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A savings account is the most common form of an interest-bearing deposit account which is held with a bank or NBFC and provides a nominal interest rate. A savings account is often the first bank account for many people.
With a savings account, you get easy access to your safely stored cash at any point of time. It is the most liquid form of savings. You can use a savings account to save money for specific or daily expenses. It can also be used to save for a rainy day. Savings accounts helps keep a track of all the transactions made, including deposits and withdrawals.
There are various fees associated with a savings account as well. You need to maintain a particular balance each month to avoid paying penal charges. The minimum balance required, interest rate and fees and charges vary from bank to bank. There is also a limit on the number of withdrawals you can make in a month without attracting charges.
Savings accounts are not lucrative in the sense that they are the least profitable type of short-term investments. The interest on a savings account is far less when compared to that of a Fixed Deposit account. Though they are liquid investments and easily accessible in times of need, they offer low yields in comparison to other forms of savings.
About Andhra Bank Savings Account
An Andhra Bank savings account provides a host of banking benefits including trading and portfolio solutions, flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with an Andhra Bank Savings Account.
There are various benefits to having a savings account with Andhra Bank. Following is an overview.
AB Kiddy Bank
AB Abhaya Plus
AB Easy Savings (No-frills account)
Abhaya SB Account
AB Gold Account
AB Jeevan Abhaya
AB Super Salary SB Account
AB Platinum Savings Bank Account
AB Diamond Savings Bank Account
AB Jeevan Abhaya “Double Plus"
AB Jeevan Abhaya “Triple Plus"
AB Little Stars and AB Teens
The minimum balance required in Andhra Bank savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:
Andhra Bank savings account comes with interest rates of up to 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.
Different Andhra Bank savings accounts have a different schedule of charges. It is best to contact Andhra Bank directly for the most up to date charges.
Andhra Bank savings account opening is easy and hassle-free, with the option to open an account online. You can choose the branch of your choice and even provide nomination information. You would be required to upload the required KYC documents like ID proof, address proof, and a passport size photograph. After you fill in the form and upload your documents online, a unique Tracking ID Number will be generated which you can use to track the application status.
You would be required to visit the branch with your original documents not more than 15 days after the submission of the application form online
Alternatively, you can directly walk into your nearest Andhra Bank branch with your KYC documents and talk to a bank representative regarding your saving needs and open an account accordingly.
1. What is the best interest rate on an Andhra Bank saving account?
The interest rates can go up to as high as 4%. For the latest interest rates, it is better to contact the nearest Andhra Bank branch.
2. Is it possible to open an Andhra Bank savings account online?
Yes, absolutely. Just log on to the website, fill in the online application form and apply. You would be required to upload your KYC documents and visit the bank with your original documents after applying online.
3. Who is eligible to open a basic savings account with Andhra Bank?
An individual residing in India, HUF, minors (with the declaration of the parent / guardian) are eligible to open an Andhra bank savings account.
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