Andhra Bank 2023 Interest Rate For FD, RD , Forex Calculator, Benefits, Eligibility, FD Schemes

Andhra Bank 2023 Interest Rate For FD- With a high interest rate on the principal amount, fixed deposits, or FDs, are a profitable investment option that help investors earn handsome returns. To provide customers with a lucrative investment opportunity, Andhra Bank offers a variety of FD plans. The domestic term deposit rates offered by Andhra Bank have been updated as of December 3, 2023. For a variety of time periods, the Andhra Bank fixed deposit rates on domestic plans, including Non-Resident Ordinary (NRO) deposits, are as shown below.

On March 4, 2020, the Central Government and the Reserve Bank of India (RBI) announced the merger of Andhra Bank and the Union Bank of India in a gazette notification. The merger went into effect on April 1, 2023. As a result, Andhra Bank fixed deposit account holders were transferred to Union Bank of India. The Andhra Bank 2023 Interest Rate For FD is the interest rate that a bank will pay on an individual’s deposit at that bank. It is determined by the bank’s financial health, its overall market conditions, and other factors. The interest rate can change from time to time.

Andhra Bank 2023 Interest Rate For FD

Because it provides capital protection and income security, fixed deposits are a popular investment option, particularly with novice and conservative investors. Additionally, because of these characteristics, fixed deposits are an excellent tool for achieving short-term financial objectives, parking emergency funds, and protecting retirement funds. Scheduled banks’ FD interest rates range from 2.10 percent annually. to about 7.50% per year. for regular depositors over periods of seven days to ten years. Seniors typically receive an additional interest rate of 0.50 percent to 0.75 percent per year. above the rates that apply to FD cards.

To find the Andhra Bank 2023 Interest Rate For FD, first determine how much money you want to deposit at the bank. Then, find a bank that offers good rates and fees for deposits and make your deposit there. The interest rate on your deposit will depend on a number of factors, including the bank’s financial health, overall market conditions, and other factors. While the interest rate may change from time to time, it is generally higher for longer-term deposits. So if you are looking for a safe place to park your money, consider making a long-term deposit with this bank or another one that offers competitive rates.

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Andhra Bank 2023 Interest Rate For FD

Andhra Bank 2023 Interest Rate For FD Details

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About Andhra Bank Fixed Deposit

Savings is good, but investments are better. We are aware of the different deposit schemes but hardly care enough to try it for ourselves. Everyone wants benefits and banks are fulfilling the requirements of the customer by providing investment solutions.

Andhra Bank is a public-sector bank that has brought some fixed deposit schemes having interest rates competitive to that of other banks. Like other banks, FD rates of Andhra Bank change from time to time depending on the bank and the general finance market. Here are the Andhra Bank Fixed Deposit schemes, interest rates, and other important details for an individual to open an FD account in Andhra Bank.

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Different Types of Andhra Bank FD Schemes

It is important to carefully consider your individual needs and financial situation when choosing a bank FD scheme. Different types of FD schemes can offer different levels of protection and flexibility for different individuals and budgets. It is also important to consider the fees associated with each type of bank FD scheme before making a decision. Remember, no two people have the same needs and circumstances, so it is important to do your research and find the right type of bank FD scheme for you.

AB Fixed Deposits:

The minimum deposit tenure for the account is seven days, and the minimum deposit sum is Rs.1 lakh. Simple interest will be paid on maturity or a quarterly basis as per the depositor’s choice. This is the regular fixed deposit account offered by the bank.

AB Freedom (Flexi) Deposit Scheme:

The account is a combination of savings account and term deposit account. The account comes with an auto-sweep and auto-reverse sweep facilities. You have to maintain a minimum of Rs.5,000 in AB Freedom SB Account. An amount over Rs.25,000 in the SB account will be transferred to the term deposit account in multiples of Rs.1,000 through an auto-sweep facility. The deposit term can range from 15 days to 12 months. Interest will be paid every quarter for the units converted to a term deposit.

AB Money Time:

AB Money Time is a monthly income deposit scheme that contributes as a source of income to customers through monthly payouts. The interest payout will begin at the end of the deposit’s maturity period. Minimum deposit amount for this account is Rs.25,000 and the minimum period is one year and three months and can go up to 120 months.

AB Tax Saver:

This tax-saving fixed deposit scheme comes with a lock-in period of five years. Customers can get income tax benefits under Section 80C by depositing money in this account.

AB Kalpataruvu Deposits:

It is a cumulative term deposit account with a minimum deposit amount of Rs.100. No maximum limit on deposit is applicable. The deposit tenure can be from six months up to 10 years. Interest gets compounded quarterly and is paid on maturity.

AB Smart Choice:

The minimum deposit sum for this account is Rs.1 crore. The deposit period can be from seven days up to 179 days. Loans and overdraft facilities are available under this scheme. No penalty on premature withdrawal as long as the deposit is retained for a minimum of seven days.

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Andhra Bank FD Special Features and Benefits

Andhra Bank FD special features and benefits include a wide range of banking products and services, including personal and business loans, savings accounts, credit cards, and insurance. Additionally, Andhra Bank offers deposit products such as CD’s and fixed deposits that can be used to save money. The bank also offers brokerage services for trading stocks and bonds. Andhra Bank FD also has a wealth management unit that provides financial planning and asset management services for high-net-worth individuals and institutions. With branches in many parts of the country, Andhra Bank FD is a convenient option for banking needs.

  • The minimum deposit period is seven days for regular FD schemes.
  • The minimum deposit amount starts at Rs.100 and varies based on the scheme selected.
  • Premature withdrawal is allowed subject to the scheme chosen and other conditions.
  • Additional interest will not be paid for staff, retired staff, and senior citizens under specific schemes.
  • Nomination facility is available.

Basic Eligibility Criteria for Andhra Bank FD

  • Individuals
  • Two or more individuals forming joint accounts
  • Hindu Undivided Families (HUFs)
  • Clubs
  • Associations
  • Trusts
  • Hospitals
  • Schools and Colleges
  • Minors

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Tax Benefits on Andhra Bank Fixed Deposit

Andhra Bank offers ‘AB Tax Saver’ scheme that provides a tax benefit to taxpayers as per Union Government Notification No.203/2006 dated 28.07.2006. Individuals and HUFs (IT assessees having PAN) are eligible to get the benefits of the scheme.

The deposit amount for this scheme has an upper limit of Rs.1.5 lakh per financial year. The lock-in period for this account is five years. Depositing money in this scheme will allow you to claim income tax deduction under Section 80C of the Income Tax Act, 1961.

In the case of fixed deposits, the tax levied is dependent on the tax bracket you fall into irrespective of factors, such as the interest rate. If the interest earned on your fixed/term deposit is more than Rs 40,000 during the financial year, the bank deducts tax at source at 10%. This rate has been reduced to 7.5% due to COVID-19 pandemic during the period from May 2020 to March 2023.

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Andhra Bank FCNR (B) Deposit Interest Rates

The FD rates for Andhra Bank Foreign Currency Non-Resident (Bank) deposits against specific foreign currency**:

1 year to less than 2 years 4.08 0.06 4.25 3.22 1.25
2 years to less than 3 years 3.60 0.10 3.25 3.50 1.25
3 years to less than 4 years 3.30 0.10 3.35 3.25 1.25
4 years to less than 5 years 3.25 0.11 3.40 3.00 1.25
5 years 3.25 0.12 3.25 3.00 1.25

Andhra Bank Fixed Deposit Interest Rate Calculator

Andhra Bank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator. Andhra Bank is one of the largest and most trusted banks in India. With a wide range of financial products and services, Andhra Bank can help you manage your money in a secure and reliable way.

In this calculator, we will show you the current fixed deposit interest rate and the compound interest applied to your funds by Andhra Bank. Currently, the bank is offering a fixed deposit interest rate of 8% with a tenure of up to five years. This means that as your funds grow, so will your return on investment. You can calculate the annual percentage yield (APY) by dividing the interest earned by the amount deposited. Andhra Bank has an excellent track record of protecting its customers’ wealth, with a safety and soundness rating of A+ from Moody’s. Given its trustworthy reputation, Andhra Bank’s fixed deposit interest rates are a great place to save money for the long term. For more information about Andhra Bank’s fixed deposit rates and other financial products, visit their website at

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