State-run, Andhra Bank has announced two new deposit schemes named as AB Privilege Salary and AB Premium Current Account in the state of Orissa. The schemes have been launched at the Core Banking Services (CBS) branches of the bank and soon it will also be started in the other branches once they are converted into CBS before March 31st, 2009, said Deputy General Manager of the bank, SRK Prasad.

AB Privilege Salary Account of the bank will be accessible for the salaried employees of reputed corporate firms, PSUs and government officials that have a take-home pay of minimum Rs 15,000. It will be opened at a zero balance along with facilities that include free access to non-Andhra Bank ATMs, free internet banking facility and others.

On the other hand, AB Premium Current Account will include features like 50% concession in service charges for fund remittance, free credit card, instant fund transfer facility and others.

Further the bank is also going to launch gold coins in the denominations of four, eight and 10gm of 24 carat pure gold at its nine centers that include Bhubaneswar, Cuttack, Berhampur, Jatni, Rayagada, Parlakhemundi, Sambalpur, Rourkela and Aska from February 2nd. The gold coins will be in 999.99 pure gold with Assay certification.

For the current quarter the bank has plans to introduce online trading at its main branch and start more people friendly investment schemes.

Prasad also informed that the bank has tied up with Citibank and Maruti Suzuki for fund remittance and financing four wheeler loans respectively.

During the last quarter that ended on December 31st, 2008 Andhra Bank witnessed a substantial increase of Rs 51.22 crore in its net profits and it has encouraged the bank to grow in the eastern region of the country. The bank plans for a business growth of 23% in the region for the ongoing fiscal. The bank would also expand its presence in West Bengal by adding four new branches to the existing 23 branches.