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Andhra Bank Fixed Deposit

Andhra Bank FD Scheme

Last Updated 15th Dec 2020

Andhra Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.00% to 5.60%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 1,00,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Andhra Bank FD

    Andhra Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Andhra Bank FD offers regular returns on fixed deposit ranging between 3.00% to 5.60%. For senior citizens, the interest rates on fixed deposits range between 3.50% to 6.10%. In addition to that, Andhra Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Andhra Bank Fixed Deposit Schemes

    Different type of Andhra Bank term deposit products offered to the investors are listed as follows:

    Regular Fixed Deposit

    Description:

    • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
    • Interest will be paid on monthly basis at discounted rate or quarterly basis as desired by the depositor
    • Nomination facility is available
    • Simple interest is paid on maturity of the deposit
    • Easy investment with attractive returns

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

    Benefits of Andhra Bank FD

    Andhra Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about Andhra Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Andhra Bank offers FD rates up to 5.60%. The interest rates offered on Andhra Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Andhra Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because Andhra Bank fixed deposit allows one to borrow a secured loan against Andhra Bank FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about Andhra Bank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: Andhra Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Andhra Bank offers fixed deposit for a minimum tenure of up to a maximum tenure of 10 years. Andhra Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Andhra Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 1,00,000. Apart from that, one can invest in the Andhra Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Andhra Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Andhra Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Andhra Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Andhra Bank FD

    Andhra Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Andhra Bank FD

    Andhra Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    Andhra Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Andhra Bank?

    Andhra Bank FD can be availed with a minimum deposit of Rs. 1,00,000.

    What is the minimum amount for a fixed deposit in Andhra Bank?

    The minimum amount required for a fixed deposit investment in Andhra Bank fixed deposit is Rs. 1,00,000.

    What is the current interest rate on FD in Andhra Bank?

    Currently, Andhra Bank offers an interest rate ranging between 3.00% to 5.60% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Andhra Bank?

    Andhra Bank fixed deposit can be opened with a minimum tenure of 7 days.


    Andhra Bank News - Jan 2021
    • 2019-12-09 : Andhra Bank revised Fixed Deposits rates by 25-75 basis points
      Andhra Bank revised its interest rates on fixed deposits on December 3, 2019. The revised rate for 7-45 days is 3.50%, the rate for 46-179 days is 5.00%, and for six months to 1 year, the revised rate is 5.75%. For long tenors of 1-2 years, the rate is revised to 6.00%, and for 2-10 years, the rate is 6.10%. These rates are applicable to deposits of less than Rs 2 crores.
    • 2019-07-16 : Andhra Bank announces the launch of AI chatbot in Telangana
      Andhra Bank has announced the launch of its artificial intelligence interactive assistance chatbot, ABHi. With ABHi, customers will be able to get the information instantly related to loans including home loans, mortgage loans, digital banking, banking services, senior citizen schemes, fixed deposits, etc. on chat anytime.
    • 2019-06-26 : Andhra Bank approves raising of up to Rs. 2,000 crore in FY19-20
      In a bid to augment its working capital, Andhra Bank has planned to raise equity capital of Rs. 2,000 crore through qualified institutional placement, follow-on public offer, sale of non-core assets, or preferential allotment. The funds raised through these routes would be utilized towards further improving its performance and services related to retail loans and deposits.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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