Andhra Bank IFSC and MICR Code:

Andhra Bank opens new Navshakti branch

Andhra Bank has opened a Navshakti branch in Andhra’s Nidadavolu town. Andhra Bank has 690 Navshakti branches across India, these branches provide customers with 24x7 e-banking facilities such as cash deposits, cash withdrawals, coin-vending machines, updating passbooks, internet banking, phone banking, Queue Management Systems (QMS), and depositing of cheques. The new Navshakti branch has been set up in an effort to curb bouncing of cheques, which bring upon frivolous court litigations and to improve the internet security of customer’s bank accounts. The Navshakti branch is expected to bring the processing time of transactions down. Junior Civil Judge R.V. Sharma inaugurated the new branch and laid emphasis on the fact that people need to be educated about the latest developments in banking technology, so that they can also access the Navshakti branches for performing banking related transactions.

Andhra Bank to improve its bank mitra network

While India is growing exponentially year on year, a majority of people in the country still do not have access to basic banking services among other things. To offset this anomaly, Andhra Bank has decided to further strengthen its bank mitra and make them more effective.

MD and CEO of Andhra Bank, Suresh N. Patel has said that the bank has begun taking calculated steps to help people from rural areas to get banking facilities through their bank mitras. A bank mitra is basically a person interfacing between banks and rural populace who helps with any and all banking related issues of a particular region.

Mr. Patel accompanied by several other Andhra Bank officials took a visit of Chodavaram in Penamaluru Mandal, Buddhavaram in Gannavaram Mandal, and Gudavalli in Vijayawada Mandal. During this visit, the officials interacted with all the bank mitras and discussed their issues. Speaking during the occasion, Mr. Patel said that the bank is going to make the bank mitras more easily available by offering its services in more remote locations across the state.

Andhra Bank plans to expand by adding 300 branches this financial year

Executive Director of Andhra Bank, S.K. Kalra confirmed that the bank is looking to add 300 branches this fiscal, as part of its expansion plans. He also said that majority of the new branches will be opened in the states of Telangana and Andhra Pradesh.

Kalra mentioned that the industries of steel, infrastructure and power were facing a slowdown and its effect was seen in the banking sector as well. However, Andhra Bank was reported to be faring better than most others. He also said that the stricter provisioning norms that were implemented have made it difficult for banks, but will eventually work in their favour.

24x7 banking facility launched by Andhra Bank

In yet another attempt to allure hordes of new gen smartphone clients, the leading public bank, Andhra Bank, has come up with an innovative facility to deliver round-the-clock banking in their branches as declared by a senior exec of the bank to the media. This occurred during the inauguration of their ‘Navshakti’ in the presence of Ongole MLA Mr. D Janardhana Rao and other officials. Navshakti branches will be a blessing to people as banking can be done even after usual bank hours. Launch of six more such branches are in the pipeline. All you need to know is the account number of the recipient and IFSC Code of the branch for quick transactions.

Gold Bond Scheme Launched by Andhra Bank

Andhra Bank has introduced a sovereign gold bond scheme Tranche-IV, which will be allowed for subscription from the period of 18th July to 22nd July of 2016. A minimum of 1g and a maximum of 500g can be invested under this scheme. The bond tenure is eight years, however there is a provision for premature cancellation after completion of five years. The bonds are available at an interest rate of 2.75% p.a.

The gold bonds sponsored by GOI (Government of India) can be purchased from all 2,826 branches of Andhra Bank across India. These sovereign gold bonds will be sold only to resident Indians including HUFs, individuals, charitable institutions, trusts and universities.

Andhra Bank has reported a 72.14% fall in its net profit for the 31st March, 2016, quarter. The bank is one of the leading public sector banks in India with electronic fund transfer facilities using IFSC codes.

Andhra Bank to Add 100 More Cash Recyclers in Vijayawada

Andhra Bank plans to increase the number of cash recyclers to allow customers to deposit cash any time of the day. It recently set up 300 cash recyclers in the Vijayawada division, and received positive feedback on the venture.

An additional 100 cash recyclers would be put in circulation during the financial year, said Andhra Bank General Manager Ajay Gupta.

The bank also announced the conversion of all Vijayawada city branches into ‘Navshakti’ branches that provide anytime e-banking facilities for cash deposit, withdrawal, passbook updation and cheque deposits. Online money transfer can be done using NEFT, RTGS or IMPS once you know the IFSC code and bank account of the receiver.

Andhra bank gets RBI Nod for Bharat Bill Payment service

Andhra Bank has received approval from the Reserve Bank of India (RBI) to launch Bharat Bill Payment Service, that will allow customers to make utility bill payments through the bank. Bank MD and CEO Suresh N. Patel said the service will be launched around September this year.

The bank is also set to introduce User Payment Interface on its mobile app, to help customers transfer money through their mobile phones. This transfer will require the user to know the bank account number of the receiver and IFSC code of the receiver’s bank branch.

Patel said the bank’s focus was to increase the use of technology in its service delivery to make it more convenient to its customers.

Andhra Bank bestows PMSBY insurance claim amount to nominee

The Punadipadu branch of public sector lender, Andhra Bank, has agreed for a claim as per the Pradhana Mantri Suraksha Bhima Yojana. The bank executives offered INR 2 lacs to Devineni Jayachandra, the nominee of a client named Srilakshmi, who passed away in an accident. Senior manager of the branch stated that Poranki-resident had a savings account in her name with the bank. She chose the PMSBY Insurance scheme in May 2015 and has disbursed INR 12 as premium towards the scheme. When a road accident claimed her life, the bank received claim from the nominee and processed it in record time. They lost no time in documentation and the cheque was issued to the nominee in 10 days.

Chillr App - Andhra Bank Offers Mobile Payment Services

Andhra Bank declared a partnership with popular mobile payment app Chillr, which will now permit their clients to transfer money promptly to any contact in their address book. Chillr is a cutting edge app, connected to the client’s bank account in which you can transfer cash to anyone in the country one you register for this. It is user friendly and can be accessed on Android, Windows and iOS operating systems. Lately they have implemented IMPS technology (which makes use of IFSC Code) to serve their customers better. Now, the incorporation is in its experimental phase where the functionality is being tested with bank staffs and certain users.

Andhra Bank Introduces IMPS for Quick Cash Transfer

Andhra Bank has unveiled Immediate Payment Service (IMPS) at each one of its offices in the country in partnership with the National Payments Corporation of India (NPCI). It comes with multiple channels and dimensions to make any kind of bulk disbursement a reality in a matter of a few seconds. And of course there is absolutely no compromise regarding safety when it comes to electronic money transfer. Publicizing the takeoff the bank’s top officials are excited to have facilitated IMPS throughout their branches to offer inter-bank electronic money transactional facility to their customers. One only needs to enter the beneficiary’s account number and the specific IFSC Code of that person’s bank branch. Perceiving that there is a growing requirement for prompt fund transmittals, the bank stated the IMPS launch as one of their most user-friendly moves. The maximum amount one can send is INR 2 lacs and the charges are nominal (INR 5 per each remittance).