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Andhra Bank Interest Rates | Company Vakil

The following article will cover the details related to the Andhra Bank interest rates. The fixed deposit of Andhra Bank is a good starting point for the opening of any fixed deposit which will generate an encouraging rate of interest.

 

H2: Andhra Bank Interest Rates for the fixed deposits of different Investment Periods

Investment Period FD rates for Regular deposits FD rates for Senior Citizen
7 days to 14 days 4.00% 4.50%
15 days to 45 days 4.50% 5.00%
46 days to 90 days 5.25% 5.75%
91 days to 179 days 6.00% 6.50%
6 months to 8 months 29 days 6.25% 6.75%
9 months to 364 days 6.25% 6.75%
1 year 6.50% 7.00%
1 year 1 day to 2 years 6.50% 7.00%
2 years 1 day to 10 years 6.25% 6.75%

The aforementioned rates are only applicable for the deposits that are below Rs. 1 crore

 

H2: Fixed Deposit Interest Rates of Andhra Bank

Andhra Bank provides a wide range of options for fixed deposits to the customers so that they can store their extra savings for a fixed tenure. A customer has to create a deposit once into their fixed deposit account at the time of creating the account with the help of the bank. At the time of the ongoing tenure, the customer cannot deposit more money as well as take out any more money in the account. The Andhra Bank FD rates are higher compared to their offered saving deposits. The advantages of opening a fixed deposit account in Andhra Bank are as follows:

  • The interest will be paid on the basis of per month at the discounted rate or on quarterly basis following the wish made by the depositor
  • Andhra Bank has the availability of the nomination facility
  • The simple interest has to be paid on maturity of the deposit
  • Easy investment is possible which leads to attractive returns

 

H2: Premature Withdrawal

The premature closure of the term deposit from the Andhra Bank goes along with the lower interest rate than that of the rate of the contract. The punitive provisions for the premature closure on the Andhra Bank interest rates are prone to get altered from time to time. It may also change along with the deposit schemes.

 

H2: Loan against Fixed Deposit Andhra Bank

One of the specialty of the Andhra Bank is that it offers a loan up to the rate of the zero percent against its very own deposit. But it is to be noted that the Andhra Bank shall not provide you with the loan against Fixed Deposit of any of the other bank. Furthermore, Andhra Bank also offers loan against the fixed deposits at the rate of 5 percent to 7.75 percent. The maximum loan tenure has been made restricted up to the fixed deposit’s maximum tenure.

 

The documents required in order to create a fixed deposit account in Andhra Bank are – two photographs of the owner and his PAN card. The Andhra Bank interest rates can help any person greatly if he wants to open an account in that bank.

 

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