Manage Money

Andhra Bank

Andhra bank was founded by Dr. Bhogaraju Pattabhi Sitaramayya, an eminent freedom fighter. It was registered on 20th November 1923 and commenced business on 28th November 1923. Its paid-up capital was 1 lakh, and authorized capital was ten lakhs. It is a medium-sized public sector bank (PSB) with nearly 3000 branches. "For all your needs" as the corporate slogan, Andhra bank is wholly committed to providing excellent banking services to customers without any discrimination.

Andhra Bank Services

Andhra bank provides a lot of banking services to its customers. Here is the list of services:

  • Internet Banking

  • Mobile Banking

  • SMS Banking

  • Other Services

Internet Banking

Andhra bank offers a wide range of facilities through internet banking such as fund transfer, Aadhar seeding, Locker booking, Tax payments, etc. There are facilities such as IMPS, RTGS, and NEFT in fund transfers.

Mobile Banking

Taking advantage of the latest technologies, Andhra bank offers an exciting range of services. You can download AB TEJ app, where you must register using your mobile number and credit/debit card and avail online fund transfer service.

SMS Banking

If you want to find out your balance, know about the last three transactions, check the status of a transaction or want to change the SMS banking password without a smartphone, you have the SMS banking option. You must send a  keyword from your registered mobile number to the designated service number of the bank, and you'll get an instant response.

NRI Banking

Andhra bank offers a lot of services to NRI customers too. The savings accounts offered to NRIs are as follows:

  • NREFD: If the NRI is interested in the conversion of his currency and wants to avail the tax benefits, these accounts are very much suitable as the amount in the accounts is tax-free.

  • NROFD: This facility is available to those who had regular income/assets acquired before becoming an NRI and wants to invest in the fixed assets. Interest obtained from this account is taxable.

  • NRE account: These accounts will work to those NRIs who have regular income on assets which they acquired before becoming an NRI and also making genuine payments in India. The account must be maintained in Indian currency. Interest rates are as per the domestic standards.

Other Services

You can request/ block ATMs, book a locker online, pay taxes through internet/mobile banking. You can also open your savings account online in Andhra bank.

IFSC Code of Andhra Bank

Each branch of any Indian bank has a unique IFSC code. An IFSC code is used to facilitate its customers with quick fund transfer services. This code makes it easier to identify the bank branches that participate in the fund settlement processes: IMPS, NEFT, and RTGS. It is a 11-digit code that is a mix of letters and numbers. This code helps ensure safe transactions through Immediate Payment Services (alternately IMPS), National Electronic Funds Transfer (alternately NEFT), Centralized Funds Management System (alternately CFMS), Real Time Gross Settlement (alternately RTGS),  or bank-to-bank electronic Instant Mobile Money Transfer service. IFSC code of Andhra bank has three components. The first four alphabets are to identify the bank, the next letter is always a Zero, and the last six digits specify the Andhra bank branch address, which is always unique.

How to Find Andhra Bank IFSC Codes?

It is quite easy to find out the IFSC code of Andhra bank. If you have an account, the IFSC code of your bank is printed on your passbook as well as your cheque book. You can also search for the IFSC code of the desired branch of Andhra bank in the official website.

Products of Andhra Bank

Credit Cards

Andhra bank offers credit cards like Visa Platinum, Visa Corporate, Visa Classic, and Master cards that have global acceptance. These cards are issued against the minimum taxable income of 1.80 lakhs. These credit cards have the following features:

  • No admission fee.

  • No finance charges during the interest-free period.

  • No annual subscription in the first year.

  • Monthly bill is sent to the registered mobile number.

  • 2 add-on cards are provided for parents/guardians/spouse.

  • Cards are also issued against deposits.

  • Cash withdrawn is limited to 50% of the availed credit limit.

  • Cash advance-charged at an interest rate of 3%

  • Unpaid dues have a service charge of 2.5% in case minimum balance is paid; otherwise, 2.95% on the outstanding amount.

Debit Cards

Debit/ATM cards are used for making purchases at any merchant outlets. Andhra bank offers non-personalized chip cards along with the PIN at all the bank counters at the time of opening a new account with the bank. Debit cards are used for the following purposes:

  • Withdrawal of cash

  • Balance inquiry

  • Pin change

  • Merchant payments

Savings Account

Andhra bank offers numerous savings facility to cater to the needs of diverse categories of customers. They have a savings account for salaried people, corporate customers, kids, pensioners, govt. sector and charitable trusts and societies. The rate of interest offered on the savings account is usually 4 % for all categories. The different types of savings account in Andhra bank are as follows:

  • AB Super Salary SB Account

  • AB Kiddy Bank

  • AB Easy Savings (No Frills account)

  • AB Little stars and AB Teens

  • AB Abhaya Plus

  • AB Jeevan Abhaya Double Plus

  • AB Jeevan Abhaya Scheme

  • AB Abhaya SB Account

  • AB Abhaya Gold SB Account

  • AB Platinum SB Account

  • AB Diamond SB Account

  • AB Abhaya First Wealth Account

  • AB Jeevan Abhaya Triple Plus

Loans

The Andhra bank offers a wide range of loans to its customers, which are as follows:

  • Housing Loan

  • Vehicle Loan

  • Car Loan

  • Educational Loan

  • AB Professional Loans

  • Doctor Plus

  • Personal Loans

  • Gold Loan

  • Non-Agricultural Gold Loan

  • Mortgage Loans

  • Reverse Mortgage Loan

  • Loan against Rent Receivables

  • Loan against NSCs, KVPs, LIC Policies

AB Term Deposits

Andhra bank offers numerous deposit schemes to its customers. The rate of interest varies for the deposit schemes, and that mainly depends on the duration of deposits and the prevailing rate of interest. Also, it is dependent on the guidelines set by the government. Senior citizens can avail an extra benefit of 0.05% interest for recurring deposits. Various deposit schemes available are as follows:

  • AB Fixed deposits

  • AB Recurring deposits

  • AB Recurring Plus

  • AB Freedom (Flexi) deposit scheme

  • AB Tax Saver

  • AB Money Time

  • AB Kalpataruvu deposits

  • AB Smart Choice










 

Get your free Credit report that cost  Rs 1200 for FREE

1. Build your Credit Score

2. Reduce your Current Borrowing / EMI Costs