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  • AB Recurring Plus Scheme

     4.5 / 5.0   by 4 users
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    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    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.

    Step-up Facility

    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.

    Deposit Tenure

    Customers can select recurring deposit tenures ranging from six months to up to a maximum of sixty months.

    Interest Rates

    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.

    Penalty

    Andhra Bank does not charge any penalty for late payment of installments.

    Loan Facility

    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.

    Premature Closure

    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.

    Nomination

    AB Recurring Plus account holders can also select nominees for their deposit accounts.

    Account Transfers

    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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    RD Reviews

  • Page 1 of 1
    • andhra Bank Recurring Deposit
      "Andra bank RD"
      ANDHRA BANK
      0.5 5.0/5 "Blown Away!"
      I used to park some amount with ANDHRA Bank every month as a RD . Customer service offered by them was very good I am supposed to pay around rs1000 per month as the amount. At the end of the term I will get one reminder from them confirming that the amount is going to get matured.
      Was this review helpful? 8
      , tiruchirapalli
      Reviewed on Dec 03, 2016
    • andhra Bank Recurring Deposit
      "Objection handling is good "
      ANDHRA BANK
      0.5 5.0/5 "Blown Away!"
      The service provided was very good with Andhra bank based on the recurring deposit.They are good in receiving the customer being a public sector.They have good objection handling.The interest rate applied for the recurring deposit was around 8.75%
      Was this review helpful? 6
      , tirupati
      Reviewed on Jan 23, 2016
    • andhra Bank Recurring Deposit
      "Satisfied..."
      ANDHRA BANK
      0.5 4.0/5 "Great!"
      Rate of interest is around 9% for recurring deposit deposit. For women it is 9.5% and this is special discount. Andhra bank will not deduct any charges if we break the plan in middle of the tenure period.. We can break the plan but I have fixed for 5 years.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Oct 30, 2015
    • andhra Bank Recurring Deposit
      "better"
      ANDHRA BANK
      0.5 4.0/5 "Great!"
      I experienced the Recurring deposit with Andhra bank.The rate of interest is around 9.5%.The locking period is around minimum is 1 year and the maximum is the 10 year.I am paying around 4000Rupees per month and I will get the good money.
      Was this review helpful? 7
      , gurgaon
      Reviewed on Jun 13, 2015
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