Andhra Bank
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Toll Free Number : 1800 425 1515

AB Freedom (Flexi) Deposit Scheme
  Freedom(FLEXI)Deposit Scheme

We are glad to inform you that our Bank has launched AB Freedom (Flexi) Deposit Scheme from 27.08.2008. The salient features of the scheme are :
  Nature of the Scheme

A Savings Account and Term Deposit Account combined for convenience of customers

Individuals either jointly or single, Clubs, Associations, Trusts, Hospitals, Schools and Colleges who are eligible to open SB accounts. Special minors are not allowed to open accounts under this scheme.
  Unique Features

1. A Technology friendly product with Auto-sweep & Auto- Reverse sweep facility

2. Minimum balance to be maintained in Savings Bank (AB Freedom SB account) is Rs.5,000/-

3. Any amount in excess Rs. 25,000/- is transferred to Term Deposit Account in multiples of Rs.1,000/- units under Auto Sweep Facility.

4. The account holder earns interest at domestic term deposit rates for units converted to Terms
Deposit. Periodical interest payment will be allowed on quarterly basis

5. AB Freedom Flexi Fixed Deposit for 15 days to 12 months

6. AB Freedom Flexi Re-investment Deposit for 6 months to 12 months in multiples of quarters

7. Complete Liquidity- the deposit get broken in the multiples of Rs.1000/- on LIFO (Last in First Out) basis, while the remaining deposits continue to earn full interest

8. No documentation is required for cancellation of deposit units

9. No penalty for premature withdrawal of deposit units under Auto reverse facility

10. No deposit loans are allowed against Term Deposit units

11. No Deposit Certificate is issued

12. Account statement of Savings Bank and Term Deposit transactions will be issued

13. ATM / Debit Card is available

14. Nomination facility is available

15. Terms and Conditions apply

For any other clarification, please contact your nearest Andhra Bank Branch.