Andhra Bank of India
It is a private bank based in the city of Hyderabad in India. It comprises of more than 1300 employees and it is one of the fastest growing private banks in India, which has made many milestones and created revenue of Rs1000, 000 million in 2010.
The Andhra bank was founded in 1923 and it has captured the Indian banking sector by storm. The bank offers many different kinds of products and services and it has also remained as the best bank in terms of Life Insurance policies in India.
It is also working with other organizations to produce better products; such organizations include United India Insurance Company Ltd.
Andhra bank retail services
In the retail section the bank offers deposit services, loan services, debit cards and credit cards. Under the deposit section the bank has a number of schemes. Under the AB fortune deposit, everybody is eligible to deposit under the scheme. One can deposit any amount up to 1 crore.
But for deposits that are more than 1 crore once has to see the General Manager for planning after which arrangements can be made to exceed this. Andhra bank does not allow deposits beyond 5 crore. The period of deposit goes up to 775 days and the rate of interest that accrues is 7.75 % per year.
Another scheme is the one known as the RD plus. This scheme has the following features;
1 - Has a minimum installment of 100 Indian Rupees with a maximum limit of 1,000,000 Indian Rupees. However, this amount can be increased up 10 times of the core installment as long as one does it before maturity.
2 - Interest is due for pay on quarterly basis with the minimum balance. This is payable between the 10th and the last day of the month. Citizens that are senior are allowed an additional interest of 0.50%.
3 - There’s no penalty for delay of payment but if you close the account before the due date then you are bound to get a 0.5 penalty and this is subjected to the outstanding balance.
Andhra Bank Loans
Andhra Bank offers numerous loans. Among others they offer housing loans, personal loans, gold loans, mortgage loans and rent receivable loans. Housing loan for example has the following features;
1 - The loan can be availed from any branch of Andhra or from retail branches that specialize in this near where you are.
2 - One can apply as an individual or you can apply as two people with your spouse or children if you have some that have reached the age of the majority. All you need is to provide the bank with relevant documents.
3 - One can also apply for a loan to undertake major house renovation and repairs.
In the corporate section
Andhra bank offers number products that have been made to cater for both medium sized and large sized firms. They also help strengthen entrepreneurs.