Abhyudaya Bank Fixed Deposit
Abhyudaya Co-operative Bank offers a wide range of fixed deposit schemes with attractive interest rates for the general public and additional interest rates for senior citizens.
With minimum amount required to open a fixed deposit account and hassle-free documentation, the bank makes opening a fixed deposit accessible to a large section of India's demographic, whether salaried or not.
The bank also offers fixed deposit schemes for Non-Resident Indians.
Types of Fixed Deposits from Abhyudaya Cooperative Bank
Abhyudaya Co-operative Bank offers the following fixed deposit schemes:
- Monthly Income Deposit Scheme
- Quarterly Interest Deposit Scheme
- Fixed Deposit Receipt
- Quarterly Interest cum Reinvestment Plan
- Abhyudaya Tax Saving Scheme
Features of Monthly Income Deposit Scheme
The features of the Monthly Income Deposit scheme are as follows:
- Minimum deposit of Rs.500
- Monthly payout of interest amount
- Loan against deposit of up to 90% of deposit amount can be availed
- Can be opened in minor's name by the parent-approved by the bank
Features of Quarterly Interest Deposit Scheme
The features of the Quarterly Interest Deposit scheme are as follows:
- Minimum deposit of Rs.500
- Quarterly payout of interest amount
- Loan against deposit of up to 90% of the accrued value can be availed
- Can be a joint account
Features of Fixed Deposit Receipt
The features of the Fixed Deposit Receipt scheme are as follows:
- Minimum deposit of Rs.500
- Interest amount paid at the time of maturity
Features of Quarterly Interest cum Reinvestment Plan
The features of the Quarterly Interest cum Reinvestment Plan are as follows:
- Minimum deposit of Rs.500
- Interest amount paid at the time of maturity
- Loan can be availed up to 90% of the deposit amount
Features of Abhyudaya Tax Saving Scheme
The features of the Abhyudaya Tax Saving Scheme are as follows:
- Avail tax deduction of up to Rs.1.5 lakh in a financial year for the investment
- Lock-in period of 5 years
- Minimum Rs.5,000 as deposit and thereafter in multiples of Rs.100
- Nomination facility available
Abhyudaya Co-operative Bank Fixed Deposit Interest Rate
Tenure | Regular Interest Rate (per annum) | Senior Citizen Interest Rate (per annum) |
7 days to 90 days | 4.25% | 4.50% |
91 days to 180 days | 5.50% | 6.00% |
181 days to 12 months | 6.60% | 7.10% |
Above 12 months and up to and inclusive of 24 months | 7.00% | 7.50% |
Above 24 months and up to and inclusive of 36 months | 7.25% | 7.75% |
Above 36 months and up to and inclusive of 120 months | 6.15% | 6.40% |
Note: The interest rates mentioned are with effect from 1 December 2024 and are subject to change at the discretion of the bank.
Eligibility Criteria to Open Abhyudaya Co-operative Bank FD
- The following entities can open a fixed deposit account with the bank:
- Individuals approved by the bank
- Associations, cooperative societies, institutions, and registered trusts
- Minors if the parent is approved by the bank
FAQs on Abhyudaya Co-operative Bank Fixed Deposit
- Does Abhyudaya Cooperative Bank offer fixed deposits for NRIs?
Yes, there are fixed deposit accounts for Non-Resident Indians as well that are offered by Abhyudaya Bank.
- Where does the interest get credited for FDs by Abhyudaya Bank?
The interest is credited into the depositor's bank account or paid by cash as well.
- Is loan against deposit available for Abhyudaya Bank's Tax Saving Scheme?
No, loan against deposit is not available for the tax saving scheme of Abhyudaya Bank.
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