Allahabad Bank Fixed Deposit

A fixed deposit (FD) is a kind of bank account where you deposit a fixed amount of money at a regular interval for a specified time. The sole purpose of this kind of a bank account is the huge amount of interest rates they provide. You can collect the maturity amount at the end of the fixed time for which you deposit the money.

Allahabad Bank Fixed Deposit

Allahabad Bank offers fixed deposit accounts for its customers. Usually, these accounts are kept by businessmen and merchants who wish to earn higher interest rates. Allahabad Bank Fixed Deposit accounts are a good way of saving and making.

You can always apply for these fixed deposit accounts online or by going into your nearest branch.

Allahabad Bank FD Rates in India
Tenure General Public FD Rates Senior Citizen FD Rates
7 days to 14 days 3.05% 3.55%
15 days to 29 days 3.25% 3.75%
30 days to 45 days 3.25% 3.75%
46 days to 90 days 3.25% 3.75%
91 days to 180 days 4.00% 4.50%
181 days to 269 days 4.50% 5.00%
270 days to 364 days 4.50% 5.00%
1 year 5.50% 6.00%
1 year 1 day to 1 year 11 months 29 days 5.40% 5.90%
2 years to 2 years 11 months 29 days 5.40% 5.90%
3 years to 4 years 11 months 29 days 5.40% 5.90%
5 years to 10 years 5.40% 5.90%

Allahabad Bank Fixed Deposit Rates

Rates of interest always fluctuate according to the market and the economy. However, Allahabad Bank is known to give quite high rates of interest on fixed deposits. These fixed deposit rates obviously have to conform to the guidelines of the Reserve Bank if India.

Other than that Allahabad Bank Fixed Deposit rates are quite profitable. At any given point of time, you can know the FD rates of Allahabad Bank by a simple inquiry into the nearest branch, or by looking up the online website of the bank.

Allahabad Bank Fixed Deposit Rate

It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of data provided below.

For Domestic Deposits - Less than Rs. 2 crore (As on 17-10-2019)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
7 days to 14 days Less than Rs. 1 crore 5.00% N.A
15 days to 29 days Less than Rs. 1 crore 5.25% N.A
30 days to 45 days Less than Rs. 1 crore 5.50% N.A
46 days to 60 days Less than Rs. 1 crore 6.00% N.A
61 days to 90 days Less than Rs. 1 crore 6.25% N.A
91 days to 179 days Less than Rs. 1 crore 6.50% N.A
180 days to 269 days Less than Rs. 1 crore 6.50% N.A
270 days to less than 1 year Less than Rs. 1 crore 6.50% N.A
1 year to less than 2 years Less than Rs. 1 crore 6.60% N.A
2 years to less than 3 years Less than Rs. 1 crore 6.45% N.A
3 years to less than 5 years Less than Rs. 1 crore 6.35% N.A
5 years and upto 10 years Less than Rs. 1 crore 6.35% N.A

 

Tax Saver Fixed Deposits (Max Deposit - 1 LPA)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
Tax Benefit* Term Deposit Scheme - 5 years Less than Rs. 1 cr 6.5 N.A

Tax Implications

  1. The amount invested in Fixed Deposit with a tenure of 5 years with Allahabad Bank is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.
  2. The applicable tax will be deducted at source, i.e. Allahabad Bank, in case the annual interest earned crosses Rs. 10,000.

 

For NRO - Less than Rs. 2 crore (As on 17-10-2019)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
7 days to 14 days Less than Rs. 1 crore 5.00%
15 days to 29 days Less than Rs. 1 crore 5.25%
30 days to 45 days Less than Rs. 1 crore 5.50%
46 days to 60 days Less than Rs. 1 crore 6.00%
61 days to 90 days Less than Rs. 1 crore 6.25%
91 days to 179 days Less than Rs. 1 crore 6.50%
180 days to 269 days Less than Rs. 1 crore 6.50%
270 days to less than 1 year Less than Rs. 1 crore 6.50%
1 year to less than 2 years Less than Rs. 1 crore 6.60%
2 years to less than 3 years Less than Rs. 1 crore 6.45%
3 years to less than 5 years Less than Rs. 1 crore 6.35%
5 years and upto 10 years Less than Rs. 1 crore 6.35%

 

For NRE - Less than Rs. 2 crore (As on 17-10-2019)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
1 year to less than 2 years Less than Rs. 1 crore 6.60%
2 years to less than 3 years Less than Rs. 1 crore 6.45%
3 years to less than 5 years Less than Rs. 1 crore 6.35%
5 years and upto 10 years Less than Rs. 1 crore 6.35%
Written By: PolicyBazaar - Updated: 31 July 2020
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