Fixed Deposits or FDs are a profitable investment option that help the investors earn handsome returns with a high rate of interest on principal amount. Andhra Bank offers a number of FD schemes to provide a lucrative investment opportunity to its customers.
Andhra Bank FD Rates 2020
Andhra Bank term deposit rates on domestic schemes have been revised with effect from 3rd December 2019. Andhra Bank fixed deposit rates on domestic plans, inclusive of Non-Resident Ordinary (NRO) deposits for various time periods are as under:
|Andhra Bank Fixed Deposit Interest Rates (% p.a)|
|Tenure||Rates for deposits less than Rs. 2 Cr.||Rates for deposits of Rs. 2 Cr. to Rs. 10 Cr.|
|7 days to 45 days*||3.50%||3.50%|
|46 days to 90 days||5.00%||5.00%|
|91 days to 179 days||5.00%||5.00%|
|6 months to < 9 months||5.75%||5.75%|
|9 months to < 1 year||5.75%||5.75%|
|1 year to 2 years||6.00%||6.00%|
|Above 2 years to 3 years||6.10%||6.10%|
|Above 3 years to 5 years||6.10%||6.10%|
|Above 5 years to 10 years||6.10%||6.10%|
*Please Note: In case of senior citizens, for deposits of Rs. 1 lakh and above, the additional 0.50% per annum rate of interest will be paid on all domestic schemes. Also, Andhra Bank FD of Rs. 1 cr. has a mandatory tenure of at least 6 months and above.
Andhra Bank NRE FD Rates
The following are rates of Andhra Bank NRE FD Account and they are revised with effect from 3rd December 2018,
|Time Period||Rate of Interest (% p.a.)|
|Less than Rs. 2 Cr.||Rs. 2 Cr. to Rs. 10 Cr.|
|1 Year to 2 Years||6.00%||6.00%|
|Above 2 Years to 3 years||6.10%||6.10%|
|Above 3 Years to 5 years||6.10%||6.10%|
|Above 5 Years to 10 Years||6.10%||6.10%|
Andhra Bank FCNR Rates
The revised interest rates for Andhra Bank FCNR Accounts with effect from 1st December 2019 are as under :
|Currency||1 Year & above but less than 2 Years||2 years & above but less than 3 Years||3 years & above but less than 4 Years||4 years & above but less than 5 Years||5 Years|
Features of Andhra Bank Fixed Deposit Schemes
The following are the salient features of Andhra Bank FD:
- Minimum size of deposit is Rs. 1 lakh
- Minimum period of deposit is 7 days for Rs. 1 lakh. In other cases, minimum deposit period is 15 days
- Maximum period for Andhra Bank FD is 10 years
- Simple interest on deposits will be paid on maturity
- Interest rate will be paid by Andhra Bank on a quarterly basis or monthly basis (as desired by the depositor)
Eligibility of Andhra Bank Fixed Deposit Schemes
The following are eligible for Andhra Bank FD schemes:
- Indian residents
- Non-Indian Residents (NRIs)
- Senior Citizens
- Hindu Undivided Families (HUFs)
- Partnership firms
- Public and private limited companies
- Specified associations
Andhra Bank Fixed Deposit Calculator
The Andhra Bank FD calculator is a tool to calculate the exact maturity value of the scheme. Users have to provide the principal amount, time duration, interest rate, etc. to use the FD calculator Andhra Bank. PaisaBazaar provides such tools for calculations which help to arrive at the Andhra Bank deposit rates.
To get more details or better assistance, one can also visit the nearest branch office or contact the officials of Andhra Bank for Andhra Bank FD interest rates.
Frequently Asked Questions
Some of the frequently asked questions on Andhra Bank FD and Andhra Bank FD rates have been answered here:
Q. What is the minimum period of Andhra Bank fixed deposits?
A. Minimum period of fixed deposits offered by Andhra Bank is 7 days. One can visit their nearest branch office to know more about the same.
Q. What is the minimum and maximum amount of fixed deposits under the scheme AB Smart Choice offered by Andhra Bank?
A. Minimum amount for this scheme is Rs. 1 cr. There is no upper limit for AB Smart Choice scheme provided by Andhra Bank. However, Andhra Bank branches have to get prior permission from the Head Office of Corporate Planning Department for renewing or accepting the deposit amount of above Rs. 10 cr.
Q. Is the interest rate protected even if the fixed deposit is cancelled too early?
A. The rate of interest on fixed deposits is applicable just like any other deposit. For instance, if the deposit of Rs. 5 cr. was done on December 2014, then the applicable rate of interest for the full term deposit is 8.25%. If the depositor cancelled their deposit between 7-14 days or 15-45 days, the applicable rate of interest will be 7.50%. Similarly, a deposit cancelled between 46-90 days will have the interest rate of 8%.
Andhra Bank does not ask for any premature cancellation fee or penalty. To know more about the applicable rate of interest or Andhra Bank FD rates for senior citizens, visit the nearest branch Or call on helpline number – 1800 425 1515
Q. How to use Andhra Bank deposit calculator?
A. To use the FD calculator by Andhra Bank, here are the simple steps to follow:
- Open the official website of Andhra Bank on a browser
- Click on ‘tools’ option at the bottom of the homepage
- A new page will open containing two options – Deposit Calculator and EMI Calculator
- Choose ‘Deposit Calculator’ to start calculating
- A form will appear on the screen. Select ‘Fixed Deposit’ and fill out all the requested details – principal amount, interest rate, time horizon, etc. to get the estimated details.
Note: This online tool will only provide the estimated value. The actual value may differ from what you have calculated.