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Andhra Bank Savings Accounts

Andhra Bank Savings Account

Last Updated 15th Dec 2020

  • Andhra Bank offers a wide range of savings account products for specific customer groups.
  • Minimum balance requirement to open a savings account in Andhra Bank is Rs. 150.
  • You can get high returns up to 3.00% on a savings account.
  • Open instant Andhra Bank savings account online.
  • Internet banking and mobile banking facility available.
  • The facility of safe deposits locker facility, nomination available in Andhra Bank.
Apply for Savings Account

Andhra Bank Savings Account

Andhra Bank offers a wide range of savings accounts that allows individuals to deposit money, keep it safe, and withdraw funds, all while earning interest. It provides a savings account according to the needs of the specific customer groups and caters to their requirement. For instance, it offers the Premium saving account for its high-end customers and also provides the minor savings account for children below the age of 18 years. The bank offers several facilities like internet banking, mobile banking, and allows no minimum balance requirement in many saving account products.

Features and Benefits of Andhra Bank Savings Account

Benefits of Andhra Bank saving Account are as follow:

  • Andhra Bank offers an interest rate on saving account in the range of 3.00% to 3.00%.
  • Balance requirement for Andhra Bank savings account is Rs. 150.
  • An individual can transfer the Andhra Bank savings account to any other branch without changing the account number.
  • Safe deposits locker facility, nomination facility is also available.
  • Andhra Bank savings account provides the facility of linking to the Multi Option Deposit account to fetch higher term deposit interest on the surplus money.
  • It provides various kinds of debit cards as per account holder’s convenience.
  • Andhra Bank offer banking facilities like internet banking and missed call banking. An individual can also avail the mobile banking facility which provides services like interbank mobile payment services (IMPS), utility bill payments, mobile recharges, enquiry and statements and cheque book request.
  • No charge is levied for passbook service.

Andhra Bank Savings account Charges

ProductMinimum balanceInterest RateNon Balance Maintenance Charges
AB Kiddy BankRs. 1003.00% - 3.00%--
AB Abhaya Plus3.00% - 3.00%--
AB Easy Savings No frills accountRs. 53.00% - 3.00%--
Abhaya SB AccountRs. 1503.00% - 3.00%--
AB Gold Account4.00% - 4.00%--
AB Jeevan Abhaya4.00% - 4.00%--
AB Super Salary SB AccountRs. 5,000 should be maintained except when the account is in debit balance4.00% - 4.00%--
AB Platinum Savings Bank AccountRs. 5,00,000 QAB4.00% - 4.00%Rs. 1,500
AB Diamond Savings Bank AccountRs. 3,00,0004.00% - 4.00%Rs. 1,000
Abhaya First Wealth PackRs. 25,000 to Rs. 1,00,0004.00% - 4.00%--
AB Jeevan Abhaya Double Plus4.00% - 4.00%--
AB Jeevan Abhaya Triple Plus4.00% - 4.00%--
AB Little StarsRs. 250 to Rs. 5004.00% - 4.00%--
AB Teens4.00% - 4.00%--

Andhra Bank Savings Account Products

Andhra Bank offers multiple savings account products for different purposes. Some of the popular products of Andhra Bank savings are:

AB Abhaya Plus

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

Key Features:

  • 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

Eligibility:

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

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.

Key Features:

  • 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

Eligibility:

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

AB Jeevan Abhaya

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

Key Features:

  • 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

Eligibility:

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

AB Platinum Savings Bank Account

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

Key Features:

  • 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

Eligibility:

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

AB Diamond Savings Bank Account

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

Key Features:

  • 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

Eligibility:

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

Abhaya First Wealth Pack

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

Key Features:

  • 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

Eligibility:

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

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.

Key Features:

  • 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

Eligibility:

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

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.

Key Features:

  • 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

Eligibility:

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

AB Little Stars

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

Key Features:

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

Eligibility:

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

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.

Key Features:

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

Eligibility:

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

Andhra Bank Savings Account Nomination Plan

Andhra Bank asks their customers to make nominations which imply that they should nominate individuals to whom the amount lying in their accounts should go in the event of their death. Nomination can be made in account opening form itself or on a separate form indicating the name and address of the nominee. The person can change the nomination any time. Andhra Bank savings account provides the nomination facility in all the savings products.

Andhra Bank Savings Account Welcome Kit

Andhra Bank provides a Welcome Kit containing personalised cheque book and ATM Card, which is mailed to the customers’ postal address selected for correspondence, after 7 – 8 working days from the date of opening of a particular savings account.

Top Applications Offering UPI Facility

Andhra Bank Savings Account Helpline

Individuals can call Andhra Bank’s 24X7 helpline number 1800-425-1515, which is accessible from all landlines and mobile phones in the country.

Open saving account with Other Banks online

FAQs

Can I open Andhra Bank bank account online?

Andhra Bank enables individuals to open a savings bank account online as well. Individuals can open an Insta saving account and digital savings account.

What is the minimum balance for an Andhra Bank savings account?

Minimum balance requirement differs with Andhra Bank saving account products. The minimum balance required to open a Abhaya SB Account in Andhra Bank is Rs. 150.

Which saving account is best in Andhra Bank?

There are various savings account products offered by Andhra Bank. These accounts are specially developed for a certain section of people. Individuals may compare the interest rate offered, minimum account requirements and facilities provided to select the best product.

Can I open Andhra Bank account with zero balance?

The minimum balance requirement to open a savings account with Andhra Bank is Rs. 150. If any individual does not maintain the minimum balance then non-balance maintenance charges are levied.


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Andhra Bank News - Jan 2021
  • 2017-09-12 : Andhra Bank cuts interest rate on savings account to 3.5 per cent
    Public sector lender, Andhra Bank has lowered interest rate on its savings bank account to 3.5 per cent in line with market competition. Now, deposits of up to Rs. 50 lakh will attract a 3.5 per cent interest rate from 4 per cent charged earlier. The revised rates will be effective from September 15th September, 2017.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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