Allahabad Bank Fixed Deposit Rates
A public-sector institution, Allahabad Bank offers attractive returns on its fixed deposit products which customers can avail at varying tenors. Interest rates change as per different schemes in accordance to changes in the market rates and internal liquidity requirements. Tracking these changes can be very hard for people looking to invest their savings in the most profitable product.
The above table is constantly updated with all changes made to the banks interest rates and displays maturities based on the latest return rate.
Allahabad Bank Short-Term FD Rates
At 6.5%, returns on the banks shortest deposit-holding, of 30 days, is attractive for those with near-term liquidity requirements as well as when compared with its peers. This is enhanced by one percentage point to 7.5% for tenors of 60 and 90 days. It is further increased by another percent to 8.5% for tenors between 120 days to 9 months.
Allahabad Medium and Long-Term FD Rates
Interest rates on fixed deposits between 1 year to lesser than 5 years is pegged at 8.75% which is comparable to other banks for FDs of similar tenors. The rate remains same at 8.75% for maturities that exceed the tenure of 5 years.
Allahabad Senior Citizen FD Rates
There are no special rates offered to senior citizens. Rates for this customer-segment are the same as existing rates.
Kindly Note- All interest rates mentioned above are on a per-annum basis, compounded quarterly.
Changes in Fixed Deposit Rates for Allahabad Bank
Headquartered in Kolkata, the 150 year old nationalised bank of India, Allahabad Bank has announced changes in the rates offered on its fixed deposit schemes. There have been similar moves by other banks across the nation, post the directive by the Reserve Bank of India.
For deposits of less than a crore, the tenures within 61 days-179 days have seen a reduction of 0.25% than the existing rates and the same reduction is also applied for the tenure of 270 days to 1 year deposits. For deposits of tenures from 1 year to less than 5 years, the rates have dropped by 0.10% and are now at 8%. Similarly, Non-resident deposits of less than 1 crore from 1 year to 10 years are at 8%.
Allahabad Bank Cuts Term Deposit Rates for Specific Maturities
On the heels of similar moves from other Indian banks, state owned Allahabad Bank has also revised its prevalent term deposit interest rates. With effect from January 7, deposits amounting to less than one crore and ranging in tenure from one year to less than five years will command an interest rate of 8.75%, a slash of 15 basis points. As with other banks in the segment, Allahabad Bank is responding to the excess liquidity and limited demand for loans and other deployment instruments to lower its cost of funds. Sources with the bank are optimistic that further cuts will not be necessary, however, the continued state of liquidity and the response from other banks will likely drive Allahabad Bank’s future reactions in this regard.
Allahabad Bank Reduced Fixed Deposit Interest Rates
Allahabad Bank, a preferred public sector bank has reduced its fixed deposit interest rates from the prevalent 9.05% to the new margin of 8.90%, a reduction of 0.15%. This move comes into effect as of today- November 10, 2014 and follows in the footsteps of other banks, including SBI, PNB, Andhra Bank etc., who also have slashed their existing fixed deposit interest rates by varying margins recently. Allahabad Bank adds that these updated rates are applicable for maturities that range in tenure from 1-5 years and are worth Rs. 1 crore and below. However, the senior citizens will continue to receive their customary addition of 0.50% over the applicable interest rate.
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