Financial Daily from THE HINDU group of publications
Tuesday, Dec 27, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 27, 2005 |
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Money & Banking
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Public Sector Banks Andhra Bank launches `no frills accounts' Our Bureau
Hyderabad , Dec. 26 AFTER `no frills' airlines, it looks like `no frills' banking that is on the horizon. Andhra Bank has launched a new facility that would allow the account holder to have a minimum balance of Rs 5. Targeted in a way specially at people in the low income groups both in urban and rural areas, the bank calls the new scheme, the `AB Easy Savings'-A No Frills Savings Bank Account. The bank says the scheme is open to all sections of people. All individuals who are eligible to open normal savings accounts can open the `No frills accounts', it said in a press release here. The bank has done away with cheque books for the account. There would be no restrictions on the number of withdrawals in the account and no levy of penal charges in case minimum balance is not maintained.
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