Allahabad Bank FD Rates 2023

Allahabad Bank is a nationalized Indian bank with its headquarters in Kolkata, India. The bank provided financial and banking services for more than 100 years until it was merged with another renowned bank – the Indian Bank, in the year 2020.

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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

Rates of interest always fluctuate according to the market and the economy. However, Allahabad Bank is known to give quite high FD interest rates. 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 in 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.

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

Allahabad Bank FD Rates on Domestic/NRE/Capital Gains Type B/Tax Saver Fixed Deposits of less than Rs 2 crore w.e.f. 19 December 2022

Period Interest Rates (% p.a.)
Regular Citizens Senior Citizens
7 days to 14 days 2.80 2.80
15 days to 29 days 2.80 3.30
30 days to 45 days 3.00 3.50
46 days to 90 days 3.25 3.75
91 days to 120 days 3.50 4.00
121 days to 180 days 3.85 4.35
181 days to less than 9 months 4.50 5.00
9 months to less than 1 year 4.75 5.25
1 year 6.10 6.60
Above 1 year to less than 2 years 6.30 6.80
2 years to less than 3 years 6.50 7.00
3 years to less than 5 years 6.25 6.75
5 years 6.25 6.75
Above 5 years 6.10 6.60

Special Fixed Deposit Interest Rate w.e.f. 19 December 2022

Tenure Interest Rates (% p.a.)
Regular Citizens
IND SHAKTI 555 days 7.00

Allahabad Bank Tax Saver Deposit

Tenure Interest Rates (% p.a.)
Regular Citizens
5 years 6.25
Above 5 years to 10 years 6.10

Tax Implications

  • The amount invested in a 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 the source, i.e., Allahabad Bank, in case the annual interest earned crosses Rs.10,000.

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For NRE Fixed Deposit - of Rs 2 crore to less than Rs 5 crore

Period Interest Rates (% p.a.)
Regular Citizens Senior Citizens
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 3.10 3.60
91 days to 120 days 3.10 3.60
121 days to 180 days 3.60 4.10
181 days to less than 9 months 4.50 5.00
9 months to less than 1 year 6.25 6.75
1 year 6.70 7.20
Above 1 year to less than 2 years 6.65 7.15
2 years to less than 3 years 6.10 6.60
3 years to less than 5 years 6.00 6.50
5 years 6.00 6.50
Above 5 years 6.00 6.50

Note: The above-mentioned FD rates are applicable W.E.F. 31st October 2022

FD interest rates India have fallen consistently over the last 10 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

Interest Rates of FCNR (B) and RFC Deposits w.e.f. 1 January 2023

Currency Interest Rates (% p.a.)
1 year to less than 2 years 2 years to less than 3 years 3 years to less than 4 years 4 years to less than 5 years 5 years
USD 5.00 3.95 3.60 3.60 3.60
GBP 2.00 2.20 2.25 2.25 2.25
EUR 0.02 0.01 0.01 0.10 0.15
JPY 0.11 0.13 0.12 0.13 0.14
CAD 1.81 2.36 2.60 2.66 2.67
AUD 1.20 1.70 2.05 2.30 2.45
CHF 0.00 0.01 0.02 0.03 0.05
SGD 0.27 0.40 0.49 0.55 0.61

Note: The above-mentioned FD rates are applicable W.E.F. 1st January 2023.

Types of Allahabad Bank Fixed Deposit Schemes

  1. Regular Fixed Deposit

    • Minimum deposit amount: Rs 1,000

    • Tenure: 6 months – 10 years

    • Senior citizens can earn an extra 0.50% p.a. for deposits up to Rs.10 crore.

    • Deposits have automatic renewal available.

    • Depositors can nominate, take out loans, or make pre-closures.

    • Interest is credited on a quarterly/monthly basis with a discount.

  2. Short Term Deposits

    • Minimum deposit amount: Rs 1,000

    • Tenure: 7 days – 180 days

    • Senior citizens can get an additional interest of 0.50% p.a. for amounts up to Rs.10 crore

    • Staff members can get an additional interest of 1% p.a. for amounts up to Rs.2 crore

    • Ex-staff seniors can get an additional interest of 1.50% p.a. for amounts up to Rs.10 crore

    • Nomination, pre-closure, and loan against deposit facilities are available

    • Higher interest rates are offered on deposits of 7 days to 10 years, except for NRE and Capital Gain Scheme 1988 deposits

    • HUF deposits held by the Karta, even if they are senior citizens, do not qualify for a higher interest rate as the beneficial owner is the HUF, not the Karta in their individual capacity.

About Allahabad Bank Fixed Deposit Interest Rate Calculator

Allahabad Bank FD calculator is an easy-to-use, hassle-free tool that helps in the quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

Allahabad Bank offers fixed deposit accounts for its customers. 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.

Conclusion

In conclusion, Allahabad Bank offers a range of fixed deposit options with varying tenures and interest rates. The interest rates offered by the bank are competitive and can be a good investment option for those looking for a steady source of income. However, it is important to note that interest rates are subject to change, and investors must keep track of the current rates before making any investments. Overall, Allahabad Bank FDs can be a good choice for those looking for a safe and reliable investment option.

FAQ's

  • What is the minimum amount required to open a fixed deposit account with Allahabad Bank?

    To initiate a fixed deposit account with Allahabad Bank, a minimum sum of Rs. 1,000 is required as the deposit amount.
  • How can one calculate the interest earned on a fixed deposit with Allahabad Bank?

    Use PolicyBazaar's FD calculator to approximate the maturity amount that can be obtained through fixed deposit plans in India offered by Allahabad Bank.
  • What is the maximum tenure for a fixed deposit account with Allahabad Bank?

    At Allahabad Bank, customers can take advantage of appealing interest rates on fixed deposits that vary between 2.80% p.a. to 6.50% p.a. The deposit terms can range from as short as 7 days to longer than 5 years.
  • Are there any tax benefits for investing in fixed deposits with Allahabad Bank?

    Tax-saving deposits do not allow early withdrawal and offer an annual interest rate of 8.75%. This scheme is open to individuals, minors, and HUFs, and can provide tax benefits under section 80C of the Income Tax Act 1961.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

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