Andhra Pradesh - Eluru   

Andhra Bank to extend facilities to the poor

Staff Reporter

ELURU: Andhra Bank is poised to extend banking facility to the poorer sections, its Deputy General Manager A. Rajendra Prasad has said.

As part of the endeavour, efforts are under way to introduce the "no-frills-account" facility in all the 87 branches of Andhra Bank in the district, facilitating the common people to open their account with a minimum balance of Rs. 5, Mr Prasad said at a press conference here on Wednesday.

Presently, the minimum balance for Savings Bank account is Rs. 500. Similarly, the bank offered another recurring deposit scheme to the small customers as an alternative for the fraudulent chit fund companies, enabling them to save Rs. 5 per head on a daily basis. A monthly saving of Rs. 1,400 under the scheme would fetch the depositor Rs. 1 lakh in 60 months,

The DGM said thrust would be on deposit mobilisation, retail lending and fee-based financial services during the mela which was aimed at helping Andhra Bank achieve its total business target of Rs. 56,000 crore.

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Andhra Bank to extend facilities to the poor

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