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Our bank, The Andhra Bank Employees' Co-op. bank is a brainchild of the employees of Andhra Bank. The idea to establish a Co-op. Credit Society was conceived by 39 employees of Andhra Bank,Machilipatnam, to cater the credit needs of the employees of Andhra Bank at a reasonable interest. Accordingly a society called The Andhra Bank Employees' Co-op. Credit Society Ltd. Was promoted at Machilipatnam, Krishna Dist, Andhra Pradesh and got registered on 11.10.1949 and the society started functioning from 12-6-1952 onwards.
Along with the growth of Andhra Bank, our Society has also grown up and during the year 1966, it was attracted by the provisions of the Banking Regulations Act 1949 (As Application to Co-operative Societies) as a result, our Society has emerged as The Andhra Bank Employees' Co-operative Bank Ltd. Consequently on shifting of the Central Office from Machilipatnam to Hyderabad, our hub of activity has also been shifted in the year 1977 to the historic city of Hyderabad by retaining its Banking division at Machilipatnam. In the same year the Reserve Bank of India granted a license to open a branch at Saleemnagar, Hyderabad. Accordingly on 1'st April 1977 our Saleemnagar Branch was opened at Hyderabad.
During the year 1990, with the license of Reserve Bank of India a third branch has been opened at Korukonda Road, Rajahmundry, East Godavari Dist., Andhra Pradesh. Thus, as on the date, our Bank is functioning with its three branches and one Extension Counter which was opened on 06.10.1997 on the lines of Urban Co-operative Bank by transacting regular banking business with public and the same time catering to the credit needs of its 'A' Class Share Holders from time to time.
Interest rate on Contingent Loan & Medium Term Loan is revised from 10.50% p.a. to 10.00% p.a. w.e.f. 01-04-2020
Interest rate on Thrift Deposit is revised from 9.00% p.a. to 8.50% p.a. w.e.f. 01-08-2017
Initially password is "andhrabank" by default for existing members. If you want to change the password, you can change through 'CHANGE PASSWORD' menu
Thrift loan eligibility enhanced from 75% of deposit amount to 85% from 23.09.2013
Customers are requested to surrender their old cheque books and obtain CTS 2010 standard cheques. As per RBI Guidlines Non CTS cheques are valid upto 31.07.2013 Only.
Safe Deposit Lockers are available at Branches
Gold Loans @10.75%