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Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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Andhra Bank offers attractive fixed deposit rates. Fixed deposits can be opened online or by visiting the nearest branch. Andhra Bank Fixed deposit rates vary with the amount invested and the tenure. The rates are also different for non-withdrawable deposits and recurring fixed deposits.
What is a fixed deposit?
A fixed deposit is a certain kind of financial investment that is used by scores of people wherein, one can deposit a lump of money for a certain period of time and earn an interest on the same. Fixed deposits are offered to people by many banks and Non-Banking Financial Companies (NBFCs). The tenures on fixed deposits generally range from 7 days to 10 years or more in some cases. The money deposited for this period earns an interest and is given back to the person after the tenure has ended. This is a tool that gets assured returns.
You can deposit your desired amount at Andhra Bank fixed deposit account for a period of time that typically ranges from 7 days to 10 years. The bank offers competitive interest rate on fixed deposit. The interest earned on the fixed deposit will attract the TDS as applicable.
Andhra Bank provides a fixed deposit scheme for all its customers who wish to deposit for returns.
About Andhra Bank Fixed Deposit Rate
Andhra Bank fixed deposit duration ranges from 7 days to 10 years if the deposit amount is Rs.1,00,000. If the minimum amount is above Rs.1,00,000, then tenure ranges from 15 days to 10 years. Simple interest is paid on the maturity of the deposit. Interest can be paid on a monthly basis at a discounted rate or a quarterly basis as per the customer’s needs.
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Andhra Bank interest rates typically range from 4% to 7% per annum.
Following is an overview of Andhra Bank Fixed Deposit Rates as of 10.09.2018
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the bank. For the latest rates, it is advisable to check with Andhra Bank directly.)
Domestic term deposit below Rs.10 crore:
Deposits above Rs.10 crore
An additional rate of interest of 0.50% p.a. is offered to Senior Citizens which is extended to all the Domestic Term Deposits beyond Rs. 1.00 crore without any cap on the amount of deposit. However, for the deposit of Rs. 1.00 crore, the tenure should be minimum of 6 months and above.
You can use online resources to calculate the interest accrued on your Andhra Bank FD. There are several online sites that allow you to instantly calculate the interest earned. All you have to do is enter the FD amount, tenure and rate of interest and the calculator will do the hard number crunching and present you with a breakup of the interest earned and the maturity amount
You can enter as many combinations as you want, and the calculator will give you instant and accurate results.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
The following is the formula to calculate the interest earned in a Fixed Deposit account:
Calculate Andhra Bank FD Rate
A = P x (1 + r/n)nt
I = A - P
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
1. Do senior citizens get additional rate of interest in Andhra Bank Fixed Scheme?
Yes, senior citizens get a 0.50% additional interest over the fixed rate of interest as per the tenure.
2. For how long can I keep my deposit?
You can open a fixed deposit account for any period ranging from 7 days to 10 years. Upon maturity of your deposit, you are paid your original deposit amount plus the interest accumulated.
3. Can I deposit additional amount in my Andhra Bank FD account?
No. It is possible to deposit the amount only once, that is at the time of opening the account. If you want to invest any additional amounts, then you will need a new FD account.
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