Andhra Bank Saving Account

Last Updated 16th May 2019

Andhra Bank Savings Account Interest Rate India May 2019

Andhra Bank Abhaya SB Account
Interest Rate Upto Rs. 100 Cr : 4.00%
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Minimum Account Balance Rs. 150
Debit Card International Debit card
  • Insurance cover of upto Rs. 50,000 per person
  • Premium amount of Rs. 15
  • Cheque books/ International Debit card/ 24 hour ATM facility/ Utility payments through ATMs/ Instant Fund Transfer/ Any Branch Banking

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Andhra Bank Online Saving Account

Saving Account in Andhra Bank – Benefits

You get the following benefits while opening Savings Account with Andhra Bank

Nomination facility Yes
Passbook facility Yes
Chequebook facility Yes
Issuance of Debit Card Yes
Internet Banking Yes
Mobile Banking Yes
Fund Transfer Yes
DD Pay Orders Yes

Andhra Bank Savings Account

Andhra Bank offers an interest rate of 4.00% - 4.00% p.a. Andhra Bank also offer accounts to meet the specific requirements of salaried, women, kids and senior citizens.

Product Name Minimum Age Minimum Balance Required
AB Kiddy Bank 10 years Rs. 100
AB Abhaya Plus 18 years N.A
AB Easy Savings No frills account 18 years Rs. 5
Abhaya SB Account 5 years Rs. 150
AB Gold Account 18 years N.A
AB Jeevan Abhaya 18 years N.A
AB Super Salary SB Account 18 years Rs. 5,000 should be maintained except when the account is in debit balance
AB Platinum Savings Bank Account 18 years Rs. 5,00,000 QAB
AB Diamond Savings Bank Account 18 years Rs. 3,00,000
Abhaya First Wealth Pack 18 years Rs. 25,000 to Rs. 1,00,000
AB Jeevan Abhaya Double Plus 18 years N.A
AB Jeevan Abhaya Triple Plus 18 years N.A
AB Little Stars 10 years Rs. 250 to Rs. 500
AB Teens 15 years N.A

Andhra Bank Savings Account Products

AB Kiddy Bank

This account is specifically for minors above the age of 10 years. Precisely, the age group of 10 to 18 years

Features of AB Kiddy Bank

  • Deposits in the account can be made from any branch of the bank

AB Abhaya Plus

AB Abhaya Plus is Savings bank account with Accidental Insurance facility covering death / partial or permanent disability.

This account is for resident Indians of 18 years of age and above

Features of AB Abhaya Plus

  • Premium of Rs. 32 for the kid and guardian
  • Free doll with every savings account
  • The maximum coverage is up to Rs. 50,000
  • Premium amount of Rs. 18
  • The maximum coverage is up to Rs. 50,000

AB Easy Savings No frills account

To make banking facilities available to vast sections of population our Bank introduced No Frills Savings A/c with name and style AB Easy Savings Bank account.

This account is for resident Indians of 18 years of age and above

Features of AB Easy Savings No frills account

  • The total balance in the account at any point of time should not exceed Rs. 50,000
  • Total Credits in the account should not exceed Rs. 1,00,000 in a year. If either of the one i.e. total balance or credits exceeds the set limits no further transaction will be permitted in the account. In such cases the customer has to close the account and open normal savings account fulfilling the complete KYC Norm

Debit Card Offered : No

Cash Withdrawal Limit : Unlimited, drawals only through withdrawal forms accompanied by pass book

Abhaya SB Account

Holder of this account follows the age eligibility of less than 70 years

Features of Abhaya SB Account

  • Insurance cover of upto Rs. 50,000 per person
  • Premium amount of Rs. 15
  • Cheque books/ International Debit card/ 24 hour ATM facility/ Utility payments through ATMs/ Instant Fund Transfer/ Any Branch Banking

Debit Card Offered : International Debit card

AB Gold Account

Holder of this account follows the age eligibilty of less than 70 years

Features of AB Gold Account

  • Risk is covered only due to accident
  • In case of Death cover of Rs. 1 Lac
  • Premium amount is Rs. 45 per person per annum
  • Cheque books/ International Debit card/ 24 hour ATM facility/ Utility payments through ATMs/ Instant Fund Transfer/ Any Branch Banking

Debit Card Offered : International Debit card

AB Jeevan Abhaya

AB Jeevan Abhaya is a Savings Bank Account which provides Group Life Insurance Cover with Accident Death Benefit.

This account is opened by resident individuals of age group 18 to 55 years

Features of AB Jeevan Abhaya

  • The sum assured is Rs. 1 Lac in case of normal death and accidental death also
  • The premium is payable per annum is in the range of Rs. 227 and Rs. 786 according to age groups
  • No Medical Check up is required except a simple Health Declaration Form

AB Super Salary SB Account

Salaried staff of any company/organization drawing salaries through Andhra Bank can open this account

Features of AB Super Salary SB Account

  • Free remittance up to Rs. 25,000 per month
  • Option to convert balance in excess of Rs. 10,000 as Term Deposits subject to the guidelines as applicable to AB Freedom Flexi Deposits
  • Life Insurance cover up to Rs. 1 Lac as available under AB Jeevan Abhaya Scheme of our Bank for the age group of 18 to 55 years
  • Account can be opened with Zero balance

Debit Card Offered : Personalized Debit card

AB Platinum Savings Bank Account

Banking for well paid salaried class of reputed Corporates/ Public Sector Undertakings/ Public Sector Enterprises/ Central /State Governments.

The feature of this account are most suitable for high net worth individuals

Features of AB Platinum Savings Bank Account

  • Priority locker allotment
  • Free Accidental Insurance Coverage of Rs. 10 Lacs is available for Individuals in the age group between 5 years to 75 years
  • Free Life Insurance Coverage of Rs. 2 Lacs for individuals in the age group between 18 years to 55 years
  • Initial deposit of Rs. 1 Lac

Balance Non Maintenance Charges : Rs. 1,500

AB Diamond Savings Bank Account

Banking for well paid salaried class of reputed Corporates/ Public Sector Undertakings/ Public Sector Enterprises/ Central /State Governments.

The feature of this account are most suitable for high net worth individuals

Features of AB Diamond Savings Bank Account

  • Priority locker allotment
  • Free Accidental Insurance Coverage of Rs. 5 Lacs is available for individuals in the age group of 5 years to 75 years
  • Free Life Insurance Coverage of Rs. 1 Lac for individuals in the age group of 18 years to 55 years
  • Initial deposit of Rs. 50,000

Balance Non Maintenance Charges : Rs. 1,000

Abhaya First Wealth Pack

This Wealth pack has the features of four products: Recurring Deposits, Savings Bank Account and Life Insurance Cover.

This account is opened by resident individuals of age group 18 to 59 years

Features of Abhaya First Wealth Pack

  • Term is of 10 years with annual installments
  • Mode of operation is Single
  • Available in three denominations: Silver Rs. 25,000, Gold Rs. 50,000 and Platinum Rs. 1 Lac
  • Life cover available in the range of Rs. 4 Lacs to Rs. 10 Lacs

AB Jeevan Abhaya Double Plus

Double Plus is an exclusive Savings Bank Scheme extending Group Life Insurance Coverage of Rs. 5 Lacs to the account holder at nominal premium rate.

This account is opened by resident individuals of age group 18 to 55 years

Features of AB Jeevan Abhaya Double Plus

  • No medical examination has to be undergone by the persons
  • Premium Rates in the range of Rs. 800 to Rs. 3,700, depending on the age group
  • Tax benefits on premium

AB Jeevan Abhaya Triple Plus

Triple Plus is an exclusive Savings Bank Scheme extending Group Life Insurance Coverage of Rs. 10 Lacs to the account holder at nominal premium rate.

This account is opened by resident individuals of age group 18 to 55 years

Features of AB Jeevan Abhaya Triple Plus

  • No medical examination has to be undergone by the persons
  • Premium Rates in the range of Rs. 1,600 to Rs. 7,300, depending on the age group

AB Little Stars

Open and operate the account to plan your childs need, right from a young age.

This account is specifically for minors in the age group of 10 to 15 years

Features of AB Little Stars

  • Accounts are to be operated by the Parent / Guardian
  • A specially designed withdrawal booklet shall be issued

Debit Card Offered : Rupay ATM Cards with Photo

AB Teens

Inculcate the habit of savings and spending judiciously in your minor aged 10 to 18 years who can open this account and manage it independently.

This account is specifically for minors in the age group of 15 to 18 years

Features of AB Teens

  • Children who can sign independently can open this account
  • A specially designed withdrawal booklet shall be issued

Debit Card Offered : Rupay ATM Cards with Photo

Documents Required

Andhra Bank requires the following documents to open a Savings Account

  • Signed application form
  • Income Tax PAN Copy
  • Identity Proof: Driving License, PAN, Passport VoterID
  • Address Proof: Utility Bill, Property Tax Bill. Any other ID and address proof issued through a competent authority are also valid
  • In case of account for minors, Id and address proof of guardian, Photograph of guardian, Birth proof of minor, Declaration from guardian are required

Frequently Asked Questions on Andhra Bank Savings Account

How much interest is charged by Andhra Bank on Savings Account?

Andhra Bank offers an interest rate of 4.00% to 4.00% on Savings Account.

What is the minimum amount required for opening Savings Account in Andhra Bank ?

The minimum amount required for opening Savings Account in Andhra Bank is Rs. 150.

How does Andhra Bank calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by Andhra Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does Andhra Bank offer Debit card to the account holder?

Yes, various debit cards are offered, differing according to the product. Some of the popular savings account products of Andhra Bank with the type of debit card offered are listed in the table below.

AB Easy Savings No frills accountNo
Abhaya SB AccountInternational Debit card
AB Gold AccountInternational Debit card
AB Super Salary SB AccountPersonalized Debit card
AB Little StarsRupay ATM Cards with Photo
AB TeensRupay ATM Cards with Photo

Interest rate on all SBI deposits products listed in the table above is 4.00% to 4.00%

What is the eligibility criteria to open a savings account in Andhra Bank
  • Holder of this account follows the age eligibility of less than 70 years
Andhra Bank News - May 2019
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