A savings bank account is one of the oldest and most trustworthy instruments of saving. Even as the world gets hooked on to mobile and internet banking, savings bank account remain one of the most reliable methods of parking one’s earnings.
The attractive rates and terms offered by various banks have boosted people’s confidence in this saving tool. A great example of such banks is Andhra Bank.
Minimum Balance Amount
Andhra Bank has different rules for maintaining minimum balance depending on the location of a bank branch. The break-up is as follows:
1. In bank branches situated in rural areas:
- With cheque book: Rs 250
- Without cheque book: Rs 100
2. In bank branches situated in semi-urban areas:
- With cheque book: Rs 250
- Without cheque book: Rs 250
3. In bank branches situated in urban areas:
- With cheque book: Rs 250
- Without cheque book: Rs 100
Types of accounts
- One of the biggest advantages of opening a savings account with Andhra Bank is that there are different kids of savings account for different needs
- Be it kids or elderly or salaried professions, there’s a bank account catering exclusively to them.
- For instance, if parents want their children to save, they can open an AB Kiddy Bank account for them. With a minimum balance of Rs 100, any one up to the age of 18 years could get an account opened. The children are given an attractive doll to put their savings in. The doll could be opened only at the home branch of the client.
No Frills account
- The bank has another category called ‘No Frills’ savings account for which the minimum balance limit is just Rs 5, irrespective of the area in which a bank branch is situated in.
- Further, Andhra Bank does not charge any fee if a client fails to maintain the minimum balance in a ‘No Frills’ account.
