Andhra Bank Smart Choice Deposit

Founded in 1923, this pre independence era bank has grown over the years to become one of the most recognized names in the Indian Banking segment and employs a workforce of over 20,000 employees. Their expertise not only lies in retail banking but in the agricultural banking sector as well.

Updated On - 05 Sep 2025

Of the many products offered, the Smart Choice Deposits offered by Andhra Bank will have to be one of their most sought after products and the salient features of this deposit are discussed below

Features of Andhra Bank Smart Choice Deposit

The Smart Choice deposit is a type of fixed deposit but has a higher deposit amount requirement. The deposit amount under this scheme can be only Rs 1 crore or higher and the term of the deposit is only 179 days.

This scheme is open to anyone meeting the requirements for other fixed deposits and allows the investor to avail overdraft and loan facilities. The lock in period in this deposit is only 7 days. The premature withdrawals will forfeit any interest if undertaken before 7 business days since the date of deposit. Premature withdrawals also do not attract any penalties provided they commence after the lock in period.

Nomination facility under this scheme is available however the interest rates provided on the Sart Choice deposits are treated as normal fixed deposit interest rates to avail the tax benefits under section 80C

AB Smart Choice Deposit Interest Rates

Maturity Period

Rs.1.00 Crore to Rs.10.00 Crore %

7 days to 14 days

4

15 days to 45 days

4

46 days to 90 days

4.25

91 days to 179 days

5

The above Interest rates take effect from December 2021 and can be changed as per the discretion of the bank. The rate of interest shown above is same for normal citizens and senior citizens alike. Unlike other deposits the Smart Choice deposit does not offer any additional interest for senior citizens or retired personnel. For any amounts exceeding Rs 10 crore, the deposit can be accepted only after receiving permission from the general manager of the corporate planning department from the Head office.

Other Fixed Deposit Schemes Offered by Andhra Bank
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