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A Recurring Deposit is largely considered a good investment option. This is because in case you do not wish to make a lump sum deposit, you can always make regular deposits in smaller affordable amounts under a recurring deposit. Andhra Bank offers attractive rate of interest for RD. Read ahead and know more:
Note: The RD rates have been sourced from the official website of Andhra Bank. Please note that Interest Rates are subject to change, without notice, as per the market trends and the bank’s decision in this regard is final.
Interest Rates on Domestic Term Deposits for the size of less than Rs. 2 Crore and Rs. 2 Crore to Rs.10 Crores w.e.f. 02.03.2019.
|Maturity Period||Rates of interest (%) Less than Rs.2.00 cr||Rates of interest (%) Less than Rs.2.00 cr to Rs.10.00 Cr|
|7 days to 14 days||4.00||4.00|
|15 days to 45 days||5.25||4.00|
|46 days to 90 days||6.00||6.26|
|91 days to 179 days||6.26||6.26|
|6 months to < 9 months||6.26||6.26|
|9 months to < 1 year||6.26||6.26|
|ONE year to 18 months||6.60||6.26|
|Above 18 months to 2 years||6.80||6.90|
|Above 2 years to 3 years||6.75||6.25|
|Above 3 years to 5 years||6.75||6.25|
|Above 5 years to 10 years||6.50||6.25|
For deposits of Rs.1.00 Lac and above.
Rates of interest on NRE term deposits have been revised with effect from 10.09.2018.
|Period||Rate of Interest (%) p.a. Less than Rs.1 Cr||Rate of Interest (%) p.a. Less than Rs.1 Cr to Rs.10 Cr|
|ONE Year to 18 Months||6.80||6.90|
|Above 18 Months to 2 Years||6.80||6.51|
|Above 2 Years to 3 years||6.75||6.25|
|Above 3 Years to 5 years||6.75||6.25|
|Above 5 Years to 10 Years||6.50||6.25|
The additional rate of interest of 0.50% p.a. being offered to Senior Citizens 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 tenure should be 6 months.
Mentioned below are the features of an Andhra Bank RD Account:
It can be opened by Individuals, HUFs, Sole Proprietorships, Partnership Firms, Ltd. Companies, Guardians on behalf of Minors, Societies, Clubs, Trusts, and minors aged below/above 10 years with a guardian and Associations.
If you are an existing savings account holder of Andhra Bank, you can easily open an instant RD account via net banking. If you do not have any relationship with the bank, you will have to physically visit the bank branch and open an RD account.
What is the interest rate that Andhra Bank Recurring Deposit offers on senior citizens RDs?
The interest rate offered by Andhra Bank to senior citizens is 0.50% additional to the rates offered to the normal citizens.
Can I make alterations to the tenure of my ongoing Andhra Bank Recurring Deposit?
No, you cannot make any alterations to the tenure of your ongoing RD.
What is the highest interest rate that is offered by the Andhra Bank Recurring Deposit?
The highest interest rate offered by Andhra Bank RD is 8.00% for a tenure of 1-2 years.
What is the minimum amount required to start Andhra Bank Recurring Deposit account?
The minimum amount required to open an RD with Andhra Bank is ₹100.
Can I open my Andhra Bank Recurring Deposit without a PAN card?
Yes, you can open an RD with any other KYC document. In case you do not have a PAN card, you will be required to fill Form 60 at the time of opening a new RD.