Andhra Bank

Andhra Bank is a medium-sized Indian Public Sector Bank (PSB). It has a total of four extension counters, thirty-eight satellite offices, 3636 Automated Teller Machines (ATMs), and 2803 branches. At present, the bank operates in 3 Union Territories and 25 states of India. The headquarters of Andhra Bank is located in Hyderabad, India.

History of Andhra Bank

Andhra Bank was established by the famous freedom fighter Dr. Bhogaraju Pattabhi Sitaramayya. The official registration of the bank was done on 20^th November 1923. The business commenced on 28^th November 1923.

In the year 1956, Hyderabad became the capital state of Andhra Pradesh, and the bank's registered office subsequently got shifted to the location – Andhra Pradesh Buildings, Sultan Bazar, Hyderabad. Later, in the year 1980, Andhra Bank was recognized as an utterly Government-owned bank.    

Services Offered by Andhra Bank

Andhra Bank offers an extensive range of services to its customers. The essential services the customers can avail from the bank are discussed below:

Credit Cards

The bank provides globally accepted Credit cards, including MasterCard, Visa, Visa Classic, Visa Corporate, Visa Gold, and Visa Platinum.

Debit Cards

Debit cards are the bank’s exclusive cards. The customers can use the cards to purchase products or services at any of the merchant outlets.

Loans

Andhra Bank offers different types of loans or funds to its customers, including:

• Home Loan
• Car Loan
• Educational Loan
• Gold Loan
• Vehicle Loan
• Personal Loan
• Mortgage Loans
• AB Professional Loans
• Non-Agricultural Loan
• Reverse Mortgage Loan
• Loans against KVP’s, NSC’s, and LIC Policies
• Loans against Rent Receivables
• Doctor Plus

AB Term Deposits

Andhra Bank offers multiple deposit schemes. The interest rate of each one varies from the other based on:

• Duration of the deposits
• Government guidelines
• Prevailing interest rate

The various deposit schemes offered by the banks are:

• AB Fixed Deposits
• AB Recurring Deposits
• AB Recurring Plus
• AB Money Time
• AB Smart Choice
• AB Freedom Deposit
• AB Tax Saver
• AB Kalpataruvu Deposits

Savings Accounts

Andhra Bank offers multiple savings facility for catering to the requirements of various groups of customers. The different Savings accounts provided are:

• AB Easy Savings
• AB Kiddy Bank
• AB Super Salary SB Account
• AB Abhaya SB Account
• AB Abhaya Plus
• AB Jeevan Abhaya Double Plus
• AB Little Stars and AB Teens
• AB Jeevan Abhaya Scheme
• AB Jeevan Abhaya Triple Plus
• AB Abhaya First Wealth Account
• AB Diamond SB Account
• AB Platinum SB Account
• AB Abhaya Gold SB Account

NRI Banking

Andhra Bank also offers multiple services to the NRIs.

Deposit Schemes

• NROFD
• NREFD
• NRE Account

Loans

• Home Loan
• Educational Loan
• Loans on Deposits

Online Bank Services

Andhra Bank also offers many online services, including:

• Mobile Banking
• Internet Banking
• Tax Payments
• SMS Banking
• TeleBanking
• Click to Pay
• AB Online Shoppe
• Aadhar Seeding

Fixed Deposit Rates of Andhra Bank. 

Andhra Bank FD can be considered as a great move to open up an FD with convenience and ease, at appealing interest rates.

 

There are a host of advantages that the customers can enjoy by opening a Fixed Deposit bank account in Andhra Bank. The key advantages of the same include:

• Easy investment coupled with appealing returns.
• Nomination facility
• Interest is paid on a monthly cycle at a discounted rate. It can be even paid on a quarterly cycle as preferred by the customer.
• Simple interest will be paid when the deposit matures.

Andhra Bank has received a broad spectrum of awards and recognitions since it came into the picture. It received the FINTECH Asia 2006 Award for "Any Branch Banking (ABB)." The bank also won recognition as the Best Bank for agricultural lending. Some of the other awards earned by the bank are – IBA Technology Award, Best Bank Award (award for banking technology by IDRBT, Hyderabad), an award for SLBC.