Andhra Bank has introduced two new deposit-cum-insurance schemes as a social security measure on the eve of Raksha Bandhan. The two schemes, Suraksha Bima Deposit and Jeevan Suraksha Bima Deposit, are available to customers in the 18-70 and 18-50 age groups, respectively. Under Suraksha Bima deposit scheme, a single payment of Rs 201 would cover accidental insurance of Rs 2 lakh, while under Jeevan Suraksha Bima deposit, accidental and natural death would be covered on payment of Rs 5,001. The insurance coverage under Jeevan Suraksha Bima is Rs 2 lakh for both accidental and natural death. The deposits can be subscribed by way of gift cheques.
The bank has reported 89.27% rise in its net profit at Rs 202.52 crore for the quarter as compared to Rs 107.00 crore for the same quarter in the previous year. Total income of the bank has increased by 7.71% at Rs 4529.23 crore for quarter under review as compared to Rs 4205.06 crore for the quarter ended June 30, 2014.
