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Andhra Bank Recurring Deposit

Andhra Bank offers two types of Recurring Deposit schemes – AB Recurring Deposit and AB Recurring Deposit Plus. You can get interest rates of RDs ranging from 6.26% to 6.80%. Senior citizens are eligible for an additional 0.50% on the standard rates. The tenure of RDs range from 6 months to 10 years.

AB Recurring Deposits

Key Highlights

Minimum Amount Deposit Min: No cap on monthly deposit Max: No limit
Tenure Min: 6 months Max: 10 years
Eligibility All individuals
Interest Rate 6.26% to 6.80%
Premature Withdrawal Allowed
TDS on RD Applicable
Late Penalty Penalty (in slabs) applies if the depositor wishes to terminate the scheme before 6 months.

Things to Know

  • Interest is quarterly compounded
  • You should opt for specified amount of monthly instalments subject to minimum amount. Amount once opted cannot be altered by the depositor.

AB Recurring Deposits Plus

Key Highlights

Minimum Amount Deposit Min: Multiples of Rs.100 Max: Rs. 1 lakh
Tenure Min: 6 months Max: 5 years
Eligibility Individuals, Associations, Business Community, Firms, Companies, and Educational Institutions
Interest Rate 6.26% to 6.80%
Premature Withdrawal Allowed
TDS on RD Not Applicable
Late Penalty Penalty (in slabs) applies if the depositor wishes to terminate the scheme before 6 months.

Things to Know

  • You need to choose a “core amount” which will act as a reference point for stepping up the installment amount.
  • Deposit amount can be increased up to 10 times the core amount as decided by the deposit.
  • The amount of deposits made during a month shall not be less than the core amount.

Premature Withdrawal Rules

Penalty for closure within 6 months:

  • Rs.10 where the balance outstanding is less than Rs.100.
  • Rs.20 where the balance outstanding is between Rs.100 - to Rs.1,000.
  • Rs.50 where the balance outstanding is more than Rs.1,000.

How to Open an RD Account in Andhra Bank

You can open a recurring deposit account with Andhra Bank in three ways:

  • By visiting the branch
  • Through net banking
  • Through mobile banking

If you are an existing Andhra Bank account holder, use your net banking username and password to log in to your online account and open an e-RD right away. If you are not a Andhra Bank account holder, you will have to open an account first. After your account is active, you can log in to net banking and open an e-RD. You will need to download the Andhra Bank mobile app to open an RD via mobile banking.

Andhra Bank RD Calculator

You can try out online RD calculators to calculate the interest on your RD. There are many websites that offer recurring deposit calculators. The process is simple and hassle-free. All you need to do is enter all the details pertaining to your RD account, including the amount, tenure, and rate of interest.

You can invest money in RD schemes offered by Andhra Bank and enjoy competitive rates. However, to enjoy better returns, look for other investment vehicles like mutual funds, fixed deposits, stocks, and bonds, among others.

Andhra Bank RD Schemes

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