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Andhra Bank Recurring Deposit Interest Rates 2021

Andhra Bank has been recently merged with the Union Bank of India. As per the new regulations, the customers of Andhra Bank will be able to avail the recurring deposit interest rates which are offered by the Union Bank of India.

Deposit Tenure Regular Interest Rate (% p.a.) Senior Citizen Interest Rates (% p.a.)
181 days to less than 1 year 4.50% p.a.
1 year 5.25% p.a.
More than 1 year to 2 years 5.30% p.a.
More than 2 years to 3 years 5.50% p.a.
More than 1 years to 3 years -
More than 3 years to 5 years 5.55% p.a.
More than 5 years to 10 years 5.60% p.a.

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.

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