Here is the Andhra Bank RD Calculator to help you know the maturity amount on your RD. Use the AB installment calculator to decide the monthly investment in your recurring deposit account. We have provided the Andhra Bank interest rates calculator and the RD application process in this article. Scroll down the page and make use of the information on current Andhra Bank RD Interest Rates for senior citizens and regular deposits.
Andhra Bank RD Calculator
It is very time-consuming to calculate the maturity amount and interest on your investment. In such cases, you can use the Andhra Bank Deposit Calculator to calculate the interest and maturity on your investment. Moreover, the Andhra Bank Recurring Deposit Calculator is easy to use. You should just enter the details of tenure, interest rate, kind of deposit, etc. Using the Andhra Bank RD Calculator helps in finding how much amount you can save. Trying a various number of amounts can make you choose the best one for your financial savings and plan your budget.
Here is the Andhra Bank Deposit Rates Calculator to make your savings easier. Just follow the below steps make an easy use of the RD Calculator. Moreover, you can use the Andhra Bank RD Installment Calculator to know how much amount you should invest to get certain maturity amount. Below are the processes of using Andhra Bank RD calculator and Installment Calculator for Andhra Bank Recurring Deposit.
How to Use Andhra Bank RD Interest Calculator?
- Click on the below link to Andhra Bank recurring deposit interest rate calculator.
- The Andhra Bank RD Calculator appears on your screen.
- Then start filling the details like monthly installment, AB Interest rates, the frequency of compounding interest, etc.
- Recheck for any wrong entries in the columns and then click on Continue.
- The RD rates calculator makes the number crunching meanwhile.
- You can observe the maturity amount you get after the tenure on your screen.
To use the RD calculator of Andhra Bank, click the below link.
How to Use Andhra Bank RD Installment Calculator?
- Click on the below link to Andhra Bank Installment Calculator.
- The RD Installment Calculator for Andhra Bank appears on your screen.
- Fill in the columns of maturity amount, duration, AB rate of interest, and the frequency of compounding.
- Check whether you have entered any wrong details and then click continue.
- The installment amount you need to pay monthly appears on your window.
To open the Andhra Bank Installment Calculator, click the below link.
You can also use the below formula to calculate the Andhra Bank RD maturity amount and installment amount manually.
The below formula can be used as the Manual Andhra Bank RD Interest Rates calculator
M = R[(1+i)n-1] / [1-(1+i) – 1/3] , I = Ptr
I = Interest
P = Principal amount
t = Tenure period
R = Monthly installment
r = Annual interest rate in decimals
i = interest rate divided by 400
n = number of quarters
M = maturity amount.
Andhra Bank RD Interest Rates
|Andhra Bank RD Rates|
|Tenure Period||AB Rates for
|AB Rates for
|6 months to below 9 months||6.25%||6.75%|
|9 months to below 1 year||6.25%||6.75%|
|1 Year to 2 Years||7.00%||7.50%|
|2 Years to 3 Years||6.50%||7.00%|
|3 Years to 5 Years||6.50%||7.00%|
|5 Years to 10 Years||6.50%||7.00%|
Andhra Bank Senior Citizens RD Rates of Interest
Senior Citizens who hold an RD account in Andhra Bank can get higher rates of interest than normal customers. They get 0.50% more interest rates. As the rates changes periodically, to get the latest interest rates, visit the bank directly.
Similarly, the existing or retired staff of Andhra bank, are eligible for additional rates of interest of 0.50%. Additionally, the firms and corporates who deposit a large sum of money can get the enhanced RD interest rates.
To know the RD interest rates of other banks, click the link below.
Andhra Bank Recurring Deposit
A safe and very convenient way of saving your money is the Recurring Deposit. It is one of the types of term deposit offered by Andhra Bank. In this RD account, users are made to deposit a fixed amount of money on a monthly basis and thereby earn certain interest on it. A recurring deposit is similar to a fixed deposit where you earn the higher interest rates than the savings account for the same investment.
The RD in Andhra Bank can have its tenure period ranging from 6 months to 120 months. Andhra Bank Recurring Deposit Schemes provide an opportunity to save through monthly deposits for a particular tenure. The difference between Andhra Bank RD and fixed deposit is that an RD allows you to deposit money on a regular basis. Whereas, in a fd, you should deposit the amount all at once at the time of account opening. You can use the Andhra Bank RD Calculator to get your maturity amount beforehand.
Features of Andhra Bank RD Account
- Saving even a small amount safely on a regular basis.
- Suitable for the people with steady income and those cannot pay the lump at once to open an FD.
- A feature of flexible tenure where the user can choose the duration from a few months to several years according to your financial plan.
- Attractive Andhra Bank Interest Rates higher than savings accounts.
- Options for quick access and liquidity during the time of need by the payment of nominal penal charges.
Additional Features of Recurring Deposits in Andhra Bank
- Facility of nomination available.
- Quarterly compounding of interest.
- A premature RD Closure is allowed.
- The bank charges a penalty for an RD closure below six months.
- Amount once fixed at the beginning cannot be changed by the depositor.
- No limit for maximum deposit amount.
- The Usual range of RD tenure period is 6 to 120 months.
- Higher rates of interest for Senior Citizens RD.
Andhra Bank RD Account opening
One can apply for a recurring deposit account with Andhra Bank in two ways. One is online, and the other is offline. Both of the processes need the submission of documents of address and identity proofs. The documents include address proofs, identity proofs like PAN card, AADHAR card, photographs with self-attestation. After applying for the account, you can use the above Andhra Bank RD Calculator to know the maturity amount. Below are the process of opening an RD account on Andhra bank.
How to Open a Recurring Deposit with Andhra Bank Online?
- Download the Andhra Bank RD application form from the official website.
- Fill in the form and submit it along with the KYC documents.
- Also, invest the principal amount which you need to deposit every month.
- Hence you have applied for the RD account in AB which will get activated in 2 days.
Apply for AB RD Account Offline
- Visit the nearest Andhra Bank branch.
- Take the AB recurring deposit Form.
- Fill the details with the help of a bank representative.
- Finally, recheck it and submit it along with the KYC documents.
- The documents you need to submit are identity proofs, address proofs, PAN card, photographs.
- Deposit the amount which you have pay every month regularly.
To know more details on Andhra Bank RD account opening, click the below link.
Terms and Conditions of Andhra Bank RD Scheme
- The minimum tenure period for RD investment is 6 months whereas the maximum period is 10 years.
- Additionally, for AB Recurring Plus, the tenure period ranges from 6 months to 60 months.
- The monthly deposit for a regular Andhra bank RD scheme, there is no maximum cap on monthly deposit.
- Payment of the interest earned on your investment is payable after a tax deduction at source.
- The depositor should choose the core amount which is the base for stepping up the monthly investment value in AB recurring deposit Plus scheme.
- The deposits should not be lower than core amount or should not exceed 10 times the core amount.
- Andhra Bank RD plus scheme does not allow the TDS on your interests.
RD Premature Withdrawal in Andhra Bank
Andhra Bank promotes a penalty on premature closure of the Recurring deposit account before 6 months. The penalty amounts are listed below. So, fix your tenure period at first properly and make use of the Andhra bank RD calculator to know your maturity amount.
- A penalty of Rs.10 if your outstanding balance in the recurring deposit account is less than Rs.100.
- If your balance is between Rs.100 to Rs.1,000, the penalty on premature closure is Rs.20.
- Any balance exceeding Rs.1000, the penalty is Rs.50.