Andhra Bank offers two attractive RD schemes known as AB Recurring Deposit and AB Recurring Deposit Plus. Under AB Recurring Deposit scheme, the depositor may choose a tenure ranging from 6 months to 10 years but under the AB Recurring Deposit Plus Scheme, the depositor can choose a tenure between 6 months to 60 months only.
The interest rate for the Recurring deposits depend on these factors:
Under the AB Recurring Deposit scheme, the accrued interest is payable after deduction of applicable taxes. Interest accrued on RD is not subject to TDS (Tax Deduction at Source). The Andhra Bank Recurring Deposit Scheme is extended to corporates and firms.
General Customers (%)
Senior Citizen (%)
6 months to < 9 months
9 months to < 1 year
1 year to 2 years
Above 2 years to 3 years
Above 3 years to 5 years
Above 5 years to 10 years
Depositors can hold a recurring deposit in Andhra bank for a tenure less than 1 year. For funds lesser than Rs. 1 crore, the rate of interest on a recurring deposit in Andhra Bank for a short-term tenure of 6 months-9 months is 6.75%.
This Bank offers medium and long-term RD to Indian citizens, senior citizens, corporates and firms. Regular customers can avail an interest rate of 7% per annum for s deposit term of 9 months-1 year and 1-2 years. The interest rates offered for RD of less than 1 crore and a tenure of 3-5 years is 6.5 %. The rate of interest for a tenure of 5-10 years is 6.5%
Senior citizen customers of Andhra Bank can avail an additional interest rate of 0.5% above the standard interest rate available to the regular customers. An RD held by a senior citizen for six months- months, an interest rate of 7.25% is offered. For the tenure of 9 months-1 year, an interest rate of 7.5% is provided by the bank and for a tenure of 5-10 years, an interest rate of 7% is provided
The retired staff and existing staff of Andhra Bank are eligible for an additional interest rate of 0.5%. Also, corporates and firms with large recurring deposits are also eligible for a higher interest rate on the Recurring Deposit.