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Andhra Bank FD Interest Rates 2021

Andhra Bank FD Interest Rates

Last Updated 16th Jul 2021

When it comes to the FD interest rate, the highest rate offered on Andhra Bank FD is 5.60%. Latest Andhra Bank FD interest rate for senior citizens, on the other hand ranges between 3.50% to 6.10%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.00% 3.50%
15 days to 30 days 3.00% 3.50%
31 days to 45 days 3.00% 3.50%
46 days to 90 days 3.75% 4.25%
91 days to 120 days 4.25% 4.75%

Andhra Bank has merged into Union Bank of India on April 1, 2020. The interest rates of Union Bank of India will now be applicable on Andhra Bank.

Earn upto 6.95% on FD APPLY NOW

Andhra Bank Fixed Deposit Features

Andhra Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Andhra Bank Fixed Deposit are:

  • Deposit Amount : Andhra Bank FD can be opened with an amount as a low ₹ 1,00,000 to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 3.00% p.a. to 5.60% p.a.
  • Senior Citizens FD Rate : 3.50% p.a to 6.10% p.a.
  • Highest Interest Rate : As per today’s rate, Andhra Bank’s highest interest rate on FD is 5.60% offered for a tenure of 10 years.
  • Safety of Andhra Bank Deposits : Andhra Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : Andhra Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Regular Fixed Deposit

Andhra Bank FD Interest Rates Today

Interest rates on Andhra Bank deposits are updated regularly by the Government of India. The following are updated Andhra Bank FD interest rates 2021:

Tenure Interest Rate
7 days to 14 days 3.00%
15 days to 30 days 3.00%
31 days to 45 days 3.00%
46 days to 90 days 3.75%
91 days to 120 days 4.25%
121 days to 180 days 4.30%
181 days to 364 days 4.50%
1 year 5.25%
1 year 1 day to 2 years 5.30%
2 years 1 day to 3 years 5.50%
3 years 1 day to 5 years 5.55%
5 years 1 day to 10 years 5.60%

Andhra Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Andhra Bank offers a higher interest rate to senior citizens than the general public. Listed below are the Andhra Bank fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 14 days 3.50%
15 days to 30 days 3.50%
31 days to 45 days 3.50%
46 days to 90 days 4.25%
91 days to 120 days 4.75%
121 days to 180 days 4.80%
181 days to 364 days 5.00%
1 year 5.75%
1 year 1 day to 2 years 5.80%
2 years 1 day to 3 years 6.00%
3 years 1 day to 5 years 6.05%
5 years 1 day to 10 years 6.10%

Best FD Plan as per Andhra Bank FD Rates

To invest in Andhra Bank fixed deposit, you must compare Andhra Bank Fixed Deposit Rates for varying tenures. Andhra Bank FD Interest Rates 2021 are best for the deposits with a tenure of 5 years 1 day to 10 years, wherein the current Andhra Bank Fixed Deposit Interest Rates is 5.60 p.a.

If you are looking to invest in short term deposits with Andhra Bank, the interest rate of Andhra Bank for FD ranges from 3.00% p.a. to 4.50% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term Andhra Bank Fixed Deposit Rates for senior citizens range from 3.50% to 5.00% p.a.

If you want to invest in long term deposits, Andhra Bank Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.60%.Andhra Bank Senior citizens FD Rates are offered at special rates with the highest deposit rates of6.10% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in Andhra Bank:

  • Interest on deposit is paid only at the time of the maturity
  • Andhra Bank also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

Documents required to open Fixed Deposit Account in Andhra Bank

  • PAN Card
  • 2 Photographs
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

Andhra Bank Fixed Deposit Rates – Premature Withdrawal

You can close your Andhra Bank FD account prematurely, however Andhra Bank charges a penalty of for premature withdrawal. Also, The penal provisions for premature closure on Andhra Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Andhra Bank

Andhra Bank offers loans up to 0% against its own deposit. Note that Andhra Bank will not give you loan against FD of any other bank. Andhra Bank offers Loan against FD at the rate of 4% to 6.6%

FD Account Opening Process at Andhra Bank

To open an Andhra Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Andhra Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Andhra Bank FD after reading the terms and conditions.

To open a Fixed Deposit account in Andhra Bank, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Andhra Bank FD after reading the terms and conditions.

Nomination Facility on Andhra Bank FD

Andhra Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Andhra Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

Andhra Bank Fixed Deposit Scheme

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

Who is eligible?

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

FAQs

What is the highest fixed deposit interest rate for Andhra Bank?

You can earn a maximum interest of 5.60% on Andhra Bank fixed deposit.

Are there any special rates for senior citizens FD of Andhra Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.00% to 5.60%. Compared to this, Andhra Bank senior citizens FD are in the range of 3.50% to 6.10%.

What are the current Andhra Bank FD interest rates 2021?

Current interest for FD in Andhra Bank ranges between 3.00% - 5.60%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Andhra Bank?

The minimum deposit amount required to book an FD with Andhra Bank is ₹ 1,00,000.

Is it possible to change the tenure of my existing fixed deposit account with Andhra Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Andhra Bank without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in Andhra Bank?

Yes, you can submit your application for opening an FD account on the website of Andhra Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in Andhra Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.60%. For Andhra Bank FD the number of years in which your FD will get doubled is; 72/5.60 = 13

What is the interest of 1 lakh in the Andhra Bank?

The interest on Andhra Bank fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the Andhra Bank FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 14 days 3.00%
15 days to 30 days 3.00%
31 days to 45 days 3.00%
46 days to 90 days 3.75%
91 days to 120 days 4.25%
121 days to 180 days 4.30%
181 days to 364 days 4.50%
1 year 5.25%
1 year 1 day to 2 years 5.30%
2 years 1 day to 3 years 5.50%
3 years 1 day to 5 years 5.55%
5 years 1 day to 10 years 5.60%


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Andhra Bank News - Jul 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 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, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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