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Andhra Bank Recurring Deposit Interest Rates 2020

Andhra Bank offers two attractive RD schemes called AB Recurring Deposit and AB Recurring Deposit Plus. Under the AB Recurring Deposit scheme, the depositor can choose a deposit term ranging from 6 months to 10 years. However, under the AB Recurring Deposit Plus scheme, the depositor can choose a tenure anywhere between 6 months to 60 months only.

Deposit Tenure Regular Interest Rate (% p.a.) Senior Citizen Interest Rates (% p.a.)
6 months to <9 months 6.25 6.75
9 months to <1 year 6.25 6.75
1 year to 2 years 6.85 7.35
Above 2 years to 3 years 6.5 7
Above 3 years to 5 years 6.5 7
Above 5 years to 10 years 6.5 7

Avail the Highest Interest Rate on Andhra Bank Recurring Deposit Scheme

The interest rate depends on various factors such as - the deposit period or the period of maturity and the accumulated amount available in the RD account when the interest rate is applied on a quarterly basis. The accrued interest is payable after deduction of prevalent taxes under the AB Recurring Deposit scheme. On the other hand, interest accrued on the recurring deposit is not subject to TDS (Tax Deduction at Source) under the AB Recurring Plus scheme. The Andhra Bank Recurring Deposit Scheme is also extended to corporates and firms.

Andhra Bank’s Short-term Recurring Deposit Interest Rates

Depositors can choose to hold a recurring deposit in Andhra bank for a term less than one year, i.e., as low as 6 months to 9 months. The rate of interest on a recurring deposit in Andhra Bank for funds lesser than Rs. 1 crore, deposited for a short term of 6 months <9 months, is 6.75%.

Andhra Bank’s Medium and Long Term Recurring Deposit Interest Rates

Andhra Bank offers medium and long term recurring deposits to the Indian citizens, senior citizens, corporates, firms, etc. Regular customers are offered an interest rate of 7.00% per annum for a tenure 9 months to <1 year and 1 year to 2 years. The rate of interest offered for a recurring deposit of less than Rs. 1 Crore is 6.50% per annum for a tenure of above 3 years to 5 years, for regular customers. The rate of interest for a period of above 5 years to 10 years is 6.50%.

Andhra Bank’s Senior Citizen RD Rates

Interest rates vary according to the tenure of the recurring deposit and other related conditions. Senior citizens can avail an additional 0.50% over and above the standard interest rates offered to regular customers. A senior citizen recurring deposit scheme held for a period of 6 months to <9 months is offered an interest rate of 7.25%. For a tenure of 9 months to less than 1 years, the interest rate on RD is 7.50% and for a tenure of 5 years to 10 years, the rate of interest offered by Andhra Bank is 7.00%.

Andhra Bank’s Special Bank Based RD Rates

Existing/retired staff of Andhra Bank are eligible for an additional interest rate of 0.50% to the existing rate, similar to that offered to senior citizens. Additionally, corporates and firms with deposits of a large value are eligible for an enhanced interest rate on RD.

News About Andhra Bank Recurring Deposit Interest Rates

  • Andhra Bank Revises Interest Rates for Recurring Deposits

    Andhra Bank has revised the interest rates offered for their recurring deposits. The changes are reflected across short term deposits as well as long term deposits. While general customers can earn interest rates of 7.25% p.a. for tenures ranging from 9 months to below 5 years, senior citizens can avail an additional 0.50% interest at 7.75% p.a. The interest rates across all tenures for senior citizens is an additional 0.50% p.a. upon the prevailing general interest rates.

    15 August 2016

  • Andhra Bank Revises Recurring Deposit Rates

    Andhra Bank has made a slight modification to its recurring deposit rates for deposit that amounts up to INR 1 crore.

    Details are as follows:

    • Andhra Bank account holders with RDs with a tenure ranging from six to nine months will now receive an interest rate of 7.5% as opposed to 7.6% previously. RDs of senior citizens too saw a slight dip and it now stands at 8% when it was 8.10% before.

    • Recurring Deposits for any period that ranges from nine months to 399 days will receive 7.75% interest when it was 7.80% before. The rates for senior citizens with RDs is reduced to 8.25% from 8.30%.

    • RDs for 400 day-tenure is eligible for 7.9% for general customers, while senior citizens can claim 8.4%.

    • Deposits of tenures ranging from 40 days to 10 years are entitled to 7.75% interest rate while those aged above 60 can get 8.25%.

    4 March 2016

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