Andhra Bank Savings account

The Andhra Bank has offered banking services for 96 years and still establishing more branches to serve the Indian citizens. The bank started as a medium-sized public sector bank of India. Andhra bank is among the best banks offering digitalized services where customers can bank and transfer money quickly from one account to another. The bank is now part of the Union Bank from the year 2020.

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 Kiddy Bank:

• Children's up to the age of 18 years can open the Minor saving bank account
• Minors between the age group of 10 -18 years are eligible. The account can be opened and operated solely in individual names but will be operated as under guardian account 
• Deposits can be made at the into the account can be made at any branch of Andhra Bank
• The minimum balance required is Rs 100/- and the interest paid @ 4% P.A  w.e.f.,  03.05.2011
• A nominal premium of Rs 32/- PA is charged towards the life insurance cover for kid and guardian.

AB Abhaya Plus

• AB Abhaya Plus is a savings bank account with Accidental Insurance covering death / partial or permanent disability
• Premium of Rs 35 and the maximum cover is up to Rs 1,00,000-.
• Broad risk is covered for the account holder to ensure maximum protection and the entry age is 5 - 70 years
• The below risks are covered under this plan
  • Death 
  • Permanent total disability
  • Loss of any two limbs out of Eyes/hands/feet
  • Loss of one eye/foot/hand 

AB Easy Savings (No-frills account)

• Savings account with a nominal average balance of RS 5/- only.
• No charges for minimum balance maintenance
• Service charges are fully waived
• Money withdrawal from the account can be done by the slip along with the passbook and has no restrictions.
• No checkbook or ATM/Debit card is issued to the account holder
• An existing Andhra Bank saving account holder must introduce. The introducer should have at least six months of banking relationship with Andhra Bank with a good track record in their account.
• Any other evidence as to the identity and address of the customer to the satisfaction of the bank.
• The total balance in the account shall not exceed Rs 50,000/- or the total credit transaction in the accounts exceeds RS. 100,000/-in a year.
• In the event of a breach of any above conditions, the customer has to close the account and open normal savings account fulfilling the complete KYC Norm

AB Abhaya SB Account

• A savings account added with the benefits of accidental insurance cover
• Between the age group of 5 Years to 75 years are eligible to open either a single or joint account
• Exclusive banking benefits include Cheque books/ International Debit card/ 24 hour ATM facility/ Utility payments through ATMs/ Instant Fund Transfer/ Any Branch Banking.
• Customers can get an Insurance cover of Rs. 50,000 per person and risks covered are death, partial or permanent disability by accident
• The premium of Rs.15 is collected at the time of account opening and subsequently on 31st August every year.
• Claim information should be given within 90 days and the submission should be done within 180 days.
• Settlement of Claims is done by United India Insurance Company Ltd (UIICO), at their sole discretion and Andhra Bank will only act as a facilitator.

AB Abhaya Gold Account

• Individuals between the age group of 5 - 75 years are eligible and can create either a single or joint account
• A premium saving account with exclusive features of Cheque books/ International Debit card/ 24 hour ATM facility/ Utility payments through ATMs/ Instant Fund Transfer/ Any Branch Banking.
• Risk is covered only due to accident between 1,00,000 - 2,00,000 
• Insurance cover Rs 2 lakh per person in case of death or permanent disability due to accident, and INR. 1,00,000/- in case of partial disability
• An affordable premium of  INR. 91  per person per annum is collected at the time of account opening and charged on 31st October every year
• Claim information should be given within 90 days and the submission should be done within 180 days.

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 people aged between 18 to 55 years.
• The insurance amount offered under the account is Rs.1 lakh, in case of either normal or accidental death.
• Simple documentation process with no medical checkup required.
• The premium payable is Rs.155 for age between 18-35 years, Rs.315 for age between 36-50 years, and Rs.778 for age between 51-55 years
• The insurance year is from 1st December to 30th November every year
• Claim information should be given within 90 days and the submission should be done within 180 days.

AB Super Salary SB Account

• An exclusive saving bank deposit accounts for the salaried staff of any company/organization drawing salaries through our Bank.
• Free Internet Banking Facility with other online facilities such as bill payment, Free Demat A/C, Free debit card, Fund transfer, online account details, free online Trading A/c and Online Tax payment
• Free remittance up to Rs.25000/- per month
• The savings 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 personalized checkbook with 50 leaves in a year
• Personalized Debit card issued free of cost and nil annual charges for the first year.
• Free Credit Card is offered with the account with specific Conditions apply.
• Life Insurance up to Rs.1.00 lakh as available under the "AB Jeevan Abhaya" Scheme of our Bank for the age group of 18 to 55 years.
• The above facilities are also available to Non-salaried class subject the following:
  • The account will be opened with a minimum balance of Rs.5,000/- and not with ZERO balance.
  • No overdraft facility is allowed since the source of regular inflow of funds is not available

AB Platinum Savings Bank Account

• Savings account for well paid salaried class of reputed Corporates/ Public Sector Undertakings/ Public Sector Enterprises/ Central /State Governments.
• The initial deposit of Rs. 1,00,000/-  is required to open the account and the quarterly average balance of Rs 5,00,000  lakhs is to be maintained
• A host of premium services such as priority locker allotment, unlimited personalized checkbook with no extra charge, zero annual charges for debit card, and credit card.
• The platinum savings account holder may deposit unlimited cash, and withdraw cash up to Rs. 1,00,000 /- lakh from any branch
• RTS/NEFT is offered free of cost with a maximum limit equivalent to 5 times the AQB maintained in the account.
• A free cover of Rs 10.00 lakhs as Accidental Insurance Coverage for individuals aged 5 - 75 years & Rs.2.00 lakh Life Insurance benefit is available for Individuals in the age group between 18 years to 55 years

AB Diamond Savings Bank Account 

• Special savings account for premium class customers with a host of lucrative benefits at no extra cost.
• 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 are eligible.
• An account can be opened with the initial deposit of Rs. 50,000/- and the quarterly average balance is Rs. 3,00,000.
• A host of premium services such as locker allotment on Priority, unlimited personalized checkbook with no extra charge, zero annual charges for debit card and credit card.
• No charges for SMS Service, Internet Banking, and Annual Maintenance Charges for the Demat account and free of cost monthly statement.
• The savings account holder may deposit unlimited cash, and withdraw cash up to INR. 1, 00,000 /- in the account, even at non-home branches.
• RTS/NEFT is offered free of cost with a maximum limit equivalent to 5 times the AQB maintained in the account.
• Accidental Insurance Coverage of INR. 5 lakhs  for age group 5 - 75 years & Rs.1.00 lakh Life Insurance benefit is available for Individuals in the age group between 18 years to 55 years 

AB Jeevan Abhaya Double Plus

• Customized savings account with enhanced insurance protection offered along with the benefits of savings.
• Group Life Insurance Coverage of INR. 5 Lakhs is offered at an affordable premium rate.
• Simple documentation with just a Good Health Form required. No medical health check-up is needed
• 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.
• The premium payable is Rs.885 for age between 18-35 years, Rs.1746 for age between 36-50 years, and Rs.4142 for age between 51-55 years
• Tax benefits on premium under Sec 80C & Death benefit under Sec 10 (10D) of IT Act 1961.

AB Jeevan Abhaya Triple Plus

• Customized savings account with enhanced insurance protection offered along with the benefits of savings.
• Group Life Insurance Coverage of INR. 10 Lakhs is offered at an affordable premium rate.
• Simple documentation with just a Good Health Form required. No medical health check-up is needed
• 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.
• The premium payable is Rs.1770 for age between 18-35 years, Rs.3493 for age between 36-50 years, and Rs.8284 for age between 51-55 years
• In case of multiple accounts under AB Jeevan Abhaya “TRIPLE PLUS”, only one account will be eligible for coverage.
• Tax benefits on premium under Sec 80C & Death benefit under Sec 10 (10D) of IT Act 1961.

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 a minor between 10 years and 15 years
• The parent /Guardian can only operate the account.
• The minimum average balance required is Rs. 500/- for both rural and urban branches.
• No outward remittance is allowed and only Inward remittances are allowed the account.
• Pass Book & withdrawal booklet is provided along with the account.

 AB Teens account

• Available for a minor between 15 years and 18 years
• Children who can sign on their own and operate the account
• The 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 given
• 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.