Allahabad Bank

Allahabad Bank

Allahabad Bank is a public sector nationalised bank that was founded in Allahabad, India on 24 April 1865. It is the oldest joint stock bank in India with head-quarters in Kolkata, India. This bank offers financial and banking products and services to the customers. It also deals in offering consumer as well as corporate banking services. The bank has a total of 2500 bank branches spread across India. It also holds a branch in Hong Kong and a representative office in Shenzen.
 

IFSC Code

 

IFSC code is a unique alphanumeric code that specially identifies the branch of the bank that is involved in Electronic Fund Transfers.

Credit Cards

Allahabad Bank offers various Credit Cards to cater to the needs of its consumers. The different types of credit cards offered by Allahabad Bank are as follows:
 

  • Weavers Credit Card:
This credit card is offered to all the workers involved in the weaving process. It has a term loan for 5 to 7 years and is delivered to all rural and semi urban branches.
 
Loan Amount (Maximum) Margin Repayment Period Delivery Channels
Rs 2 lakhs No Margin up to Rs 25,000
20% Margin above Rs 25,000
WCC card validity is 3 years
Term Loan 5 to 7 years
All rural and urban branches
  • Laghu Udhyami Credit Card:
This credit card is provided to only ISB sector people that has dealt with the bank for the previous three years and also has credit limit up to Rs. 10 lacs. The term loan ranges from 5 to 7 years and is delivered to all the branches.
 
Loan Amount Margin Interest Rate Delivery Channels
20% annual turnover (small scale business, retail traders)
50% of gross annual income as per Income Tax Returns
25% BR + 5% All Branches
  • Artisan Credit Card:
This credit card offers working capital to all the artisans to buy raw materials for carrying out the process of production. The maximum term amount is Rs. 2 lacs and the term loan ranges from 5 to 7 years.
 
Loan Amount Margin Interest Rate Delivery Channels
Rs 2 lakhs 20% BR + 1.50% p.a. All rural & semi urban branches


Credit Card Statement

It is a summarised statement issued by Allahabad bank to its card-holders every month. It shows all the outstanding balance in the credit card at the end of the month. This is issued to the to the credit card holder.

Loans

Allahabad Bank offers a wide variety of loans that cater to all the different needs and requirements of the customers be it home, personal or educational. The different types of offered loans are as follows:
 

  • Housing and furnishing loan
  • Dream car loan
  • Commercial vehicle finance scheme
  • Trade loan
  • Property loan
  • Rent loan
  • Home appliance finance scheme
  • Education loan
  • Gyan Dipika scheme
  • Saral loan
  • Mobike loan
  • Personal loan to pensioners
  • Personal loan to doctors
  • OD facility in Savings Bank Account
  • Loan against NSC/KVP
  • Gold loan
  • Reverse mortgage scheme

Interest Rates

Allahabad Bank offers a wide range of savings accounts, fixed deposit schemes, current accounts at a very competitive rate of interest. The various types of savings account schemes are:
 

  • Normal savings bank
  • All bank premium SB
  • All bank advantage salary premium account
  • All bank mahila Sanchay account
  • All bank 3-in-1 account
  • All bank Vikash SB account
  • All bank saral savings bank account
  • All bank saral savings account
  • All bank savi fix account

The interest rate on the Allahabad saving scheme are 4% p.a. which can be paid half-yearly on the daily balances in the account.

Fixed Deposits

Allahabad Bank caters a variety of fixed deposits schemes whose interest rates are variable. They are subject to change based on the tenure of deposits. Let us look into various types of fixed deposit accounts:
 

  • Fixed Deposit rates for senior citizens:
     
For senior citizens, the fixed deposit rate of interest does not show any variation. No special rates are offered and they are the same as the existing rates.
 
  • Long-term deposit rates:
     
The interest rate on medium and long term deposit remains constant at 7.25% p.a. and it is a compounded rate.
 
  • Short-term deposit Rates:
     
The short-term fixed deposit rates are provided for deposits of less than 1 year tenure and it ranges from 4.50% to 7.25% p.a.

NRI Banking

Allahabad Bank offers Savings Account, Current Account, Fixed Deposits, and Recurring Deposits for Non-Resident Indians (NRIs) under various types of accounts. They are as follows:
 

  • Non-resident external savings bank account
  • Non-resident external current account
  • Non-resident external fixed deposit account
  • Foreign currency non-resident fixed deposit account
  • Non-resident ordinary savings bank account
  • Non-resident ordinary current account
  • Non-resident ordinary recurring deposit account
  • Non-resident ordinary fixed deposit account

Internet Banking

Allahabad Bank offers many services for its individuals where the customers can enjoy the facilities online in simple steps. The various types of facilities available are:
 

  • Details of the balances in the account
  • Statement of the account
  • Stoppage of the payment of cheques
  • Issue of cheques and drafts
  • Opening of Deposit accounts
  • Transfer of funds
  • Payment of taxes
  • Payment of various bills like telephone, mobile etc
  • Information on various products and services
  • Information on various forms of loan as well as deposit modelling
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