An Andhra Bank Current Account is a type of bank account designed for businesses, entrepreneurs, and individuals who require frequent transactions such as deposits and withdrawals. Unlike savings accounts, which earn interest, current accounts are primarily used for day-to-day financial operations and do not offer interest. They are ideal for managing business finances, handling large volumes of transactions, and providing liquidity.
Types of Andhra Bank Current accounts
There are two types of current accounts: * AB Premium Current Account. * AB Emerald Current Account.
AB Premium Current Account
The following are some of the major benefits and features of AB Premium Current Account:
Salient Features of AB Premium Current
- Type of Deposit – Current Deposit
- Eligibility to open a current account – All citizens who are eligible to open the bank accounts under AB existing Current Deposit Scheme should maintain Minimum Balance of Rs. 100,000/-
- Availability of the Scheme – It is available in all the Branches
- In Terms of Facilities -The insurance charges will be collected on the 20th of February every year for new account holders.
- Cheque Book Facility – there will be No Folio/ Transaction charges.
Other Value-Added Benefits
- Bank has given the privilege to all the Branch to access banking facility, which includes Instant Funds Transfer facility.
- For Premium Current Account holders, there will be a 50% concession in service charges for funds and remittances. Also, the funds can be instantaneously transferred in any of AB(Andhra Bank) CBS branches.
- The bank affords the account holder the privilege to transfer funds to their own accounts or even to the third party accounts within Andhra bank itself.
- Bank provides Free Internet Banking with high security and a Free ATM Debit Card (for the first year ).
- Statement of Account will be provided for every month without any charges.
- Free Demat A/c will be provided (Conditions apply).
- Free Credit Cards will be provided for the Individuals and Sole Proprietary Concerns (Conditions apply).
If the balance maintained in the account is more than Rs.200000/, it can be converted as term deposits (in units multiple ofRs.10000/–) upon the insistence of the customer, subject to the guidelines as applicable with the AB Freedom (Flexi) Deposit Scheme. Note: For further details, Please contact your nearest CBS Branch of the Andhra Bank.
AB Emerald Current Account
The following are some of the major benefits and features of AB Emerald Current Account:
General Benefits
- Bank provides safety priority locker allotments.
- It gives 1000 personalized cheque leaves per month at no cost.
- At Home branch, the bank scheme provides Free unlimited cash withdrawal.
- Brank provides self-cash withdrawal for up to Rs.2.00 lakh for free and maximum of Rs.50,000/- by third parties even at Non-home branches by observing compliance with the KYC norms.
- Banks Waiver the SMS charges for such account holders.
Special Benefits
- Accidental insurance coverage up to Rs 5.00 lakhs is made available for the customers.
- The bank will waver ATM/debit card maintenance fee and credit card, along with the annual subscription.
- Customers can withdraw money from non-Andhra Bank ATMs without any withdrawal charges.
These benefits are subject to the customers who have initially deposited a sum of Rs.2.00 lakhs and an annual quarterly balance of Rs.3.00 lakhs
Key Features
- With regards to unlimited cash deposit at non-home branches, banks give the privilege for the third party or self by observing the KYC guidelines. No cash handling and ABB charges are imposed on the account holder.
- Charges on NEFT/RTGS are waivered off which provides the customers with an easier way to maintain annual quarterly balance.
- Annual maintenance charges are waived on the Demat A/c, subject to the bank’s terms and conditions.
- The bank provides free internet banking facility. Free statement of accounts will be provided every fortnight.
The account holders who are eligible for Retail Loans are guided as per norms. They are provided with particular loans and accords up to 25% concession in processing charges. These benefits are bestowed to those who make an initial deposit of Rs.2.00 lakhs and maintain an annual quarterly balance of Rs.3.00 lakhs.
Required Documents for Andhra Bank Current Account
1. For Individuals
- Proof of Identity: Aadhaar card, passport, voter ID, or driving license.
- Proof of Address: Utility bills (electricity, telephone), passport, or bank statements.
- Photographs: Recent passport-sized photos.
- PAN Card: The Permanent Account Number card is required for tax purposes.
2. For Businesses
- Proof of Business Registration: Certificate of Incorporation, Partnership Deed, or Memorandum of Association (MoA) for companies.
- PAN Card: For the business entity.
- Identity and Address Proof: Of authorized signatories (individuals handling the account).
- Proof of Address: Address proof of the business premises (e.g., utility bills).
- Other Documents: GST registration or other licenses based on business type.
FAQs
Is there any facility for overdraft on Andhra Bank Current Account?
Yes, Andhra Bank offers overdraft facilities on current accounts, allowing you to withdraw more than the available balance up to a specified limit. The overdraft limit is subject to the bank’s policies and the account holder’s credit profile.
What are the charges for maintaining an Andhra Bank Current Account?
- Monthly average balance charges: If the minimum balance requirement is not met.
- Cheque book charges: Depending on the number of cheques issued.
- ATM charges: For non-ATM transactions or usage beyond the free limit.
- Other service charges: For services like demand drafts, inward and outward remittances, etc.
Practice area's of B K Goyal & Co LLP
Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Demand Notice | Psara License | FCRA Online
Company Registration Services in major cities of India
Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow
Most read resources
tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | GST Search Taxpayer | caro 2020 | Challan 280 | itr intimation password | internal audit applicability | preliminiary expenses | mAadhar | e shram card | aaple sarkar portal | epf activation | scrap business | brsr | depreciation on computer | west bengal land registration | traces portal | Directorate general of GST Intelligence | form 16 | rtps | patta chitta