Andhra Fixed Deposit Rate
Andhra Fixed Deposit Rate - FD Rate in India
A Fixed Deposit (FD) is one of the most popular financial instruments among the general population in India as it is a safe and reliable investment which provides a higher rate of interest than a regular savings account. It is considered to be a low-risk form of saving as it is free from volatility and market risks. The rewards are proportionately low as well when compared to investing in the stock market, for example, but is free from volatility and fluctuation.
Money can be deposited in an FD account for a period that usually ranges from 7 days to 10 years. Banks are free to set their own FD interest rate which in India can generally range from 3.5% - 8%, sometimes even as high as 9% depending on the tenure and amount among other factors. If you have idle money that you wish to invest, opening an FD is the simplest option, and has a hassle-free documentation process.
Opening an FD comes with a catch: the money cannot be withdrawn before maturity, except on payment of a penalty. Once the deposit matures, the bank credits the principal amount along with the interest earned to the bank account specified on the application form when the FD is opened.
Apart from banks, NBFCs and corporates too offer fixed deposits.
Andhra Bank deposit rates
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 ranges from 4%-9% per annum.
The interest earned can be paid in three ways: Simple interest paid on maturity of the deposit, Interest paid on monthly basis (at discounted rate) or quarterly basis. You can choose which kind of interest payout you want.
Andhra Bank FD rates
Following is an overview of Andhra Bank Term Deposit Rates and Andhra Bank Short-Term Fixed Deposit Interest Rates.
Andhra Bank Interest Rates on Fixed Deposits 2015 – 2016:
(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.)
|Maturity Period||Rates of interest per annum (%) < Rs.1.00 crore||Rates of interest per annum (%) Rs.1.00 Crore to Rs.10.00 Crore|
|7 days to 14 days||4.50||4.50|
|15 days to 45 days||5.75||5.75|
|46 days to 90 days||6.25||6.25|
|91 days to 179 days||6.50||6.50|
|6 months to < 9 months||7.00||6.75|
|9 months to < 1 year||7.25||6.75|
|1 year to 2 years||7.25||6.75|
|Above 2 years to 3 years||7.25||6.75|
|Above 3 years to 5 years||7.25||6.75|
|Above 5 years to 10 years||7.00||6.75|
Andhra Bank Interest Rates On Fixed Deposits 2015 – 2016: For deposits of Rs. 10 Crores and above
|Maturity Period||Rates of interest per annum (%) Above Rs. 10 Crores to Rs. 50 Crores||Above Rs. 50 Crores to Rs. 100 Crores||Above Rs.100 Crores|
|7 days to 14 days||4.50||4.50||4.50|
|15 days to 45 days||5.75||5.75||5.75|
|46 days to 90 days||6.25||6.25||6.25|
|91 days to 179 days||6.25||6.25||6.25|
|6 months to < 9 months||6.75||6.75||6.75|
|9 months to < 1 year||6.75||6.75||6.75|
|1 year to 2 years||6.75||6.75||6.75|
|Above 2 years to 3 years||6.50||6.25||6.25|
|Above 3 years to 5 years||6.50||6.25||6.25|
|Above 5 years to 10 years||6.25||6.25||6.25|
Andhra Bank FD Interest Rates for Senior Citizens
Andhra Bank offers special Senior Citizen FD Rates which is generally marginally higher than the rates on a regular FD. As of now Andhra Bank Senior Citizen FD Rate of interest is 0.50% higher for all maturity periods for an amount up to Rs. 1 crore only.
How to Calculate Andhra Bank Fixed Deposit Interest
You can use the Andhra Bank FD Calculator to help you identify how much interest you will earn on a principal amount. All you need to do is enter the FD amount, tenure (in months), rate of interest and the kind of fixed deposit scheme you wish to go for – and the calculator will do the rest and present you with a breakup of the interest earned and the maturity amount.
You can also 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. You can enter as many combinations as you want, and the calculator will give you instant and accurate results. Using an online calculator helps in determining how much you want to invest and the interest earned through the principal amount.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
Calculate IDBI 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
Andhra Bank FD Premature Withdrawal Penalty
Breaking a fixed deposit before the maturity date is possible and might come in handy if you are in an urgent need for funds – for example, in case of an emergency where urgent funds are required as in case of a medical emergency.
In such cases the bank will allow partial or complete withdrawal of the deposit before completion of the period of the deposit. The bank typically charges a small penalty which is communicated to you at the time of application of FD Deposit.
Andhra Bank FD – FAQS
What is the minimum period for a fixed deposit?
The minimum period is 7 days. You would require a minimum Rs.1,00,000 to book a Fixed Deposit account for this period. In all other cases, minimum period is 15 days.
What is the eligibility for opening an FD account with Andhra Bank?
All resident individuals including minors and Hindu undivided families are eligible to open an FD account with Andhra Bank.
What is the documentation required for individuals to open an FD account in Andhra?
The documentation for opening an FD account is simple. In addition to the usual Identity proof, Address proof, Signature proof and Age proof (for senior citizens), you would to submit the completely filled in Application form as well as a photograph.
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.
How is the interest paid?
Simple interest is paid on maturity of the deposit. You could also opt to received interest on a monthly monthly basis (at discounted rate) or quarterly basis as per your need.