Know All about Andhra Bank Fixed Deposit Interest Rates
Andhra Bank is a medium-sized public sector bank with its headquarters in Hyderabad. From its humble beginnings in 1923 when the bank was first instituted, Andhra Bank today has a network of over 2000 branches in both rural and urban India. Andhra Bank has operations spanning over 25 states and three union territories. Andhra Bank has been one of the first banks to introduce the use credit cards in the country as early as 1981. The bank is also one of the preferred choices by investors when it comes to term deposits or bank fixed deposits.
Andhra Bank offers highly competitive interest rates for its fixed deposit account holders with an additional incentive for senior citizens. Interest generated on all fixed deposits with Andhra Bank are paid on monthly basis (at discounted rate) or quarterly basis as desired by the depositor. The bank has a minimum investment period of 7 days for a minimum deposit size of Rs. 1 Lakhs. Andhra Bank allows users to open a fixed deposit account with a sum as low as Rs. 100 making it a perfect bank for the low income group and people living in rural India.
Andhra Bank Fixed Deposit Interest rates:
The overall the rate of interest on Andhra Bank fixed deposit accounts depends on the tenure of the deposit as well as the age of the fixed deposit account holder. Like all other banks Andhra Bank also offers a 0.50% additional rate of interest for senior citizens for all maturity periods. For any deposits above the sum of Rs.10.00 Crores, Andhra Bank branches need to obtain permission from general manager, corporate planning department, and head office before quoting and accepting the deposit.
|
Tenure for Fixed Deposit |
Interest Rate (in % per annum) |
Interest Rate for Senior Citizens (in % per annum) |
|
7 days to 14 days |
6.00 |
6.50 |
|
15 days to 45 days |
6.00 |
6.50 |
|
46 days to 90 days |
7.80 |
8.30 |
|
91 days to 179 days |
8.0 |
8.5 |
|
6 months to < 9 months |
8.5 |
9.0 |
|
9 months to < 1 year |
8.5 |
9.0 |
|
1 year to 443 days |
9.0 |
9.5 |
|
444 days |
9.05 |
9.55 |
|
445 days to 2 years |
9.0 |
9.5 |
|
Above 2 years to 3 years |
9.0 |
9.5 |
|
Above 2 years to 3 years |
8.75 |
9.25 |
Other Features of Andhra Bank Fixed Deposits:
Andhra Bank offers fixed deposit accounts in the name of individual, joint holders and minors when accompanied by a parent as guardian or custodian of the account. Fixed deposit accounts are also available for associations and institutions including partnership firms and Hindu Undivided Families or HUFs. Andhra Bank offers no maximum ceiling on the amount of funds that can be deposited in a fixed bank account while the minimum amount is fixed at meager Rs. 100. Nomination facility is available for all fixed deposit account holders while the bank offers a maximum loan of up to 90% of the deposit amount in case of any loan requests from the fixed deposit account holder. Andhra Bank offers auto renewal facility by default for all fixed deposits accounts.