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Save money while enjoying a higher interest rate with Andhra Bank Recurring Deposits. Andhra Bank Recurring Deposit Interest Rates differ for resident and NRI customers. Andhra Bank Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) is a form of a term deposit that is provided by many banks. It allows the customer to deposit the needed amount of money in periodic intervals with the bank and, it acquires a certain amount of interest on the same. These periodic monthly deposits can be made over a certain period decided by the depositor.
The major difference between a fixed deposit and a recurring deposit is that a recurring deposit allows one to make regular investments in the deposit that goes on for the full duration, whereas a fixed deposit, allows one to deposit the entire sum of money at the time they open the fixed deposit account.
About Andhra Bank Recurring Deposit Rate
A recurring deposit in Andhra Bank helps the individual develop a habit of saving at regular intervals. There recurring deposit scheme offered by Andhra Bank is known as ‘AB recurring deposit’.
Andhra Bank recurring deposit interest rates are same as the rates offered for the fixed deposit accounts.
Following is an overview of AB recurring 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.)
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 and above the minimum tenor should be minimum 6 months & above.
You can make use of the Andhra Bank recurring deposit Calculator to calculate the interest and the maturity that is received on the amount you invest. Using an RD calculator is easy as you just need to enter the amount you want to invest monthly, mention the date of opening of RD, the tenure and due date of RD. The calculator will then provide the maturity amount that you get at the time of maturity of the recurring deposit.
Using a recurring deposit calculator gives you the maturity amount and you can accordingly decide how much you want to invest. You can try various investment amount options and opt for the one that is most suited to your budget and helps achieve your financial goals.
1. What is the maximum amount one can deposit in an RD with Andhra Bank?
There is no ceiling on the maximum amount with Andhra Bank.
2. What is the minimum and maximum deposit period with Andhra Bank?
The minimum deposit tenure is 6 months and can extend up to a maximum of 10 years with Andhra Bank.
3. Are the interest rates of a recurring deposit similar to that of a Fixed Deposit?
Yes, they are similar.
4.Do senior citizens have more interest with Andhra Bank?
Yes, an additional rate of interest of 0.50% p.a. is offered for senior citizens with Andhra Bank.
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