Andhra Bank was founded by the eminent freedom fighter and a multifaceted genius, Dr.Bhogaraju Pattabhi Sitaramayya. The Bank was registered on November 20, 1923 and commenced business on November 28, 1923 with a paid up capital of Rs1.00 lakh and an authorised capital of Rs10.00 lakhs.
Apart from regular banking services and solutions, Andhra Bank has introduced some attractive services such as AB Premium Current Account and AB Privilege Corporate Salary Savings Bank Account with extra benefits to the customers. Also, the bank has launched AB Saral Housing Loan scheme featuring housing loans upto Rs. 20 Lacs.
Andhra Bank has also partnered with various financial institutions like Kotak Mahindra, Reliance, Birla Sun Life Mutual Fund and Fidelity Mutual Fund, assisting them in sales of their Mutual Fund products. The bank has also signed a Memorandum of Understanding (MoU) with Maruti Suzuki Ltd. for financing 4 wheeler vehicles.
Andhra Bank is the first bank in India to have launched mobile biometric ATMs. These ATMs stop at predestinated sites, and instead of entering the personal identification number (PIN), the customers have to match their finger prints with their recorded finger prints in the bank database. This has enabled even the illiterate or uneducated customers of the bank to enjoy the ATM facility being offered by the bank.
Andhra Bank offers various special insurance and health benefit schemes including the Kiddy Bank Scheme and the Swashya Bima Yojana. Andhra Bank opened its first representative office in Dubai in May, 2006.
Services offered by the company:
Deposit SchemesRetail Loans Agriculture LoansCorporate Banking NRI Banking
RTGS- Real Time Gross Settlement System
AB Kisan Vikas Card- Andhra Bank takes a step forward in bringing the technology to farmers. The Pattabhi Agri Card (PAC), a Cash Credit facility for crop loans, has now access to ATM through Andhra Bank Kisan Vikas Card.
CMS- AB Cash Track is one of the technology-based products at the doorsteps for the fastest collection of cheques/DDs/payorder of the business community from various locations. Fastness, flexibility and foresight are the 3 Fs based on which its CMS is working and is standing FIRST in the servicing the business world. CMS is a value added service that ensures efficient cash flows of your business and eliminates idle floats and lowers the cost of funds.
ATMMobile - Andhra Bank the pioneer in several banking services and products, now brings banking services to the doorsteps of customers. Mobile ATMs, apart from expanding the reach of the bank, will also effectively function as a market point offering multiple services even in remote areas.
Western Union Money Transfer - Nearly 50% of the branches of Andhra Bank are designated centers to receive money under Western Union Money transfer.
DEMAT- Andhra Bank now offers the power of the value-added, service-oriented Demat account-AB Demat. Andhra Bank is Depository participant of Central Depository Services Ltd (CDSL).