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.

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.

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

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