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Allahabad Bank Fixed Deposit Rates

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.

Allahabad Bank FD Interest Rates

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:

TenorRevised Rate
7 - 14 days5.00%
15 - 29 days5.00%
30 - 45 days5.25%
46 - 60 days5.50%
61 - 90 days6.00%
91 - 179 days6.25%
180 - 269 days6.50%
270 days to less than 1 year6.50%
1 year to less than 2 years6.75%
2 years to less than 3 years6.60%
3 years to less than 5 years6.50%
5 years to 10 years6.50%

Source: Allahabad Bank website

Note: Fixed deposit interest rates are subject to change anytime as per Bank's discretion.

Interest Rate on Term Deposits of Rs. 2.00 Cr and Above

Maturity PeriodInterest 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 days4.454.454.454.45
15 to 29 days4.454.454.454.45
30 to 45 days4.704.704.704.70
46 to 60 days5.455.455.455.45
61 to 91 days5.755.755.755.75
92 to 120 days6.004.004.004.00
121 to 179 days6.004.004.004.00
180 to 269 days6.004.004.004.00
270 days to less than 1 year6.004.004.004.00
1 year6.004.004.004.00
More than 1 year to less than 2 years5.754.004.004.00
2 years to less than 3 years4.004.004.004.00
3 years to less than 5 years4.004.004.004.00
5 years to 10 years4.004.004.004.00

Source: Allahabad Bank Website

Note: Fixed deposit interest rates are subject to change anytime as per Bank's discretion.

Savings Bank Deposits (Domestic)

Savings Bank DepositsExisting Rates % p.aRevised Rates % p.a (w.e.f. 01.10.2017)
Balances of Less than Rs. 40.00 Lakhs4.00%4.00% 3.50%
Balances of Rs. 40.00 Lakhs & Above4.00%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.

Non-Resident (External) Rupee Savings Deposit Account (NRE-SB)

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 USDGBPEURCADAUD
1 year to < 2 years3.391.450.322.892.33
2 years to < 3 years3.331.620.362.662.28
3 years to < 4 years3.281.700.452.672.28
4 years to < 5 years3.251.760.562.692.47
5 years only3.271.810.662.712.54

Source: Allahabad Bank website

Note: Fixed deposit interest rates are subject to change anytime as per Bank's discretion.

Non-Resident (External) Rupee Term Deposit Account (NRE–Term Deposit)

PeriodRevised Rate % p.a. (w.e.f. 01.03.2019) (For below Rs. 2.00 Crore)
1 year to less than 2 years6.75
2 years to less than 3 years6.60
3 years to less than 5 years6.50
5 years & up to 10 years6.50

Source: Allahabad Bank website

Note: Fixed deposit interest rates are subject to change anytime as per Bank's discretion.

Non-Resident (External) Rupee Savings Deposit Account (NRE–SB)

Savings Bank DepositsRevised Rates % p.a (w.e.f. 01.10.2017) Existing Rates % p.aRevised Rates % p.a (w.e.f. 01.10.2017) Existing Rates % p.a
Balances of Less than Rs. 40.00 Lakhs4.00%3.50%
Balances of Rs. 40.00 Lakhs & Above4.00%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.

Allahabad Bank FD Features

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 DepositAmount of DepositPenal 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 crore1.00 % 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.

Allahabad Bank FD Eligibility Criteria

Fixed Deposits can be opened in the name of:

  • Individual - Single Accounts
  • Limited Companies
  • Minor under the guardianship of the natural guardians or guardians appointed by the Court of Law
  • Joint names of two or more individuals
  • Partnership or Proprietary concerns
  • Clubs, Association, Societies, Trusts, etc.

Tax Saver Fixed Deposits - Allahabad Bank Tax Benefit Term Deposit Scheme

Maturity PeriodDeposit AmountInterest Rate (%)
Five yearsUp to Rs. 1 lakh a year6.50% 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.

Features of Allahabad Bank Tax Benefit Term Deposit Scheme:

  • Investment - Any sum of money not surpassing Rs. 1 lakh in a year starting on the 1st day of April of respective years. The money to be deposited needs to be a minimum of Rs. 100 or multiples thereof.
  • Tenure of Deposit - 5 years
  • Encashment option: Premature encashment is not allowed.
  • Pledging of the Deposit: Deposits cannot be pledged to avail loan or any other asset.
  • Nomination: Available
  • Transfer from one branch to another: The amount deposited may be transferred from the issuing branch to different branch. However, this is not transferable from one bank to another bank

Eligibility - Allahabad Bank Tax Benefit Term Deposit Scheme:

This Account Can Be Opened By:

  • Single Holder Type Deposits: Individual for herself or himself in the capacity of the "Karta" of a HUF.
  • Joint Holder Type Deposits: Jointly in the name of two or more persons payable to either of the holders or to the survivor. Deduction from income under Section 80C of Income Tax Act can only be claimed by the first holder of the deposit.

Rates and Fees to open Allahabad bank FD Account

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

Documents Required to Open Allahabad Bank FD Account

Officially Valid Documents

  • PAN Card
  • Passport
  • Driving License
  • Voter’s Identity Card
  • NREGA issued-job card signed by a State Government officer
  • Letter issued by the National Population Register with details of name and address
  • Any other document as notified by the Central Government in consultation with the Regulator

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’:

  • Identity card with applicant’s photo issued by Central or State Government Departments, PSUs, Statutory/ Regulatory Authorities, Scheduled Commercial Banks and Public Financial Institutions;
  • Letter issued by a Gazetted officer, with a duly attested photo of the person

In case prospective low-risk customers are unable to show any proof of address, the following documents shall be considered as ‘Officially Valid Documents’:

  • Utility bill - no older than two months of any service provider
  • Property or Municipal Tax receipt;
  • Pension or family Pension Payment Orders issued to retired employees by PSUs Undertakings or Government Departments, if they contain the address;
  • Bank account or Post Office savings bank account statement;
  • Letter of accommodation allotment from employer, issued by government departments, statutory or regulatory bodies, PSUs, scheduled commercial banks, financial institutions and listed companies. Likewise, lease and license agreements with such employers allocating official accommodation; and
  • Documents that have been issued by government departments of foreign jurisdictions or letter by Foreign Embassy or Mission in India

Source: Allahabad Bank website

FAQ's On Allahabad Bank Fixed Deposit Rates

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:

  • Step 1: Go to the website of Allahabad Bank. Log in to the internet banking portal by entering username and password.
  • Step 2: Click on the term deposit option and choose the type of deposit scheme
  • Step 3: Enter all necessary details
  • Step 4: Verify details and press ‘Confirm’

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

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