Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
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  • Fixed Deposit BYTES FROM OUR KITCHEN

    Andhra Bank Freedom Deposit Scheme

    The Freedom (Flexi) Deposit Scheme was launched by Andhra Bank on the 27th of August, 2008. It is basically a term deposit account and a savings account combined to provide better benefits to customers who wish to invest money and save for the long term.

    Eligibility Criteria of Andhra Bank Freedom Deposit Scheme

    The people who can avail the Freedom (Flexi) Deposit Scheme from Andhra Bank include individuals either singly or jointly, associations, schools, associations, clubs, trusts and colleges.

    Features of Andhra Bank Freedom (Flexi) Deposit Scheme

    Account Type

    Joint or Single

    Amount

    The minimum balance that must be maintained in an Andhra Bank savings account is Rs.5,000. Any additional amount that is deposited over and above the minimum balance should be transferred to the term deposit account in multiples of Rs.1000.

    Rate of Interest

    Min

    Max

    Period

    The minimum period for the Andhra Bank Freedom (Flexi) Fixed Deposit Scheme is 15 days and the maximum is 12 months. For the Andhra Bank Freedom (Flexi) Re-investment Deposit Scheme is six months and the maximum is 12 months.

    Loan against Andhra Bank Freedom Deposit Scheme

    Not available

    Nomination (if any)

    Available

    Andhra Bank Freedom (Flexi) Deposit Scheme Interest Rate

    The interest earned by the account holder will be at local term deposit rates for units converted to term deposits. Periodical interest payments can only be made on a quarterly basis.

    Frequently Asked Questions on Andhra Bank Flexi Deposit Scheme

    1. What makes the Andhra Bank Freedom (Flexi) Deposit Scheme so special?

      The Freedom (Flexi) Deposit Scheme is a unique technology-friendly product that comes with the Auto-reverse sweep and Auto-sweep facility. It offers complete liquidity in the sense that the deposit is broken in multiples of Rs.1000 on Last in First out (LIFO) basis, while full interest can be earned on the remaining deposits.

    2. What documents will I require if I want to cancel deposit units?

      The Andhra Bank Freedom (Flexi) Deposit Scheme can be cancelled without submitting any documents, making it easy for customers to go about proceeding with utmost convenience.

    3. Is there a penalty applicable to premature withdrawals?

      No penalty is applicable to premature withdrawal of deposit units under the Auto-reverse facility.

    4. Does the company offer a deposit certificate?

      No. No deposit certificate is issued by the bank.

    5. What documents will be issued by the company?

      The company will issue term deposit and savings bank transactions.

    Useful Information on Andhra Bank Fixed Deposit

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