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 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.

Features of Allahabad Bank Fixed Deposit

Investment Amount Minimum - Rs.1000 Maximum- No Maximum Limit

Tenure Minimum - 7 daysMaximum- 10 Years

Interest Rate Minimum - 3.05 %Maximum- 5.40%

Allahabad Bank Fixed Deposit Rates 2020

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%

Comparison of FD Rates by Top 10 Financial Institutes

Name	Interest Rates	Tenure
Axis Bank	5.75%	5 years to 10 years	View Details
Bank of Baroda	5.30%	5 years 1 day to 10 years	View Details
Bank of India	5.40%	5 years to 10 years	View Details
Canara Bank	5.45%	3 years to 10 years	View Details
Central Bank of India	5.35%	5 years to 10 years	View Details
HDFC Bank	5.50%	5 years 1 day to 10 years	View Details
ICICI Bank	5.50%	5 years 1 day to 10 years	View Details
IDBI Bank	5.70%	7 years 1 day to 10 years	View Details
State Bank Of India	5.40%	5 years to 10 years	View Details
Yes Bank	7.00%	1 year to 10 years	View Details

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 have to conform to the guidelines of the Reserve Bank of 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.

You May also like to Read: SBI Rate of Interest on FD

Allahabad Bank Fixed Deposit Rate

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

For Bulk Deposits – from Rs. 2Cr to Rs. 5Cr (As on August 05, 2020)

Tenure	General Public FD Rates	Senior Citizen FD Rates
7 days to 14 days	2.90%	3.40%
15 days to 29 days	2.90%	3.40%
30 days to 45 days	2.90%	3.40%
46 days to 90 days	2.90%	3.40%
91 days to 120 days	2.90%	3.40%
121 days to 180 days	2.90%	3.40%
181 days to less than 9 months	3.30%	3.80%
9 months to less than 1 year	3.30%	3.80%
1 year	4.00%	4.50%
Above 1 year to less than 2 years	4.00%	4.50%
2 years to less than 3 years	4.00%	4.50%
3 years to less than 5 years	4.00%	4.50%
5 years	4.00%	4.50%
Above 5 years	4.00%	4.50%

Note: The aforementioned rate of interest applies to the NRE Fixed Deposits as well as W.E.F. 5^th August 2020.

Tax Saver FD (Max Deposit - 1 LPA)

MATURITY PERIOD	DEPOSIT AMOUNT	INTEREST RATE (% p.a.)
		General	Senior Citizen
IB Tax Saver schemes - 5 Years	Up to Rs. 1 lakh	5.15%	5.65%

Tax Implications

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.
The applicable tax will be deducted at source, i.e. Allahabad Bank, in case the annual interest earned crosses Rs. 10,000.

For NRE Fixed Deposit - less than Rs. 2cr (As on August 05, 2020)

MATURITY PERIOD	DEPOSIT AMOUNT	INTEREST RATE (% p.a.)
1 year	less than Rs. 2cr	5.25
Above 1 year to less than 2 years	less than Rs. 2cr	5.15
2 year to less than 3 years	less than Rs. 2cr	5.15
3 years and above	less than Rs. 2cr	5.15

Note: The above-mentioned FD rates are applicable W.E.F. 05^th August 2020

For NRE Fixed Deposit - Rs. 2cr to 5cr (As on August 05, 2020)

MATURITY PERIOD	DEPOSIT AMOUNT	INTEREST RATE (% p.a.)
1 year	Rs. 2cr to 5crs	4.00
Above 1 year to less than 2 years	Rs. 2cr to 5crs	4.00
2 year to less than 3 years	Rs. 2cr to 5crs	4.00
3 years and above	Rs. 2cr to 5crs	4.00