Allahabad Bank Fixed Deposit Interest Rates

Tenure Interest Rate for FD FD Interest Rate for Senior Citizens
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 Interest Rate is highest at 5.50% and 6.00% for senior citizens and other customers, respectively. The bank Fixed Deposit schemes bring high returns on investment over a fixed tenure. You can avail a loan against the FD and lower minimum deposit limit among other benefits. The FD schemes from Allahabad Bank are the best investment options for those who wish to get a fixed income and a higher return in contrast to savings account. Some of the popular FD schemes by the bank are Flexi Fixed Deposit, Regular Fixed Deposit, etc.

All you need is PAN Card, Aadhaar Card, and 2 recent passport size photographs to open an FD account with Allahabad Bank. In the below given post, we will discuss about features of FD Interest Rate Allahabad Bank,

Features of Allahabad Bank Fixed Deposit Interest Rate

Below given are features of FD rates from the bank:

  • You can deposit as low as Rs. 1,000 in the FD.
  • The tenure of Fixed Deposit ranges between 7 days and 10 years.
  • The FD interest rate per annum ranges between 3.05% and 6.00%
  • Lowest and highest rate for customers is 3.05% to 5.50%. For senior citizens the lowest and highest rate offered is 3.55% to 6.00%.
  • Highest rate of interest for senior citizens is available for FDs with tenure 1 year. The rate is 5.50% and 6.00% for other customers and senior citizens, respectively.
  • Nomination and auto renewal facility are available.
  • You can get a loan against the FD without breaking the Fixed Deposit. The loan will help to meet the cash liquidity requirements.
  • The depositors are covered under the Deposit Insurance Scheme up to Rs. 5 lacs as per the RBI. This is for deposits as insured by the DICGC.

Nomination Facility

The bank offers nomination facility on Fixed Deposit Schemes. Here are the details to it:

  • In case of the death of depositor, the nominated person in the FD scheme can raise a claim to the FD amount.
  • During raising a claim, the nominee has to submit the proof of his/her identification.
  • A nominee can be an individual, single or joint account holders. But you can nominate only one person as a nominee.
  • All you have to do is provide the nominee details during the opening of Allahabad Bank Fixed Deposit.

Premature Withdrawal of FD Plan

You can prematurely close the term deposit. But a lower rate of 1% of deposit is then applicable for deposit amount of less than Rs. 1 crore than the rate decided at the time of opening the FD. The penal interest charged for premature withdrawal differs between deposit schemes, and this may change from time to time.

Allahabad Bank Returns from Fixed Deposit Schemes

Below given are the details about best returns on Allahabad Bank Fixed Deposits:

  • The FD returns depend on tenure and deposit amount. The highest rate of return is valid for deposits for a year, wherein the rate offered is 6.00% for senior citizens and 5.50% for other customers.
  • If you wish to invest for a short-term, then the rates range between 3.05% and 4.50% per year for deposit period of 7 days to less than 1 year.
  • For senior citizens the short-term FD rate is between 3.55% and 5.00% per year.
  • Longer term deposits are available for 5 years to 10 years. These come at 5.90% interest rate per annum for senior citizens and 5.40% rate for other customers.

Benefits of Fixed Deposit Schemes by Allahabad Bank

Below given are benefits of Allahabad Bank FD schemes:

  • You earn a higher rate of interest on FD plans as compared to that on savings deposits/accounts.
  • Senior citizens get the facility to earn additional interest of 0.25% to 0.50%.
  • Nomination and auto renewal facility are available for all the customers.
  • Interest amount on deposit is paid in full at the time of maturity.
  • You can earn high returns on 1-year tenure FD, and even opt for FDs for longer tenures such as 5 years to 10 years.

Loan against FD Schemes from the Bank

You can get finance up to 90% of the FD deposit amount. The bank will only provide loan against Fixed Deposit in its own bank and not that from any other bank. The FD interest rate on loan against FD by Allahabad Bank ranges between 4.05% and 6.5%. Here is an illustration for the Allahabad Bank FD interest rate on loan against FD:

  • Mr. Kamat has a fixed deposit for 2 years amounting up to Rs. 1 lakh.
  • On applying for a loan on the FD scheme, the bank approves a credit limit of 90% of the deposited amount at 10% interest rate.
  • In the first month, Mr. Kamat withdraws Rs. 90,000 of the approved limits. He then repays the due amount on the 1st of the next month.
  • When he does so, he has to pay the interest charged for the 1st monthly only on the withdrawn amount of Rs. 90,000.
  • If this example is to be considered, then the at 10% rate of interest, the interest amount on Rs. 90,000 is Rs. 744.
  • So, the total repayment amount will be Rs. 90,744 in this case.

How to Open FD Account at Allahabad Bank?

Visit the official website of the bank and login to your net banking account.

  • Now, select the option ‘Fixed Deposit’ from the menu.
  • Select the type of FD you wish to open. Fill the details for the deposit amount.
  • If you are over 60 years of age, select the option ‘Senior Citizen’.
  • Select the interest payout frequency and tenure of the deposit.
  • Click ‘Submit’ and accept the terms and conditions to proceed to open the FD account.

Allahabad Bank Fixed Deposit Schemes

Below given is information about Allahabad Bank FD Schemes:

1) Flexi Fixed Deposit

  • The eligible applicants are resident and non-resident Indians as well as Hindu undivided family and senior citizens.
  • The FD account has to be linked to a base account. The base account could be a savings account or current account that offers a higher interest rate on the deposit.
  • You will not earn any interest if the deposit account remains open for tenure less than 15 days.
  • You will receive a customized passbook at the time of opening the Fixed Deposit account.
  • There is no facility of loan against Fixed Deposit in this case.
  • You can make small units of withdrawals before maturity.

2) Regular Fixed Deposit

  • The eligible applicants are resident and non-resident Indians as well as Hindu undivided family and senior citizens.
  • As a depositor, you can invest into this FD scheme to earn higher and attractive returns. The investment is secure and flexible.
  • You can avail nomination facility.
  • You must have an operative current or savings account to open this FD account.

FAQs About Allahabad Bank Fixed Deposit Interest Rate

Here are the frequently asked questions about Allahabad Bank FD Rate:

The highest and lowest rate of interest is 6.00% and 3.05%, respectively.

You can deposit as low as Rs. 1,000 in an FD scheme with the bank.

As a senior citizen, you can earn a higher rate of interest on FD schemes. The FD rate for regular schemes range between 3.05% to 5.50%. But, for those over 60 years of age, the returns on the same schemes is between 3.55% and 6.00%.

If you are a resident individual, NRI, HUF, minor, or a firm, then you can open Allahabad Bank Fixed Deposit Account.

The return on FD amount depends on the applicable interest rate, the deposit amount, and chosen tenure. To understand the number of years taken to double the investment amount on FD, divide 72 with rate of interest, say 5.50%. So the number of years wherein the FD amount will double in this case would be 72/5.50 = 13 years.

You can deposit an amount in lump sum when opening an FD account. Additional amount to the existing FD account is not possible. If you wish to invest a greater amount in FDs, then you can open a new FD account.

You need to select the tenure at the time of Fixed Deposit account opening. You cannot change the tenure of an existing FD account. The tenure remains fixed at the selected one at the time of account opening.

If you do not have a PAN Card during opening of the FD account, then here are certain repercussions you would encounter:

  • TDS will be deducted at 20% rate as against 10% as per the norms under Section 206AA
  • Penal TDS will apply
  • Form 15G/H and other exemption certificates will not be applicable
  • No TDS certificate will be issued
  • No TDS will be credited from the IT Department