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Introduction
A savings account is the most common form of an interest-bearing deposit account which is held with a bank or NBFC and provides a nominal interest rate. A savings account is often the first bank account for many people.
With a savings account, you get easy access to your safely stored cash at any point of time. It is the most liquid form of savings. You can use a savings account to save money for specific or daily expenses. It can also be used to save for a rainy day. Savings accounts helps keep a track of all the transactions made, including deposits and withdrawals.
There are various fees associated with a savings account as well. You need to maintain a particular balance each month to avoid paying penal charges. The minimum balance required, interest rate and fees and charges vary from bank to bank. There is also a limit on the number of withdrawals you can make in a month without attracting charges.
Savings accounts are not lucrative in the sense that they are the least profitable type of short-term investments. The interest on a savings account is far less when compared to that of a Fixed Deposit account. Though they are liquid investments and easily accessible in times of need, they offer low yields in comparison to other forms of savings.
Overview Andhra Bank Savings Account
An Andhra Bank savings account provides a host of banking benefits including trading and portfolio solutions, flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with an Andhra Bank Savings Account.
Features and Benefit of Andhra Bank Savings Account
There are various benefits to having a savings account with Andhra Bank. Following is an overview.
- Safety and security when you store your cash in a savings account
- Different savings account for different needs.
- Access your account with ease via Net Banking, Mobile Banking and SMS Banking facilities.
Types of Andhra Bank Savings Accounts
AB Kiddy Bank
- Children up to the age of 18 years are eligible to apply
- Minors over the age of 10 years can operate the account independently. Proof of age required.
- A unique doll piggy bank free of cost to the account holder— for putting their savings in. It contains a secret lock which can be opened only at the branch where the account is held.
- Minimum balance required: Rs. 100
- Premium of Rs.32 for the kid and guardian
AB Abhaya Plus
- Comes with Accidental Insurance facility covering death / partial or permanent disability.
- Premium: Rs.18
- The maximum coverage is up to Rs 50000
AB Easy Savings (No-frills account)
- Minimum balance requirement of only Rs.5
- No Charges on non-maintenance of Minimum Balance; no other service charges
- No Restrictions on the number of withdrawals in the account.
Abhaya SB Account
- Comes with Accidental Insurance facility covering death / partial or permanent disability.
- The maximum coverage is up to Rs 50000
- Value added services like Cheque books / International Debit card / 24-hour ATM facility / Utility payments through ATMs / Instant Fund Transfer/ Any Branch Banking
AB Gold Account
- Comes with Accidental Insurance facility covering death / partial or permanent disability.
- The maximum coverage is up to Rs. 1,00,000 per person
- Value added services like Cheque books / International Debit card / 24-hour ATM facility / Utility payments through ATMs / Instant Fund Transfer/ Any Branch Banking
AB Jeevan Abhaya
- Provides Group Life Insurance cover and Accident Death Benefit.
AB Super Salary SB Account
- Free Internet Banking Facility.
- Free Access to non-Andhra Bank ATMs
- Free Statement of Account -Once in a month
- Free issue of Cheque Books of 50 leaves in a year
- Free ATM / Debit Card (for first year)
AB Platinum Savings Bank Account
- Priority locker allotment
- Free personalized unlimited cheque book facility
- Free cash withdrawal at all the branches up to Rs.1,00,000
- ATM/Debit annual maintenance charges waived off
- Free Accidental Insurance Coverage of Rs.10.00 lakhs
- Free Life Insurance Coverage of Rs.2.00 lakh
- Waiver of NEFT/RTGS charges
- Free Internet Banking Facility.
- All the benefits are subject to initial deposit of Rs.1.00 lakh and QAB of Rs.5.00 lakhs.
AB Diamond Savings Bank Account
- Priority locker allotment
- Free personalized unlimited cheque book facility
- Free cash withdrawal at all the branches up to Rs.1,00,000
- ATM/Debit annual maintenance charges waived off
- Free Accidental Insurance Coverage of Rs.10.00 lakhs
- Free Life Insurance Coverage of Rs.2.00 lakh
- Waiver of NEFT/RTGS charges
- Free Internet Banking Facility.
- All the benefits are subject to initial deposit of Rs. 50,000 and QAB of Rs.3.00 lakhs.
AB Jeevan Abhaya “Double Plus"
- AB Jeevan Abhaya “DOUBLE PLUS” is an exclusive Savings Bank Scheme extending Group Life Insurance Coverage of Rs. 5 Lakhs to the account holder at nominal premium rate.
- This is One Year Renewable Group Term Insurance Policy which covers death due to Natural causes and Accident
- In association with IndiaFirst Life Insurance Company Ltd.
AB Jeevan Abhaya “Triple Plus"
- AB Jeevan Abhaya “Triple Plus"” is an exclusive Savings Bank Scheme extending Group Life Insurance Coverage of Rs. 5 Lakhs to the account holder at nominal premium rate.
- This is One Year Renewable Group Term Insurance Policy which covers death due to Natural causes and Accident
- In association with IndiaFirst Life Insurance Company Ltd.
AB Little Stars and AB Teens
- Only inward remittances are allowed
- Exclusive Pass Book Issued with Photo on it.
- A specially designed withdrawal booklet issued to the account holders.
- Rupay ATM Cards with Photo
- Internet Banking facility
- Mobile Banking facility
Andhra Bank Savings Account Minimum Balance
The minimum balance required in Andhra Bank savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:
| Type of Savings Account | Minimum Balance Required |
|---|---|
| AB Kiddy Bank | Rs. 100 |
| AB Easy Savings (No-frills account) | Rs. 5 |
| AB Super Salary SB Account | Rs. 5000 |
| AB Platinum Savings Bank Account | AQB: Rs. 5,00,000 |
| AB Diamond Savings Bank Account | AQB: Rs. 3,00,000 |
| AB Little Stars and AB Teens | Rural Branches: Rs. 250, SemiUrban: Rs. 250, Urban: Rs. 500, Metro: Rs. 500 |
Andhra Bank Savings Account Interest Rate
Andhra Bank savings account comes with interest rates of up to 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.
Andhra Bank Savings Account Charges
Different Andhra Bank savings accounts have a different schedule of charges. It is best to contact Andhra Bank directly for the most up to date charges.
How to open an Andhra Bank Savings Account
Andhra Bank savings account opening is easy and hassle-free, with the option to open an account online. You can choose the branch of your choice and even provide nomination information. You would be required to upload the required KYC documents like ID proof, address proof, and a passport size photograph. After you fill in the form and upload your documents online, a unique Tracking ID Number will be generated which you can use to track the application status.
You would be required to visit the branch with your original documents not more than 15 days after the submission of the application form online
Alternatively, you can directly walk into your nearest Andhra Bank branch with your KYC documents and talk to a bank representative regarding your saving needs and open an account accordingly.
Andhra Bank Savings Account FAQ
1. What is the best interest rate on an Andhra Bank saving account?
The interest rates can go up to as high as 4%. For the latest interest rates, it is better to contact the nearest Andhra Bank branch.
2. Is it possible to open an Andhra Bank savings account online?
Yes, absolutely. Just log on to the website, fill in the online application form and apply. You would be required to upload your KYC documents and visit the bank with your original documents after applying online.
3. Who is eligible to open a basic savings account with Andhra Bank?
An individual residing in India, HUF, minors (with the declaration of the parent / guardian) are eligible to open an Andhra bank savings account.
Andhra Bank Savings Account - Customer Reviews
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