MyLoanCare is a FREE of cost service for borrowers

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0

Andhra Bank FD Interest Rates

Andhra Bank FD Rates 2020

Last Updated 11th Sep 2020

Andhra Bank is one of most reliable FD providers amongst a number of FD providers in the market. Andhra Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Andhra Bank FD is 5.45%. Latest Andhra Bank FD interest rate for senior citizens, on the other hand ranges between 4.00% to 5.95%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.50% 4.00%
15 days to 30 days 3.50% 4.00%
31 days to 45 days 3.75% 4.25%
46 days to 90 days 4.00% 4.50%
91 days to 120 days 4.50% 5.00%

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.

Andhra Bank Fixed Deposit (FD)

Andhra Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than 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: 3.50% p.a. to 5.45% p.a.
  • Senior Citizens FD Rate: 4.00% to 5.95% p.a.
  • Highest Interest Rate: As per today’s rate, Andhra Bank’s highest interest rate on FD is 5.45% 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 Best FD Plan

We need to compare tenure wise latest FD rate of Andhra Bank to choose the tenure at which it provides the highest interest rate. Andhra Bank FD rates are best for the deposits with a tenure of 3 years to 10 years, wherein the current FD rate of interest is 5.45% p.a

If one is looking to invest in short term deposits with Andhra Bank, FD interest rates range from 3.50% p.a. to 5.00% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Andhra Bank FD rates for senior citizens range from 4.00% to 5.50% p.a.

If one is looking to invest in long term deposits, Andhra Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.45%. Senior citizens are offered special rates from bank with highest deposit rates of 5.95% p.a. on long term FDs.

Fixed Deposits of Andhra Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Andhra Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% 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

FD in Andhra Bank – Premature Withdrawal

Premature closure of Term Deposit with Andhra Bank is along with the lower interest rate of than the contracted rate. 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 loan 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 4.5% to 6.45%

FD Account Opening Process at Andhra Bank

To open a Fixed Deposit account in Andhra Bank, you can visit the official website and login to your account. Choose 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 offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Andhra Bank fixed deposit. 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 FD rate for Andhra Bank?

You can earn a maximum interest of 5.45% 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 3.50% to 5.45%. Compared to this, the rate of senior citizens FD are in the range of 4.00% to 5.95%.

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.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in Andhra Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in Andhra Bank?

The documents required to open an FD account in Andhra Bank includes PAN Card, 2 Photographs.

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

  • 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

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

Current interest for FD in Andhra Bank ranges between 3.50% - 5.45%.

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

Yes, you can submit your application for opening a FD account on the website of Andhra Bank. After submitting the application, you will be contacted by the bank’s representative for 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 with the 5.45%. For Andhra Bank FD the number of years in which your FD will get doubled is; 72/5.45 = 13


Andhra Bank News - Sep 2020
  • 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