AB introduces multi-city cheque facility

Visakhapatnam, Mar 1 (UNI) Public Sector Andhra Bank has launched AB Multi-City cheques facility enabling the customers to make inter-bank transfer of funds to any major city in the country in just two hours.

Briefing reporters here today, Deputy General Manager K Suryanarayana said the bank had launched a marketing campaign ''AB Maha Mela'' to popularize its new products like multi-city cheques facility, a Freedom Savings Account of AB.

The campaign was also aimed at mobilising retail deposits, retail advances and marketing of financial services.

He said Freedom Savings account was a flexible tech savvy account with a minimum balance of Rs 5000 and an amount in excess of Rs 5000 could be transferred to Term deposits through auto sweep facility and the customer would earn higher interest rates.

The bank, which clocked a total business of Rs 52,000 crore as on December 31 last year, had also foreyed into the insurance business by becoming the corporate agent of LIC of India. Anyone could purchase a wide range of LIC policies in the bank branches. The bank had also qualified personnel as per IRDA regulations to conduct insurance business, he informed.

Mr Suryanarayana said the total deposits in the bank had increased to Rs 31,331 crore as on December 31 last year and the credit-deposit ratio stood at 66 per cent.

Out of 1180 branches, Andhra Bank had converted 780 into core banking branches, he added.

UNI RS ROY 1522