Andhra Bank offers a wide variety of savings account options to cater to the needs of every customer. With features like personalized services and unique benefits with every scheme, customers can be guaranteed of a satisfying experience. Andhra Bank customers can choose a savings account scheme from a multitude of options on their plate. Their account can be accessed from over 2528 global branches and also via ATMs.
Effective 1 April 2020, Andhra Bank has merged with Union Bank. For now there are no changes in Account Number and IFSC Code. For more information checkout Union Bank Savings Account
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Andhra Bank Savings Account Interest Rate
The savings accounts offered by Andhra Bank are simple and versatile, and offer a flat 4.00% interest rate that applies across a range of conditions, including accounts that are offered to both resident and non-resident Indians, normal subscribers as well as senior citizens.
How to open a Andhra Bank Savings Account?
Customers can easily open a Savings account with Andhra Bank through the website. After selecting the online application option, the customer has to upload a passport size photo on the web portal. Also, KYC documents like scanned copy of photo ID, address proof should be uploaded during application. After filling in the necessary details and uploading the required documents, the customer can submit the application form. An unique tracking ID will be provided and the customer can use the same for any future reference. A welcome kit will be offered as a part of the initiation program.
Alternatively, customers can also visit any of the nearest Andhra Bank and open a savings account by providing all the necessary documentation.
Types of Andhra Bank Savings Account
Andhra Bank offers a multitude of options for customers to select from. The following are the savings account scheme offered by Andhra Bank.
AB Diamond Savings Bank Account
This account is exclusively created for well-paid salaried employees of reputed corporate, central and state governments. A special account offered for individuals with high net worth, this account will also give you an array of advantages.
AB Platinum Savings Bank Account
An account for high net worth individuals and well-paid salaried customers from reputed organizations, this savings account will offer many benefits like priority locker allotment and unlimited cheque book facility.
AB Kiddy Bank
This is a special savings account scheme for minors in the age group of 10 to 18 years. The minimum balance requirement is Rs.100 and deposits can be made from any branch of Andhra Bank.
AB Abhaya Plus
With the new Abhaya Plus Savings scheme, customers get accidental insurance facility for a premium of Rs.18. The insurance will offer coverage of up to Rs.50,000 and will protect against death , partial or permanent disability.
AB Easy Savings No Frills Account
This no-frills account is an elementary savings account scheme that comes with no extra service charges and no restrictions on the number of withdrawals in the account. Only a minimum balance of Rs.5 is to be maintained.
Abhaya SB Account
This account offers personal accident insurance cover against death or permanent/partial disability for up to Rs.50,000 per person. This account can be held either jointly or singly.
Abhaya Gold SB Account
This account offers insurance cover worth Rs.1 lakh per person covering death or permanent/partial disability. The premium is fixed at Rs.45 per person.
AB Jeevan Abhaya Scheme
This scheme is launched in partnership with IndiaFirst Life Insurance Company Limited and offers accidental death benefit and group insurance cover to the account holders. This savings account scheme is for applicants between 18 to 55 years.
AB Super Salary SB Account
A zero-balance account for salaried employees of a reputed company/organization, this account also offers other benefits like free internet banking, free ATM, debit and credit card, sweep and reverse sweep facilities amongst many other exclusive benefits.
Abhaya First Wealth Pack
An exclusive product offering from Andhra Bank, this combines the advantages of four products - Life insurance cover, unit linked plan, recurring deposit and savings bank account. With three denominations, gold, silver and platinum packs, this will provide enhanced flexibility and control over money.
AB Jeevan Abhaya Double Plus
A savings bank account extending group life insurance coverage of Rs.5 lakhs, the one year renewable group term insurance scheme covers accident and death due to natural causes. The premium is nominal and no medical examination has to be undergone by applicant.
AB Jeevan Abhaya Triple Plus
This savings account offers an one year, renewable group term insurance scheme that offers coverage against death due to natural causes and accident at nominal premium amount. Customers aged between 18 to 55 years can apply for this scheme and the total coverage provided is Rs.10 lakhs.
AB Little Stars and AB Teens
A savings account scheme for minors, this offering from Andhra Bank brings many advantages like issuance of exclusive savings pass book and specially crafted withdrawal booklet. RuPay cards, internet and mobile banking facility offered with this account will teach the younger generation about new-age banking.
Andhra Bank Savings Account Minimum Balance Requirement and Add-on Features
|Savings Account Name||Minimum Balance Requirements||Features|
|AB Diamond Savings Bank Account||Average Quarterly Balance of Rs.3 lakhs||
|AB Platinum Savings Bank Account||Average Quarterly Balance of Rs.5 lakhs||
|AB Kiddy Bank||Rs.100||
|AB Abhaya Plus||-||
|AB Easy Savings No Frills Account||Rs.5||
|Abhaya SB Account||-||
|Abhaya Gold SB Account||-||
|AB Jeevan Abhaya||-||
|AB Super Salary SB Account||Average Minimum Balance of Rs.5000 to be maintained||
|Abhaya First Wealth Pack||-||
|AB Jeevan Abhaya Double Plus||-||
|AB Jeevan Abhaya Triple Plus||-||
|AB Little Stars and AB Teens||Rs.500 in urban and metro areas and Rs.250 in rural and semi-urban areas||
Andhra Bank Savings Account Eligibility
|Savings Account Name||Eligibility|
|AB Diamond Savings Bank Account||High net worth individuals, well-paid salaried applicants of reputed companies/organizations Societies, educational institutions and charitable trusts|
|AB Platinum Savings Bank Account||High net worth individuals, well-paid salaried applicants of reputed companies/organizations Societies, educational institutions and charitable trusts|
|AB Kiddy Bank||Children under the age of 18 (minors) can apply for this account.|
|AB Abhaya Plus||-|
|AB Easy Savings No Frills Account||As per KYC Norms|
|Abhaya SB Account||The applicant’s age should be 5 to 70 years.|
|Abhaya Gold SB Account||The applicant’s age should be 5 to 70 years.|
|AB Jeevan Abhaya||This scheme is for customers aged between 18 to 55 years.|
|AB Super Salary SB Account||Salaried applicants or any organization or company drawing salary through Andhra Bank.|
|Abhaya First Wealth Pack||The applicant’s age should be between 18 to 59 years.|
|AB Jeevan Abhaya Double Plus||Customers who are in the age group of 18 to 55 years|
|AB Jeevan Abhaya Triple Plus||Customers who are in the age group of 18 to 55 years|
|AB Little Stars and AB Teens||Little stars account can be opened by customers between 10 to 15 years and Teens account can be opened by customers between 15 to 18 years.|
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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.