Andhra Bank NRE FD Rates

Andhra Bank is one of the top leading banks in India. Started in 1923, Andhra Bank bank was merged with Union Bank of India in April 2020, wherein, the Indian government kept 90% of shares and remaining 10% were distributed with the Life Insurance Corporation of India. For financial considerations, Andhra Bank continues to offer reliable banking operations to its customers in the country and abroad.

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Andhra Bank NRE FD Rates

In a fixed deposit or FD the customer is investing for a fixed time and until this time passes, the amount is locked. Once a customer applies for an Andhra Bank Fixed Deposit scheme, they can deposit the money and keep it locked for a fixed period. When the account reaches its maturity, the customer can take withdrawal with accumulated interests. 

Fixed Deposits are one of the reliable investments that offer guaranteed returns on the investment. The rate of return will also depend on the provider as well as the duration of the Fixed Deposit. In addition, it will pay one fixed interest. 

The deposits will only actualize when the account is allowed to reach maturity without any hindrance. However, if one intends to withdraw from the deposits prematurely, it can attract some financial ramifications on the policy. So, the penalty is to discourage the break and allow the policy to reach maturity. In addition, the Andhra Bank NRE FD Rates offer affordable and excellently chosen interest rates to cater to the financial requirements of its NRI customers.

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Andhra Bank NRE FD Rates

It's essential to have an insight into the NRE FD rates provided by Andhra Bank before one opens an NRE account. In that regard, the Andhra Bank NRE Fixed Deposit rates and Andhra Bank NRI FD Rates are the first things to take a look at. They will give an idea about the return on investment and craft an idea that one can ponder upon. These are the interest rates for deposits less than two crores for various available tenure options for regular customers. 

Domestic Term Deposit Interest Rates (Below Rs. 2 Crores)

Tenure Interest Rate (Per Annum)
7 to 45 Days 3.00%
46-90 Days 3.50%
91 to 120 Days 3.75%
121 to 180 Days 4.30%
181 Days to less than 1 Year 4.40%
1 Year 5.00%
More than 1 Year to less than 2 Years 5.20%
More than 2 years to less than 3 years 5.40%
More than 3 years to less than 5 years 5.50%
5 years to 10 years 5.60%

Guaranteed Return Investment Plan Guaranteed Return Investment Plan

Domestic Term Deposit Interest Rates (Above Rs. 2 Crores but less than Rs. 10 Crores)

Tenure Interest Rate (Per Annum)
7 days to 45 days* 3.50%
46 days to 90 days 5.00%
91 days to 179 days 5.00%
6 months to < 9 months 5.75%
9 months to < 1 year 5.75%
1 year to 2 years 6.00%
Above 2 years to 3 years 6.10%
Above 3 years to 5 years 6.10%
Above 5 years to 10 years 6.10%

NRE Term Deposit Rates (Below Rs. 2 Crores)

Tenure Interest Rate (Per Annum)
1 Year to 2 Years 6.00%
Above 2 Years to 3 years 6.10%
Above 3 Years to 5 years 6.10%
Above 5 Years to 10 Years 6.10%

NRE Term Deposit Rates (Above Rs. 2 Crores but less than Rs. 10 Crores)

Tenure Interest Rate (Per Annum)
1 Year to 2 Years 6.00%
Above 2 Years to 3 years 6.10%
Above 3 Years to 5 years 6.10%
Above 5 Years to 10 Years 6.10%

FCNR(B) Foreign Currency Non-Resident Deposits

Currency USD < 300,000 USD >= 300,000 GBP EUR AUD JPY CAD
1 Year and above but less than 2 Years 0.85 0.85 0.6 0.01 0.19 0.01 0.58
2 Years and above but less than 3 Years 0.84 0.94 0.79 0.01 0.35 0.07 0.89
3 Years and above but less than 4 Years 1.12 1.22 0.93 0.01 0.58 0.1 1.14
4 Years and above but less than 5 Years 1.29 1.39 1.04 0.02 0.77 0.08 1.36
5 years 1.4 1.5 1.11 0.08 0.96 0.09 1.56
Investment Plans for NRIsInvestment Plans for NRIs

FCNR (B) Deposits

Period JPY CAD AUD
Existing Revised Existing Revised Existing Revised
1YR<2YR 0.01 0.01 0.62 0.59 0.18 0.18
2YR<3YR 0.06 0.07 0.71 0.75 0.27 0.27
3YR<4YR 0.08 0.09 1.01 1.03 0.42 0.48
4YR<5YR 0.09 0.10 1.26 1.27 0.66 0.72
5YR ONLY 0.11 0.11 1.51 1.50 0.89 0.94

RFC Deposits

Period USD<300,000 USD> =300,000 GBP EUR JPY CAD AUD
Existing Revised Existing Revised Existing Revised Existing Revised Existing Revised Existing  Revised Existing Revised
Term Deposits
6 Months to <1YR 0.88 0.81 0.88 0.81 0.57 0.56 0.01 0.01 0.01 0.01 0.62 0.59 0.18 0.18
1 YR to <2 YR 0.88 0.81 0.88 0.81 0.57 0.56 0.01 0.01 0.01 0.01 0.62 0.59 0.18 0.18
2 YRS to <3YRS 0.80 0.74 0.90 0.84 0.74 0.74 0.01 0.01 0.06 0.07 0.71 0.75 0.27 0.27
3 YRS 1.05 1.00 1.15 1.10 0.90 0.86 0.01 0.01 0.08 0.09 1.01 1.03 0.42 0.48
Investment Plans for NRIsInvestment Plans for NRIs

About 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:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

Types of FD for NRIs

The bank offers this service to NRIs under different types - NRE, NRO, and FCNR deposits. 

NRE

This is a long-term investment. The Andhra Bank NRE FD Rates will offer one a favourable rate, and one can keep the deposit for ten years. One will be offered the benefits of the deposit once the account reaches maturity. In addition to that, one can maintain the deposit in the Indian currency (INR). 

Features of NRE

  • One of the benefits of the NRE account is that one can maintain the account in Indian rupees.  In addition to that, there will be no taxes levied on the amount. 
  • One can deposit the foreign currency, and it will be converted. 
  • One can deposit a minimum of ₹ 1, 00,000, but there are no restrictions on the max amount in this case. 
  • The tenure of the FD can range from 7 days to 10 years. In addition to that, the bank will pay interest from 3.00% p.a. to 5.60% p.a. However, one can get 3.50% to 6.10% in the case of the Senior citizens p.a. 
  • Customers can also close the account prematurely. However, that can attract a penalty from the bank. So, one has to be careful in making any financial decision. 
SIP Investment for NRIsSIP Investment for NRIs

FCNR 

The second type is foreign currency non-resident FCNR, and it is a short-term FD. It will still offer great returns, but customers can keep it for five years. The FCNR can be deposited in the following currencies:

  • Great Britain Pound (GBP)
  • EURO
  • US Dollar
  • Australian Dollar (AUD)
  • Canadian Dollar (CAD)

Features of FCNR

  • In matters of interest in FCNR, the Andhra Bank NRE FD rates are different. One is offered a diverse range of interests that is contrary to the former one. 
  • Minimum: ₹ 1, 00,000
  • Tenure: Customers can deposit for a minimum tenure of 15 days, and the maximum offered is five years. 

One will need to keep certain types of documents ready in case one needs to open the FD account. However, customer documents must be instrumental in establishing the credibility of their identity and address. Therefore, one will need the following documents:

  • Date of Birth Proof (one can show the matriculation, birth certificate, or similar document)
  • Passport Size Photographs
  • Pan Card
  • Bank A/c details
Investment Plans for NRIsInvestment Plans for NRIs

How to open the account? 

  • One will need to follow specific steps if one wishes to open an Andhra Bank NRE FD account.
  • One will need to visit the official website of Andhra Bank. 
  • The menu will give one the FD option, so one will need to choose it. 
  • The next step will prompt one to choose the deposit amount, and if one is above sixty, then one will need to select that as well. 
  • Choose the tenure and the interest payment

Finally, read the terms and click “Submit." This will open one account. However, it will be wise to have a comprehensive knowledge of the Andhra Bank NRE FD Rates. This shall be a start.

Who Are Eligible?

Andhra Bank NRE FD Rates makes it a convenient choice for a variety of investors. From the private to the firms, the attractive investment offers an excellent choice. The Bank's Fixed Deposit is available for Senior citizens, Indian residents, NRI, individuals, firms or partnerships, trusts, society, public and private companies. 

NRO

Non-Resident Ordinary Rupee Account allows an NRI or a Foreign National. However, the party needs to have an Indian origin or be a citizen of India. Various other features are mentioned below, and one must take a look before one head forward. In that case, and for the customer considerations, the features are as follows:

  • NRIs are allowed to have – NRO Savings Account, NRO Term Deposit A/c, NRO Recurring Deposit A/c, and NRO Current Account. It's equally important to mention that if they incur expenses in the country, they can opt. 
  • The account allows for the partnership operation. However, the other party needs to be one’s close relative. 
  • The account holder can also grant limited autonomy to the resident in the form of a Power of Attorney. 
  • The interest will depend on the tenure, and this can change without any prior notice. 
  • The minimum tenure is 15 days, and the maximum is ten years. In addition to that, the NRO account allows foreign as well as Indian currency. 

Conclusion

Andhra Bank offers attractive interest rates and financial excellence. If one looks at the interest rates, one will find diversity in offerings to accommodate very financial preference. That being said, the final investment will still depend on the chosen plan and its tenure. As of now, the bank offers one fixed deposit from 15 days to 10 years. 

The Andhra Bank NRE FD Rates offer an appealable and sound financial choice to NRIs. In addition to that, the fixed deposit is capable of returns at any time as per the personal or joint preference of the customer. 

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

“Tax benefit is subject to changes in tax laws. Standard T&C apply.”

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