Fixed deposit is considered one of the safer investment options compared to investments in share and money market. Here, people park their money for a stated period of time, during which the investment earns interest. Principal amount and Interest will be paid to the depositor at the end of the deposit period. Allahabad Bank provides users the facility of opening fixed deposit scheme, which offers great returns upon maturity.
About Allahabad Bank: Allahabad Bank was founded in Allahabad on April 24, 1865. The bank's head office shifted to Kolkata (formerly Calcutta) in 1923 following certain business considerations. On 19 July 1969, the government nationalised Allahabad Bank, along with 13 other banks. Allahabad Bank recently celebrated 150 years of foundation.
Interest rates on term deposit are decided by the Bank within the general guidelines issued by the banking regulator from time to time. Interest Rates on retail term deposits for certain time buckets are as follows:
| Tenor | Revised Rate |
|---|---|
| 7 - 14 days | 5.00% |
| 15 - 29 days | 5.00% |
| 30 - 45 days | 5.25% |
| 46 - 60 days | 5.50% |
| 61 - 90 days | 6.00% |
| 91 - 179 days | 6.25% |
| 180 - 269 days | 6.50% |
| 270 days to less than 1 year | 6.50% |
| 1 year to less than 2 years | 6.75% |
| 2 years to less than 3 years | 6.60% |
| 3 years to less than 5 years | 6.50% |
| 5 years to 10 years | 6.50% |
Source: Allahabad Bank website
Note: Fixed deposit interest rates are subject to change anytime as per Bank's discretion.
| Maturity Period | Interest Rates (%) p.a. (Rs. 2.00 Cr to less than Rs. 5.00 Cr ) | Interest Rates (%) p.a. (Rs 5.00 Cr to less than Rs 10.00 Cr ) | Interest Rates (%) p.a. (Rs 10.00 Cr to less than Rs 50.00 Cr ) | Interest Rates (%) p.a. (Rs 50.00 Cr and above ) |
|---|---|---|---|---|
| 7 to 14 days | 4.45 | 4.45 | 4.45 | 4.45 |
| 15 to 29 days | 4.45 | 4.45 | 4.45 | 4.45 |
| 30 to 45 days | 4.70 | 4.70 | 4.70 | 4.70 |
| 46 to 60 days | 5.45 | 5.45 | 5.45 | 5.45 |
| 61 to 91 days | 5.75 | 5.75 | 5.75 | 5.75 |
| 92 to 120 days | 6.00 | 4.00 | 4.00 | 4.00 |
| 121 to 179 days | 6.00 | 4.00 | 4.00 | 4.00 |
| 180 to 269 days | 6.00 | 4.00 | 4.00 | 4.00 |
| 270 days to less than 1 year | 6.00 | 4.00 | 4.00 | 4.00 |
| 1 year | 6.00 | 4.00 | 4.00 | 4.00 |
| More than 1 year to less than 2 years | 5.75 | 4.00 | 4.00 | 4.00 |
| 2 years to less than 3 years | 4.00 | 4.00 | 4.00 | 4.00 |
| 3 years to less than 5 years | 4.00 | 4.00 | 4.00 | 4.00 |
| 5 years to 10 years | 4.00 | 4.00 | 4.00 | 4.00 |
Source: Allahabad Bank Website
Note: Fixed deposit interest rates are subject to change anytime as per Bank's discretion.
| Savings Bank Deposits | Existing Rates % p.a | Revised Rates % p.a (w.e.f. 01.10.2017) |
|---|---|---|
| Balances of Less than Rs. 40.00 Lakhs | 4.00% | 4.00% 3.50% |
| Balances of Rs. 40.00 Lakhs & Above | 4.00% | 4.00% |
The rates are effective from 01st March 2019
Source: Allahabad Bank website
Note: Fixed deposit interest rates are subject to change anytime as per Bank's discretion.
Interest Rate % p.a. - 4.00 %
Foreign Currency Non-Resident FCNR (B) Account and Resident Foreign Currency accounts w.e.f. 01.03.2019
Revised Rate % p.a. (w.e.f. 01.03.2019)
| Period | USD | GBP | EUR | CAD | AUD |
|---|---|---|---|---|---|
| 1 year to < 2 years | 3.39 | 1.45 | 0.32 | 2.89 | 2.33 |
| 2 years to < 3 years | 3.33 | 1.62 | 0.36 | 2.66 | 2.28 |
| 3 years to < 4 years | 3.28 | 1.70 | 0.45 | 2.67 | 2.28 |
| 4 years to < 5 years | 3.25 | 1.76 | 0.56 | 2.69 | 2.47 |
| 5 years only | 3.27 | 1.81 | 0.66 | 2.71 | 2.54 |
Source: Allahabad Bank website
Note: Fixed deposit interest rates are subject to change anytime as per Bank's discretion.
| Period | Revised Rate % p.a. (w.e.f. 01.03.2019) (For below Rs. 2.00 Crore) |
|---|---|
| 1 year to less than 2 years | 6.75 |
| 2 years to less than 3 years | 6.60 |
| 3 years to less than 5 years | 6.50 |
| 5 years & up to 10 years | 6.50 |
Source: Allahabad Bank website
Note: Fixed deposit interest rates are subject to change anytime as per Bank's discretion.
| Savings Bank Deposits | Revised Rates % p.a (w.e.f. 01.10.2017) Existing Rates % p.a | Revised Rates % p.a (w.e.f. 01.10.2017) Existing Rates % p.a |
|---|---|---|
| Balances of Less than Rs. 40.00 Lakhs | 4.00% | 3.50% |
| Balances of Rs. 40.00 Lakhs & Above | 4.00% | 4.00% |
Source: Allahabad Bank website
Note: Fixed deposit interest rates are subject to change anytime as per the Bank's discretion.
Non-Resident (Ordinary) Rupee Term Deposits & Saving Bank A/c - The Interest rates of NRO deposits is in par with the Rates for Domestic Deposits.
This is a form of term deposit that is repayable following an agreed upon period, set during the time of deposit. It includes deposits made for a fixed duration as well as deposits made subject to notice of withdrawal. Users have the facility of opening a fixed deposit account at any of its branches. Maturity value is ascertained as per the interest rate that applies on date of deposit. Loan can be availed by pledging FDR receipts. TDS will apply on such deposits, as per guidelines issued by the government.
Premature withdrawals of domestic term deposits:
Penal Rate of Interest for Premature Withdrawal of Domestic Term Deposits
| Period of Deposit | Amount of Deposit | Penal Rate of Interest |
|---|---|---|
| Term Deposits for all periods (Irrespective of the deposit period that is agreed upon during the time of making the deposit) | less than Rs. 1.00 crore | 1.00 % penal interest to be charged |
Note: Fixed deposit interest rates are subject to change anytime as per the Bank's discretion.
On the depositor’s request, the bank may allow withdrawal of term deposit prior to completion of the period of the deposit agreed upon at the time of placing the deposit. Currently, a Penal interest @ 1% is to be levied for premature withdrawal of Term Deposits for all periods (irrespective of the duration of deposit agreed upon during the time of making the deposit). This is based on the period for which the deposit has run for the Term Deposits less than Rs. 1.00 crore.
Interest will not be payable in case premature withdrawal of deposits takes place before completion of the minimum period of 7 days. The policy on penalty for premature payment of Term Deposits will not apply for Term Deposits opened under CA Plus/ Auto Sweep/ Savifix schemes (for individuals and corporates/ institutions) irrespective of sum or duration. The Bank shall inform the depositors of the applicable rate along with the deposit rate.
For splitting of the sum of term deposit, on the request from the claimant of deceased depositor or joint account holders, no penalty for premature withdrawal of the term deposit shall be imposed if the duration and aggregate deposit sum do not undergo any change. Premature renewal of term deposit: If the depositor would like to renew the deposit by seeking premature closure of an existing term deposit account, the bank will allow the renewal at the applicable rate on the date of renewal. This is provided that the deposit is renewed for a duration that goes beyond the balance period of the original deposit.
While prematurely closing a deposit for renewal, interest on the deposit for the duration it has remained with the bank shall be paid. This will be at the rate applicable on the period that the deposit remained with the bank and not at the contracted rate.
Fixed Deposits can be opened in the name of:
Tax Saver Fixed Deposits - Allahabad Bank Tax Benefit Term Deposit Scheme
| Maturity Period | Deposit Amount | Interest Rate (%) |
| Five years | Up to Rs. 1 lakh a year | 6.50% p.a. for fresh deposits only. |
Note: Fixed deposit interest rates are subject to change anytime as per Bank's discretion.
Allahabad Bank Tax Benefit Term Deposit Scheme allows depositors to claim tax deduction under Section 80C of Income Tax Act, 1961 for the depositors.
This Account Can Be Opened By:
The interest rate is calculated after taking into consideration the period and quantum of deposit. It is subject to the guidelines issued by the Bank.
The rate of interest for certain depositors such as senior citizens, bank employee, a Banking Institution, a Co-operative Bank, the Army Group Insurance Directorate, Naval Group Insurance Fund and Air Force Group Insurance Society, etc. differ from that applicable to the deposits of others. The bank prescribes additional interest to these categories from time to time.
The interest is usually calculated on a quarterly basis and not on monthly, according to the directives of the RBI. If a depositor asks for monthly interest payment, branches may agree to it. This, however, is conditional to the fact that the interest paid every month is not greater than the discounted value of the interest for one month.
The interest on investments that is repayable within 6 months should be paid for the actual number of days - on the basis of 365 days in a year. For deposits that are repayable after six months and where the terminal month is incomplete, interest has to be paid for the months completed on an actual month basis. If the deposit is repayable after six months and the terminal month is complete, the interest needs to be paid depending on the actual months completed.
Source: Allahabad Bank
In case prospective low-risk customers are unable to produce any proof of identity as mentioned above, the following documents shall be considered as ‘Officially Valid Documents’:
In case prospective low-risk customers are unable to show any proof of address, the following documents shall be considered as ‘Officially Valid Documents’:
Source: Allahabad Bank website
Fixed Deposit Interest Rates for other Banks:
What is the interest rate of Allahabad Bank for senior citizen?
Senior citizens are not offered any special interest rates. The interest rates mentioned in the tables above are applicable to all - below and above 60 years of age.
What is Allahabad Bank Double Deposit plan?
The Double Deposit Plan (DDP) is a combination of Fixed Deposit Scheme and Recurring Deposit Scheme. The interest that is payable on Fixed Deposit is compounded on a quarterly basis.
The DDP provides a higher yield at the end of the stipulated period. While the interest payable is compounded quarterly, it is paid with the principal at the end of the stipulated period.
How should I start investing in FD Account of Allahabad bank online?
To open a Fixed Deposit account with Allahabad Bank, follow the below mentioned steps:
What is the contact information of Allahabad Bank Head Office?
The contact details of Allahabad Bank Head Office are as under:
Address: 2, N. S. Road, Kolkata -700 001
Contact No: 2242 0863/ 2242 0915 2242 0869/ 2210 3777 2242 0900 / 2242 0883
Email Id: customercare@allahabadbank.in
Tollfree No: 24x7 Toll Free Number - 1800 57 22 000
