Andhra Bank
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Toll Free Number : 1800 425 1515

  Name of the Scheme


Tenure of the Scheme

5 years which can be extended by 3 more years

Rate of interest

 7.4% per annum with effective from 01-04-2020 till 30-06-2020  - (as prescribed in the Official Gazette published by the GOI on a quarterly basis).

Frequency of computing interest

Quarterly and paid


Interest is fully taxable

Whether TDS is applicable

Yes, Tax will be deducted at source

Investment to be in multiples of

Rs. 1000/-

Maximum investment limit

Rs. 15 lakh

Minimum eligible age for investment

60 years (55 years for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible to invest on attaining the age of fifty years subject to the fulfillment of other specified conditions.

Premature withdrawal facility

Available but with penalty

Transferability feature

Not transferable to others


Not tradable

Nomination facility

Nomination facility is available

Modes of holding

Accounts can be held both in single or joint holding modes. Joint holding is allowed but only with spouse

Application forms available with

At all 418 designated branches of our Bank and Bank’s website.

Applicability to NRI, PIO and HUFs

Non resident Indians, Persons of Indian Origin and Hindu Undivided Family are not eligible to open an account under the scheme.

Transfer from one deposit office to another

Transfer of account from one deposit office to another in case of change of residence is permitted

List of Branches

Click here for list of branches