Andhra Bank(BSE: 532418, NSE: ANDHRABANK) is a medium-sized public sector bank (PSB) of India, with a network of 2885 branches, 4 extension counters, 38 satellite offices and 3798 automated teller machines (ATMs) as of 31 March 2019.a During 2011–12, the bank entered the states of Tripura and Himachal Pradesh. The bank now operates in 25 states and three Union Territories. Andhra Bank has its headquarters in Hyderabad, Telangana, India.The Government of India owns 90.85% of its share capital as on 31 March 2019. The state owned Life Insurance Corporation of India holds 7.66% of the shares. The bank has done a total business of ₹3,106 billion (US$45 billion) and has earned a net profit of ₹5.40 billion (US$78 million) for the Financial Year 2015-16.Bhogaraju Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Andhra Pradesh. The bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of ₹100,000 (US$1,400) and an authorised capital of ₹1 million (US$14,000) In 1956, linguistic division of States was promulgated and Hyderabad was made the capital of Andhra Pradesh. The registered office of the bank was subsequently shifted to Andhra Bank Buildings, Sultan Bazar, Hyderabad. In the second phase of nationalisation of commercial banks commenced in April 1980, the bank became a wholly owned Government bank. In 1964, the bank merged with Bharat Lakshmi Bank and further consolidated its position in Andhra Pradesh.
Andhra Bank IndiaFirst Life Insurance Company is a life insurance company in India. It is a joint venture between two of India’s public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK’s financial and investment company Legal & General(26%). It was incorporated in November 2009. It has its headquarters in Mumbai. IndiaFirst Life made more than ₹2 billion (US$29 million) in turnover in just four and half months since the insurance company became operational. IndiaFirst Life insurance company is headquartered in Mumbai. IndiaFirst is the first life insurance company to be recommended for ISO certification within 7 months of inception.Andhra Bank introduced Internet Banking Facility (AB INFI-net) to all customers of cluster linked branches. Rail Ticket Booking Facility is made available to all debit card holders as well as to internet banking customers through IRCTC Website through a separate gateway. Corporate Website is available in English, Hindi and Telugu Languages communicating Bank's image and information. Bank has been given 'BEST BANK AWARD' a banking technology award by IDRBT, Hyderabad for extensive use of IT in Semi Urban and Rural Areas on 2 September 2006.IBA Jointly with TFCI has conferred the Joint Runner-up Award to the Bank in the Best Payments initiative category in recognition of outstanding achievement of the Bank in promoting ATM Channel
Andhra Bankopened a representative office in Dubai in May 2006 and another at Jersey City, New Jersey, in June 2009.[citation needed]
In 2021 Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by Bank of Baroda, Indian Overseas Bank and Andhra Bank. The new bank, India BIA Bank (Malaysia), will have its headquarters in Kuala Lumpur, which has a large population of Indians. Andhra Bank will hold a 25% stake in the joint-venture. Bank of Baroda will own 40% and IOB the remaining 35%.
Andhra Bank entered MoU with Bank of Baroda and Legal & General Group of UK to form a joint venture life insurance company IndiaFirst Life Insurance Company. The shareholders' agreement has already been signed and necessary formalities are being completed for setting up of the company. The JV Company is already incorporated in June'08 and is in the process of filing for approvals from IRDA etc. IndiaFirst has commenced operation
Andhra Bankopened Housing Loans : In any area like rural, semi-urban, urban and metro etc.
General
Age 21 to 65 years.
Repayment maximum period is 30 years.
Maximum age on due date of loan is not to be more than 75 years.
Individuals either singly or jointly with family members.
For construction or purchase of house/flat.
Minimum margin 10% for limits up to Rs.30 lacs, 20% for limits over Rs.30.00 lacs to Rs.75.00 lacs and 25% for limits more than Rs.75.00 lacs.
Eligibility of loan amount is based on repayment capacity.
For purchase of plot:
1. The plot is to be situated in residential areas within Municipal/Corporation limits in Metro,Urban and Semi Urban areas.
2. Finance shall also be considered for purchase of sites offered for sale by state owned agencies like Housing Boards etc. in Metro,Urban and Semi Urban areas.
3.The construction has to be commenced within 12 months from the date of first disbursement of loan for purchase of plot and the construction there on should be completed within 30 months from the date of disbursement of first installment of loan for purchase of plot. Failure to comply with will result in declassifying the account from housing loans and charging commercial rate of interest.
4. Assessment of eligible amount of loan is is based on repayment capacity for both the components of loan – i.e. for plot and construction together.
For repairs and renovation:
1. Up to 5 years of age of the property - Max loan Rs.10.00 lacs
2. Above 5 years and up to 25 years - Max loan Rs.15.00 lacs
Andhra Bank This scheme is available only to ANDHRA BANK ACCOUNT HOLDERS
Age limit for the first time coverage is 0 years to 70 years (age completed birthday). Renewals are available for the life of the customer. Insurance year commences from the date of payment of premium by the customer and insurance cover will be available for a period of 1 year. Renewal premium should be paid on or before the expiry of one year
What is AB HEALTHPLUS:
It is a Comprehensive Health Insurance Plan with more covers and unique benefits to secure you and your family completely
Description: Description: https://www.andhrabank.in/images/bulate1.jpg What does AB HEALTHPLUS offer:
What the Plan Offers?
A Wide range of Sum Insured from Rs.2 lacs to Rs. 20 lacs
Coverage on individual as well as on a family floater basis. Under the family floater policy, you can cover yourself, your spouse and up to 4 dependent children.
An Exclusive Parents plan that covers either your Parents or your Parents-in-law
Policy renewable for lifetime.
Policy Tenure of 1 year
Cashless facility in 4400+ network hospitals.
Super top-up plan for Sum Insured of Rs.10 lacs for enhancing your existing health cover
Tax benefit under Sec. 80D of Income Tax Act
What are the key coverages under AB HEALTHPLUS:
In-Patient Hospitalization: An important aspect of your cover which takes care of medical expenses for an illness or injury that requires hospitalization for more than 24 hour’s
Day Care Treatment: We offer cover for treatments that need less than 24 hour’s of hospitalization.
Domiciliary Treatment: Medical Treatment taken at home is also covered in case your condition was not suitable for hospital transfer or if there was no hospital bed available.
Pre and Post Hospitalization Medical Expenses Cover: We don’t just cover you when in the hospital, but are with you through the recovery process too. Medical expenses incurred both before and after hospitalization will be covered.
Donor Expenses: The benefit covers in-patient hospitalization of donor.
Ambulance Expenses: We believe that nothing should come in between you and timely treatment. You are covered for expenses for transportation by an ambulance service provider to the hospital.
What are the UNIQUE BENEFITs under AB HEALTHPLUS:
Restoration of Sum Insured: This benefit provides additional 100% of sum insured once in a policy year in case base sum insured plus cumulative bonus (if any) is insufficient due to claims paid.
Accidental Death Cover: We will pay a lump sum benefit equal to the opted sum insured on account of accidental death for yourself and Rs. 2 lacs for others covered under the plan
Cumulative Bonus: Increases Sum Insured by 10% for every claim free year (maximum accumulation up to 100%)
Health Check-up benefit available every year post 1st renewal for Gold and Platinum plans and once after every 3 policy years for Silver plan
Option to remove Room Rent Cap
Critical Illness benefit of Rs. 50,000 available as an optional cover
Healthy Living Program: We want you to always stay healthy and we encourage you to do so with our health and wellness solutions that encourage you to live a healthy life.
Andhra BankDebit Cards
1. What is an ATM/Debit Card ?
What is an ATM card ?
ATM card is a proprietory card of Andhra Bank and can be used on ATMs for doing transactions on our Bank ATMs and shared banks ATMs. This cannot be used for purchases at Merchant Establishments
What is a Debit Card?
A debit card is a card that has direct access to your Bank account. The card is just like a money purse in cardholder pocket. Debit card reduces the risk of carrying cash. The debit card can be used for purchases at Merchant Establishments.
As per RBI guidelines Bank started issuing Chip Debit cards since Feb 2016.Bank will give non personalized VISA Chip Debit /Rupay Chip Debit card along with the PIN to the customers across the counter on request immediately after opening of the account. However if any customer requests for a personalized card, Name and Photograph will be embossed on the card and will be handed over to the customer. For personalized Debit Chip card PIN will be dispatched to customer’s address directly.
All Rupay Chip debit cards are valid for domestic transactions only.
VISA Platinum Chip Debit card is valid globally.
2. Salient features of ATM Card / Debit Card
Salient features of ATM CARD
Cash withdrawal
Funds transfer
Mobile banking
Registration for SMS alerts & Mobile recharge
Credit Card bill Payments
Aadhaar Number Linking to Account
Account statement
Balance enquiry
Donations to TIRUPATHI & SHIRDI TEMPLES
Card to Card funds Transfer
GREEN PIN (Set Debit Card PIN from ATM Machine)
APEPDCL power bill payment through ATM
The ATM Cards can be used round-the-clock, all 365 days a year, at any Andhra Bank ATM, spread across the length & breadth of the country!
The friendly AB Cashier that never sleeps!!
Individual Cards for Joint Account holders!
Reconciliation made convenient!!
Up to a maximum of 10 Accounts, spread even across 10 Branches at 10 different towns, which can be operated by the cardholder can be linked to a single ATM Card and cash can be withdrawn from any of the linked account!
The friendly AB Credit Cards made all the more friendlier!!
We have joined with National Financial Switch - NFS with a view to provide sharing facility for ATM operations. Apart from this we are also having bilateral sharing arrangement with Indian Bank. Thus we are providing our cardholders access to more than 100000 ATMs across the country.
Salient features on Debit Card
Debit card issued by our Bank is in association with VISA/Rupay and governed by the rules and regulations of Visa/NPCI.
The Debit card can be used for drawl of cash through all ATMs and for making purchases at merchant locations. Old Debit cards cannot be used on internet (except for booking railway tickets or any other feature introduced by the Bank in future), mail order transactions, transactions at merchant establishments where EDC terminals are not available. Since august 2009, cards are being issued with CVV2 printed on the back side of the card which can be used for online transactions at websites which supports Verified By VISA/Verified by Rupay. Debit cardholder has to register for VBV using the link available at our website www.andhrabank.in to perform online transactions for both VISA/Rupay debit cards.
Some of the additional features of debit card :
Global validity - Can withdraw cash and enquire balance from over EIGHT LAKH VISA ATMs, spread across 150+ countries, the world over!
Money purse, with currency of choice!!
Can purchase goods at over TWELVE LAKH Merchant Establishments, globally, with on-line authorization of transactions!
Please note that the transactions at merchant establishments will be debited to the PRIMARY account of the cardholder only.
Safeguard against the risk of carrying cash!!
Using Debit Card now you can book Rail Tickets through IRCTC
Travel made easy - the Andhra Bank way !!!
3. Eligibility
Any individual having rights to operate any of the eligible accounts (Eg: Savings Bank / Current Account) and fulfilling the other criteria prescribed by the Bank, from time to time are eligible for applying for ATM/ Debit Card.
Mandate/Power of attorney holders are not eligible for issue of ATM/Debit Card.
Accounts operated jointly with minors as joint depositors, proprietary and Partnership accounts, Company Accounts, Trust accounts etc are not eligible. .
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