SB Account is a zero-balance account for salaried employees. Employers can help employees to open this account. It also offers various benefits such as free internet banking, free ATM, debit credit and easy disbursal of credit cards and loans.

AB Platinum Savings Bank Account

This savings bank account is for high net worth individuals and a well-paid salaried class of reputed corporates, PSUs and state government employees etc. Organisations such as societies, charitable trusts and educational institutions whose income is exempted from Income Tax can also open this account. The initial deposit for opening the account stands at Rs.1 lakh. The minimum balance or the quarterly average balance of this account is Rs.5 lakhs.

AB Diamond Savings Bank Account

The savings account is similar to the platinum savings account. The account can be opened with an initial deposit of Rs.50,000 and the minimum quarterly balance is Rs. 3 lakhs. Priority locker allotment, free personalized unlimited cheque book facility and free cash withdrawal up to Rs.1 lakh from bank branches are some of the benefits of the account.

AB Jeevan Abhaya “Double Plus”

This savings account extends group life insurance cover of Rs.5 lakhs and covers accident and death due to natural causes. No medical examination is required and comes with a nominal premium.

AB Jeevan Abhaya Triple Plus

The bank account offers renewable group term insurance scheme that provides death cover at a nominal premium amount. The maximum coverage provided by the bank is Rs. 10 lakhs and customers between 18 to 55 years can apply for this scheme.

AB Little Stars and AB Teens

AB Little Stars and AB Teens are two savings account meant for minors. It comes with many advantages such as exclusive savings passbook and specially designed withdrawal booklet. For AB Teens, RuPay ATM Cards with photo, internet banking facility and mobile banking facility is also provided.

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