How to find the best rates for Andhra Bank Fixed Deposit
Andhra Bank is a public-sector bank providing retail investment solutions through its fixed deposit schemes which feature competitive interest rates for varying tenors.
FD rates are prone to change depending on a banks liquidity needs and changes in general market conditions. It can be hard to track such changes over a period of time and ascertain their effect on returns, especially in the case of multiple holdings.
The above table captures all changes made by Andhra Bank to interest rates on its fixed deposits. Maturities reflected are calculated based on the latest rates thereby enabling real-time comparison of all schemes.
Andhra Bank Short-Term FD Rates
The shortest-term holding is 30 days for which returns are pegged at 7.25%. For holdings between 60 and 90 days, it is enhanced by 0.25% to 7.5% and further enhanced by 0.5% for 120-day holding to 8%. The best rate is on a 6 or 9 month scheme at 8.5%.
Andhra Bank Medium and Long-Term FD Rates
Schemes with tenors from 1 to 2 years offer the highest interest rates at 9%. This is reduced by 0.25% to 8.75% on a 3-year holding and brought down further to 8.5% on holdings above 4 years (up to 5 years).
Andhra Bank Senior Citizen FD Rates
Senior citizens are given 0.5% extra on existing interest rates across all the schemes putting returns in the range of 7.75% to 9.5%.
Rates on Andhra Banks fixed deposits are highest on short to medium-term holdings vis-a-vis its peers making them attractive investment products for those looking to earn high returns while maintaining liquidity.
Rates indicated above are on an annual basis, compounded quarterly.
No comments:
Post a Comment