Andhra Pradesh Grameena Vikas Bank was formed by amalgamation on 31st March 2006 of the following five banks (which are sponsored by SBI). The main motive of this bank is to uplift and develop the Rural Farm sector and Rural Non-Farm Sector. It gives emphasis on deprived, the Rural ISB, the Rural Poor and Rural Crafts. The five banks which amalgamated to form this bank are Sri Vishakha Grameena Bank, Nagarjuna Grameena Bank, Sangameswara Grameena Bank, Manjira Grameena Bank and Kakathiya Grameena Bank.
It covers eight districts namely, Mahabubnagar, Nalgonda, Medak, Warangal, Khammam, Vishakhapatnam, Vizianagaram and Srikakulam. Its headquarters are established at Warangal, Telangana State. The Government of India owns 50%, Government of Andhra Pradesh owns 15% and State Bank of India owns 35% of this bank. There are 768 branches of this bank.
Savings Bank Account at Andhra Pradesh Grameena Vikas Bank
=> The rate of interest paid per day is 4% with nomination and cheque book facility provided to the depositors. Specific instructions are performed according to the stipulated service charges and also the service charges are applicable for non-maintenance of minimum balance.
=> Basic saving account can also be opened at even zero balance. The minor saving account can be opened just with Rs.100.
=> Monthly minimum balance for rural customers is Rs 500, semi urban is Rs 1000 and for urba minimum balace amount is Rs 2000.
=> Charges for non maintenance are Rs 50 plus GST for rural and Rs 75 plust GST for urban customers