Allahabad Bank Fixed Deposit Interest Rates

Allahabad Bank provides its customers with regular and flexi-fixed FDs. The interest rates offered by these FDs are very lucrative. One can open an FD for different time periods and at different rates of interest. These rates can vary as per the internal liquidity needs and changes in market.

Below are given different characteristics of Flexi-Fixed FDs offered by the bank:

  • The customers can do premature withdrawal in multiples of five thousand rupees from the principal amount.
  • The bank issues a tailor made passbook to the depositors in which all the particulars related to interest credited, withdrawals and deposits are recorded.
  • There won't be any penalty if the deposit units are withdrawn prematurely.
  • The depositor has to deposit twenty-five thousand rupees initially as double deposit or FD for 1 year
  • No interest will be paid by the bank when a unit is withdrawn prematurely in case the amount remains in the bank for the duration below fifteen days.
  • The bank does not allow a loan against this FD.

Characteristics of Normal FDs offered by the Bank:

  • The minimum tenure for this FD is one week and the maximum tenure is ten years. 
  • Senior citizens can also open an FD with the bank.
  • NRE term FDs are offered to NRIs by the bank.
  • Premature withdrawals result in 1% of the amount as penalty.

Eligibility criteria to open an FD with the bank:

Residents of India, NRIs and senior citizens are eligible to have an FD in the bank.

The minimum and the maximum deposit amount required to open an FD with the bank:

A customer can deposit amount up to one crore rupees if the deposit is domestic term deposit.

In case the deposit is single-term for one crore rupees, the branch have to take permission from the zonal office. Under the flexi fixed FD, the customer has to deposit twenty-five thousand rupees initially as an FD or double deposit for 1 year tenure.

The minimum and the maximum tenure for the FDs offered by the bank:

The tenure for normal FDs:

Minimum - one week

Maximum - ten years

Rates of Interest for FD Schemes offered by the bank:

The rates of interest vary according to the amount deposited and the duration of the FD. For below one crore  rupees, the rates can be from 5% to 8.50% for FDs taken for short duration from one week to one year and for the FDs ranging from one year to ten years, the rate is 8.75%.

The rates of interest can be changed by the bank. One should be updated about the rates before applying or at the time of renewal of any existing FD.

Below is given some more information about the FDs by Allahabad Bank:

  • Generally any loan against the FDs is not provided by the bank. Moreover, loan against the FDs which are held with a minor can be considered for loan by the bank.   
  • Premature withdrawals result in 1% of the amount as penalty but Flexi Fixed FDs are free from this charge.
  • Premature renewals of the FDs are allowed by the bank. The customers may request for premature closure for any term FD and renew their deposits. The renewal will be done at the rates that are effective on the renewal date. Moreover, one has to renew the deposit for duration more than the balance duration of original amount.
  • Senior citizens can have an FD in the bank but they are not offered any special rates.
  • Tax benefits are provided by the bank for single and joint FDs for which deposit period has to be five years and one can't do premature withdrawals. The interest rate for these tax saver FDs is 8.75% p.a. and only fresh deposits are applicable for this rate.
  • The bank provides NRE, FCNR and NRO FDs to NRIs. One can open NRE FD in the bank for a maximum tenure of ten years. The highest interest rate for this FD is 8.75%. The interest rate for NRO FDs is similar to the interest rate of domestic FDs. One can open a FCNR FD with FCNR (b) account and the minimum and the maximum tenure for this is one year and five years respectively. The customer can open the FD by using different currencies such as EURO, AUD, CAD, GBP and USD. The interest rates for FCNR FDs vary according to different currencies.