Salaried individuals can invest in the AB Recurring Plus scheme and save a portion of their salary every month while accumulating funds for their future. Any business firm, corporate company, associations, educational institutions, etc. can also avail this scheme to build a corpus. The interest rates offered in an AB Recurring Plus scheme is just as per term deposit rates with the interest rate not subjected to any TDS. Customers can open the AB Recurring Plus scheme at any Andhra Bank branch.
Features of AB Recurring Plus Scheme
Monthly Installment Amount
The AB Recurring Plus account holder can choose any core installment amount when the account is opened. Monthly installments can be done in multiples of Rs. 100 up to a maximum of Rs. 1 lakh.
Depositors can increment the installment amount to up to ten times the original monthly amount before the deposit matures. The installment amount for a month cannot be below the chosen core amount.
Customers can select recurring deposit tenures ranging from six months to up to a maximum of sixty months.
The interest rates applicable for an AB Recurring Plus scheme is as per the term deposit rates of Andhra Bank. Senior citizens can get an additional 0.50% on the recurring deposit interest rates.
Andhra Bank does not charge any penalty for late payment of installments.
AB Recurring Plus account holders can get a loan or overdraft of up to 90% of the deposit balance, with the minimum loan amount being Rs. 5000.
Andhra Bank charges a penalty for premature closures of AB Recurring Plus accounts. The interest that will be paid during premature closures will be for the term, the deposit has remained open with Andhra Bank.
AB Recurring Plus account holders can also select nominees for their deposit accounts.
Andhra Bank does not allow deposit account transfers between branches for AB Recurring Plus account holders.
Transfer of funds
Andhra Bank does not charge any fee for transfer of monthly installment amounts via standing instructions for account holders. Customers can deposit their monthly installments without any charge from any branch using Core Banking. The standing instructions feature is available only for the core installment amounts. Extra deposits have to be made by the account holder separately.
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