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Savings Account

Andhra Bank is one of the foremost public sector bank offering multiple products to cater the daily financial needs of millions of customers across India and various other global destinations.

The variants of saving accounts offered by Andhra Bank are

  1. AB Kiddy Bank
  2. AB Abhaya Plus
  3. AB Easy Savings (No-frills account)
  4. Abhaya SB Account
  5. AB Gold Account
  6. AB Jeevan Abhaya
  7. AB Super Salary SB Account
  8. AB Platinum Savings Bank Account
  9. AB Diamond Savings Bank Account
  10. Abhaya First Wealth Pack
  11. BHAYA FIRST WEALTH PACK
  12. AB Jeevan Abhaya – Double Plus
  13. AB Jeevan Abhaya – Triple Plus
  14. Minor Savings Bank Account
  • AB Little star account
  • AB Teen account

AB Kiddy Bank

  • A Minor saving bank account offered to Children up to the age group of 18 year.
  • For children between the age group of 10 years till 18 year, account can be opened and operated solely in individual name, however for children below the age of 10 years, the account shall be operated as under guardian account in the name of natural guardian.
  • Minimum Average balance required is Rs 100/- and the interest is paid out @ 4% P.A.
  • To encourage the habit of saving in the child, a doll with lock facility is offered as a welcome gift. The minor can put their daily savings in the doll. The doll can be unlocked only in the branches where the account is being held.
  • A nominal premium of Rs 32/- PA is charged towards the life insurance cover for kid and guardian.

AB Abhaya Plus

  • A Savings bank account with Dual benefit of Savings & Accidental Insurance.
  • Affordable premium of Rs 18/- and the maximum quantum of cover  is up to Rs 50000/-.
  • Wide array of risk is covered for the account holder to ensure maximum protection against any untoward event.

AB Easy Savings (No-frills account)

  • A No frill saving account with nominal average balance requirement of RS 5/- only.
  • Nil charges for non maintenance of average balance.
  • Full waiver of any other service charges
  • Any withdrawal from the account can be done vide withdrawal slip along with passbook.
  • No debit card or cheque book facilities issued to the account holder.
  • Simple and hassle free documentation. The account can be opened basis introduction by an existing Andhra Bank saving account holder. The introducer should have at least six month of banking relationship with Andhra Bank with good track record in their account.
  • Apart from introducer letter, any other credential to established identity and address of the customer is acceptable, however subject to satisfaction by the bank.
  • No transaction shall be allowed in the account for either the total balance is the accounts exceeds the threshold limit of Rs 50,000/- or the total credit transaction in the accounts exceeds RS. 100,000/-in a year.
  • In the event of breach of any above conditions, the bank hold the right to close the account , however customer may  open basic  savings account with requisite KYC Norm in the same branch of Andhra Bank.

Abhaya SB Account

  • A saving account combined with the benefits of accidental insurance cover at a very nominal premium amount.
  • Available for Individuals between the age group of 5 Years to 70 years, on either single or joint operating mandate.
  • Exclusive banking benefits include Payable at par Cheque books and International Debit card.
  • Customers can avail the benefits of 24 hour ATM facility, Utility payment & Instant Fund Transfer through ATMs.
  • Banking facilities is available for customer even at non home branches i.e. from any branch of Andhra Bank.
  • The premium is collected upfront at the time of account opening and subsequently on 31st August every year.

AB Gold Account

  • A premium saving account with exclusive features of payable at par Cheque books, International Debit card and a wide network of 24 hour ATM facility.
  • The account is Available for Individuals between the age group of 5 Years to 70 years, on either single or joint operating mandate.
  • Add on benefit of insurance cover Rs 1 lakh per person in case of death due accidental reason or permanent disablement and INR. 50,000/- in case of partial disablement.
  • Affordable premium of  INR. 45  per person per annum and is collected upfront

AB Jeevan Abhaya

  • A Savings Bank Account combined with the benefit of Group insurance Cover with Accident Death Benefit, offered in partnership with M/s India First Life Insurance Co. Ltd.
  • The account is offered to only group members aged between 18 to 55 years.
  • Sum assured offered under the account is Rs.1 lakh, in case of either normal or accidental death. 
  • Simple documentation process with no medical checkup required.
  • Attractive discount for the group policy as against the individual plan.

AB Super Salary SB Account

  • An exclusive saving bank account to cater the daily financial requirement of salaried employees.
  • The account is available for salaried staff of   any company/organization drawing salaries through Andhra Bank.
  • Free Internet Banking Facility with a host a numerous online facilities such as bill payment, fund transfer, online account details, free online Trading A/c and On line Tax payment
  • The saving account can be clubbed with AB Freedom (Flexi) Deposit Scheme to enjoy the auto sweep facility. The account offers the flexibility to switch amount in excess of   RS.10, 000/-   towards  fixed Deposits as applicable to  AB Freedom (Flexi) Deposits
  • Free of cost 50 leaves payable at par Cheque Book.
  • Personalized Debit card issued free of cost and nil annual charges for first year.
  • Free Credit Card is offered with the account with specific Conditions apply.
  • The AB Super Salary SB Account can be extended to non salary account holder, however subject to specific conditions however without any overdraft facility.

AB Platinum Savings Bank Account

  • An elite savings account for high end customers and customized services.
  • The account is available for High net worth individuals, well paid salaried class of reputed Corporate houses or any  Public Sector or private Enterprises.
  • The initial deposit required is for Rs. 1, 00,000/- and quarterly average balance is Rs 5,00,000.
  • A host of premium services such as locker allotment on Priority, unlimited personalized cheque book with no extra charge, zero annual charge for debit card and credit card.
  • The platinum savings account holder may deposit unlimited cash , and withdraw cash up to Rs. 1,00,000 /- in the account , even at non-home branches.
  • The facility of RTS/NEFT is offered free of cost with maximum limit equivalent to 5 times the AQB maintained in the account.
  • Apart from the features of savings account, customers have the double benefit of insurance protection. A cover of Rs10.00 lakhs as Accidental Insurance Coverage of & Rs.2.00 lakh towards Life Insurance benefit is available for Individuals at no extra cost.

AB Diamond Savings Bank Account

  • A tailor made savings account for premium class customers with a host of lucrative benefits at no extra cost.
  • The account is available for High net worth individuals, well paid salaried class of reputed Corporate/ Public Sector Undertakings/ Public Sector Enterprises/ Central /State Governments or Societies / Charitable Trusts and Educational Institutions whose income is exempted from Income Tax.
  • The initial deposit required is for INR.  50,000/- and quarterly average balance is 3, 00,000.
  • A host of premium services such as locker allotment on Priority, unlimited personalized cheque book with no extra charge, zero annual charge for debit card and credit card.
  • Nil charges for SMS Service, Internet Banking, and Annual maintenance Charges for Demat account and free of cost monthly statement.
  • The platinum savings account holder may deposit unlimited cash, and withdraw cash up to INR. 1, 00,000 /- in the account, even at non-home branches.
  • The facility of RTS/NEFT is offered free of cost with maximum limit equivalent to 5 times the AQB maintained in the account.
  • Apart from the features of savings account, customers have the double benefit of insur4ance protection. Accidental Insurance Coverage of INR. 5 lakhs & Life Insurance Coverage of INR.1 lakh is available for Individuals at no extra cost.

Abhaya First Wealth Pack

  • A unique proposition of four different financial solutions pooled in a single wallet.
  • Abhaya First Wealth Pack is a Savings Bank Account combined with Recurring Deposit and Unit Linked Plan and offers protection needs with Life Insurance Cover.
  • The account offers safe and steadily growing investment portfolio with high yield.
  • The account has three different variants with different requirements of average quarterly balance requirement.
  • The account is available for individuals between the age group of 18 years to 59 years and only on single mode of operation.
  • The recurring facility is for 10 years with Installments paid every year on annual basis.
  • Nomination is mandatory under the account.
  • The ULIP plan for investment shall be India First Smart save Plan and the SIP shall be deducted on monthly basis for which customer has to be set up Standing Instruction in their saving bank account.
  • The value for investment in all the three variants is as below.

 

Products

Abhaya First Wealth Pack-Silver

Abhaya First Wealth Pack-Gold

Abhaya First Wealth Pack-Platinum

AQB requirement

INR. 25,000/-
(Annually)

INR. 50,000/-
(Annually)

INR. 1,00,000/-
(Annually)

India First Smart save Plan (ULIP)

INR 12,000

INR 24000

INR 40,000

 Life Cover offered

 

 

 

INR. 400000/-

 

 

 

INR. 600000/-

 

 

 

INR. 1000000/-

Age Group

18 -50 yrs

51-55 yrs

INR. 400000/-

INR. 564000/-

INR. 940000/-

56 – 59 yrs

INR. 400000/-

INR. 564000/-

INR. 940000/-

AB JEEVAN ABHAYA “DOUBLE PLUS

  • An exclusive Savings Bank Scheme doubled with the benefit of Group Life Insurance with an optimum Coverage of INR. 5 Lakhs to the account holder at minimal premium rate.
  • The Yearly renewable insurance cover is for natural and accidental death
  • The plan is available for customer between the age group of 18 yrs – 55 Year
  • Simple and hassle free documentation with just Good Health Form required. No medical health check up is required.
  • Add on services such as Personalized Cheque Books, Debit cards, Internet Banking, SMS alerts, Mobile Banking, IMPS, RTGS –NEFT & email registration is offered under the account.
  • Tax benefits on premium paid is as applicable under Income Tax section 80C & Sec 10 (10D).

AB Jeevan Abhaya Triple Plus

  • A customized saving account with enhanced insurance protection offered along with the benefits of savings.
  • Group Life Insurance Coverage of INR. 10 Lacs is offered at affordable premium rate.
  • Simple and hassle free documentation with just Good Health Form required. No medical health check up is required.
  • Add on services such as Personalized Cheque Books, Debit cards, Internet Banking, SMS alerts, Mobile Banking, IMPS, RTGS –NEFT & email registration is offered under the account.
  • Tax benefits on premium paid is as applicable under Income Tax section 80C & Sec 10 (10D).

Minor Savings Bank Account

Andhra Bank offers two saving bank account customized to meet the daily financial requirement of children.

 AB Little Star account.

  • Available for minor between 15 yrs & above but less than 18 years.
  • The parent /Guardian can only operate the account.
  • Minimum average balance required is Rs. 5000/- for both rural and urban branches.
  • No outward remittance is allowed and only Inward remittances are allowed the account.
  • Pass Book & withdrawal booklet is issue along with the account.

 AB Teens account

  • Available for minor between 10 yrs & above but less than 15 year.
  • Children who can sign on their own and maintain the flow of signature can operate the account on their own.
  • Minimum average balance required is INR. 500/- for both rural and urban branches.
  • No outward remittance is allowed and only Inward remittances are allowed the account.
  • Savings Bank Pass Book & withdrawal booklet is issue along with the account.
  • Apart from the facility to withdraw from branches, the account brings the benefits of personalized Rupay ATM Cards, Internet Banking facility and Mobile Banking facility.