Andhra Bank Current Account

A current account is the preferred type of bank account for businesses, corporations, public enterprises, and entrepreneurs who need to manage a high volume of transactions regularly. These accounts, primarily offered by commercial banks, are associated with frequent transactions and do not offer interest due to their transactional nature. One key benefit of a current account is the unlimited number of transactions allowed. This article explores Andhra Bank Current Accounts and the benefits they provide to Indian entrepreneurs. For guidelines on opening a current account, you can visit this page.

About Andhra Bank

Established in 1923 in Machilipatnam, Andhra Pradesh, Andhra Bank started with an initial capital of INR 1,00,000. In 1956, after Andhra Pradesh's linguistic reorganization and Hyderabad's designation as its capital, the registered office moved to the bank building there. The government nationalized Andhra Bank in 1980, merging it with Bharat Lakshmi Bank, enhancing its presence in Andhra Pradesh. For insights into enhancing business credentials, learn about BIS Certification.

Types of Andhra Bank Current Accounts

Andhra Bank offers two main types of current accounts:

AB Premium Current Account
AB Emerald Current Account

For a broader understanding of current account options, consider exploring the offerings from Kotak Mahindra Bank or Federal Bank.

Current Account Form

AB Premium Current Account

The AB Premium Current Account comes with several significant benefits and features:

Salient Features of AB Premium Current

Type of Deposit - Current Deposit
Eligibility - Open to all citizens eligible under the existing Current Deposit Scheme, requiring a minimum balance of Rs. 100,000/-
Availability - Accessible at all branches
Facilities - Insurance charges collected annually for new account holders
Cheque Book Facility - No Folio/Transaction charges

Discover similar benefits offered by the RBL Bank Current Account.

Other Value-Added Benefits

Privileges include instant funds transfer facilities at all branches.
Up to a 50% concession on service charges for funds and remittances at any Andhra Bank CBS branch.
Funds transfer within Andhra Bank and to third-party accounts.
Free internet banking with high security and a free ATM debit card for the first year.
Monthly statements provided at no cost.
Eligible for a free Demat Account (conditions apply).
Free Credit Cards offered to individuals and sole proprietors (conditions apply).

Explore more advantages from similar accounts at Axis Bank.

AB Emerald Current Account

The AB Emerald Current Account provides numerous benefits:

General Benefits

Free priority access to safety lockers.
1,000 personalized cheque leaves offered monthly for free.
Unlimited cash withdrawal at the home branch.
Free self-cash withdrawal up to Rs. 2.00 lakh and Rs. 50,000/- for third parties, at non-home branches under KYC compliance.
Waiver on SMS charges for account holders.

Get insights into other current accounts like the ICICI Bank Current Account.

Special Benefits

Accidental insurance coverage up to Rs 5.00 lakhs.
Waiver on card maintenance fees and annual subscription for ATM and credit cards.
No withdrawal charges from non-Andhra Bank ATMs.

If you're seeking a similar package, you might consider the Yes Bank Current Account.

Key Features

Unlimited cash deposit privileges at non-home branches under KYC guidelines without cash handling or ABB charges.
NEFT/RTGS charges waived, easing the process of maintaining an annual balance.
No annual maintenance charges on the Demat account, adhering to bank terms.
Free internet banking with bi-weekly statement provision.

Eligible account holders for Retail Loans receive up to a 25% concession on processing charges for certain loans, applicable to those maintaining a deposit of Rs. 2.00 lakhs with an annual quarterly balance of Rs. 3.00 lakhs. Explore more options in current accounts from Canara Bank and Indian Overseas Bank.

For more info about business-related concessions, visit this page. If you're filing ESI returns, check ESI return filing for due dates and other details.

Back to Learn

Frequently Asked Questions

Common questions about Andhra Bank Current Accounts.

To open an AB Premium Current Account, customers are required to maintain a minimum balance of Rs. 100,000/-.

For AB Emerald Current Account holders, the bank provides free unlimited cash withdrawal at the home branch. Additionally, they can withdraw up to Rs. 2 lakhs for free and a maximum of Rs. 50,000/- by third parties, even at non-home branches, by adhering to KYC norms.

No, AB Premium Current Account holders are not charged any folio or transaction charges for cheque books issued by the bank.

Yes, AB Emerald Current Account holders are provided with accidental insurance coverage up to Rs. 5 lakhs.

Yes, AB Premium Current Account holders enjoy a 50% concession on service charges for funds and remittances offered by the bank.

AB Emerald Current Account holders who maintain an annual quarterly balance of Rs. 3 lakhs are eligible for various benefits, including waiver of ATM/debit card maintenance fees, credit card annual subscription charges, and charges on NEFT/RTGS transactions.

Yes, both AB Premium Current Account and AB Emerald Current Account holders are provided with free internet banking facilities by the bank.

No, AB Premium Current Account holders are provided with monthly statements of accounts free of charge.

Yes, AB Emerald Current Account holders who avail retail loans from Andhra Bank are eligible for up to 25% concession on processing charges, subject to the bank's norms.

If the balance in an AB Premium Current Account exceeds Rs. 200,000/-, the customer can convert the excess amount into term deposits (in multiples of Rs. 10,000/-) under the AB Freedom (Flexi) Deposit Scheme, subject to the bank's guidelines.