• Abhyudaya Bank Fixed Deposit Rates

    Abhyudaya Co-operative Bank Ltd, also popularly known as Abhyudaya Bank, was incorporated as part of a credit society in 1964 to help the weaker sections of society have access to banking services. In 1988, the Reserve Bank of India (RBI) gained the Scheduled Bank status. Today, it has multiple branches and has a wide range of financial services to offer. One among these are the various types of fixed deposit (FD) products - both domestic and Non-Resident Indian (NRI) schemes. The application forms for all types of time deposit schemes can be downloaded online from the bank website. Those who have an existing internet banking account will be able to open an online FD with minimal documentation and this is in a quick, hassle-free manner.

    Given below are the latest and revised Abhyudaya Bank fixed deposit interest rates for regular and senior citizens:

    Tenure Regular Interest Rate (per annum) Senior Citizen Interest Rate (per annum)
    7 days to 90 days 6.00% 6.00%
    91 days to 180 days 6.50% 6.75%
    181 days to 15 months 6.75% 7.00%
    More than 15 months to 120 months 7.00% 7.25%

    Abhyudaya Bank  short-term FD rates

    • When it comes to short-term FDs, there are a lot of choices for prospective investors as far as tenure slabs are concerned.
    • The rate at which interest is paid is from 6.00% p.a. to 6.75% p.a.
    • The tenure slab varies from a minimum of 7 days to a maximum of 15 months.
    • For 7 days to 90 days, the bank pays 6.00% p.a., and for 91 days to 180 days, the applicable rate is 6.50% p.a.
    • An interest rate of 6.75% p.a. is paid for a period that is from 181 days to 15 months. This is the highest rate paid for short-term deposits with Abhyudaya Bank.

    Abhyudaya Bank medium and long-term FD rates

    • For those who are looking to invest for any time period that is more than 15 months, the rate of interest paid will be 7.00% p.a.
    • The highest interest rate paid by Abhyudaya Bank is 7.00% for regular individuals, for a tenure that is from more than 15 months to 120 months.
    • If the customer is going for Quarterly Interest Deposit (QID) and chooses to invest in a tenure that is more than 15 months to 120 months, the rate paid will be an additional 10 bps, which is 7.35% p.a.
    • One can also opt for the Abhyudaya Tax Saving Scheme if tax benefit is one of the features that the investor is looking for.
    • The rate of interest paid for a tax saver FD is 7.25% and will give the investor up to Rs.1.5 lakh as tax benefit under Section 80C of the Income Tax Act in India.

    Abhyudaya Bank senior citizen FD rates

    • The bank pays a higher rate of interest to all senior citizens ( aged 60 and above) for FDs that are for 91 days and more.
    • The highest interest rate that is paid by the bank to this type of investor is 7.25% p.a. for a tenure that is from 15 months and above.
    • The rate given out to pensioners is 6.75% p.a. for a tenure that is from 91 days to 180 days.
    • This type of investor will be able to gin up to 7.00% p.a. for an investment period that is from 181 days to 15 months.
    Abhyudaya Tax Saving Scheme
    Tenure Regular Interest Rate (per annum) Senior Citizen Interest Rate (per annum)
    5 years 7.25% 7.25%

    Types of FD schemes

    1. Monthly Income Deposit Scheme
    2. Quarterly Interest Deposit Scheme
    3. Fixed Deposit Receipt
    4. Quarterly Interest Cum Reinvestment Plan
    5. Abhyudaya Tax Savings Scheme

    Abhyudaya Bank NRI deposits

    Abhyudaya Bank also has many investment options for NRIs who wish to park their foreign earning and and earn an attractive rate of interest. The best part about some of these deposit schemes is that the interest income earned is tax free. Let us now take a look at the various options that are available through Abhyudaya Bank:

    1. Non-Resident Ordinary (NRO) deposits: An ideal investment platform for NRIs looking for schemes to put their money in, NRO deposit accounts offer customers the facility to deposit overseas earnings in an Indian account. The rates offered on these accounts range from 6.00% p.a. to 7.00% p.a. Earrings made through this type of investment will be subject to tax.
    2. Non-Resident External (NRE) deposits: All investments that are made in NRE deposits will be tax-free in India. Depositors can also enjoy the benefits of complete repairability. The rates offered fall in the range between 6.75% p.a. to 7.00% p.a.
    3. Foreign Currency Non-Resident (FCNR) deposits: With FCNR, one can invest is some of the major currencies in the world. This bank allows an NRI to invest in USD and GBP.
    4. Resident Foreign Currency (RFC): RFCs are meant to be a good investment option for foreign-return Indians. The interest rates offered are higher for longer tenures.

    Abhyudaya Bank NRE term deposit rates

    Tenure Regular Interest Rate (per annum) Senior Citizen Interest Rate (per annum)
    1 year to 15 months 6.75% NA
    More than 15 months to 120 months 7.00% NA

    Abhyudaya Bank FCNR/ RFC deposit rates

    Tenure GBP USD
    12 months to less than 24 months 2.84% 4.59%
    24 months to less than 3 years 4.77% 3.02%

    Abhyudaya Bank NRO deposit rates

    Tenure Regular rate (per annum) Senior Citizen rate (per annum)
    7 days to 90 days 6.00% NA
    91 days to 180 days 6.50% NA
    181 days to 15 months 6.75% NA
    More than 15 months to 120 months 7.00% NA

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