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    Andhra Bank Smart Choice Deposit

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    4.5% - 7.75% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    7% - 7.25% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Fixed Deposit BYTES FROM OUR KITCHEN

    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.

    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 Rate of Interest Per Annum for amounts exceeding Rs 1 Crore but below Rs 10 Crore
    7 days to 14 days 4.5
    15 days to 45 days 5.75
    46 days to 90 days 6.25
    91 days to 179 days 6.5
    6 months to < 9 months 6.75
    9 months to < 1 year 6.75
    1 year to 2 years 6.75
    Above 2 years to 3 years 6.75
    Above 3 years to 5 years 6.75
    Above 5 years to 10 years 6.75

    The above Interest rates take effect from 10th August 2016 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

    Useful Information on Andhra Bank Fixed Deposit

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