Allahabad Bank provides various options to maximize one’s wealth via fixed deposits. Along with diversity offered by the lender, Allahabad Bank FD rates are competitive enough to help customers earn good returns on their savings.
Allahabad Bank FD Interest Rates (for deposits below Rs. 2 crore)
|Time Period||Allahabad Bank Fixed Deposit Rates|
|7 – 14 days||4.95%|
|15 – 29 days||4.95%|
|30 – 45 days||5.20%|
|46 – 60 days||5.45%|
|61 – 90 days||5.95%|
|91 – 179 days||6.20%|
|180 – 269 days||6.45%|
|270 days to less than 1 year||6.45%|
|1 year to less than 2 years||6.50%|
|2 years to less than 3 years||6.35%|
|3 years to less than 5 years||6.25%|
|5 years to 10 years||6.25%|
|AllBank FDD (155 Days) – FDR||6.45%|
|AllBank FDD (333 Days) – DDP||6.70%|
Note: Above-stated Allahabad Bank fixed deposit rates applicable from September 1st, 2019.
FDR = Fixed Deposit Receipt (Regular Fixed Deposit)
DDP = Double Deposit Plan
Allahabad Bank FD Rates (for deposits above Rs. 2 crore)
|Maturity Period||Allahabad Bank FD Rates 2019 (% p.a.)|
|Rs. 2 cr. to less than Rs. 5 cr.||Rs. 5 cr. to less than Rs. 10 cr.||Rs. 10 cr. to less than Rs. 50 cr.||Rs. 50 cr. to above|
|7 to 14 days||4.90%||4.90%||4.90%||4.90%|
|15 to 29 days||4.90%||4.90%||4.90%||4.90%|
|30 to 45 days||5.15%||5.15%||5.15%||5.15%|
|46 to 60 days||5.15%||5.15%||5.15%||5.15%|
|61 to 91 days||5.15%||5.15%||5.15%||5.15%|
|92 to 120 days||5.15%||5.15%||5.15%||5.15%|
|121 to 179 days||5.15%||5.15%||5.15%||5.15%|
|180 to 269 days||5.15%||5.15%||5.15%||5.15%|
|270 days to less than 1 year||5.15%||5.15%||5.15%||5.15%|
|More than 1 year to less than 2 years||5.15%||4.75%||4.75%||4.75%|
|2 years to less than 3 years||5.15%||4.75%||4.75%||4.75%|
|3 years to less than 5 years||5.15%||4.75%||4.75%||4.75%|
|5 years to 10 years||5.15%||4.75%||4.75%||4.75%|
Note: Aforementioned Allahabad Bank FD rates are effective from December 2nd, 2019 and are subject to change anytime without prior notice to the customers.
Foreign Currency Non-Resident (FCNR) B Account & Resident Foreign Currency (FCR) Account FD rates
|Tenure||Allahabad Bank FD interest rates (in % p.a.)|
|1 year to < 2 years||2.74||1.24||0.16||2.60||1.22|
|2 years to < 3 years||2.63||1.28||0.17||2.39||1.21|
|3 years to < 4 years||2.57||1.28||0.19||2.37||1.33|
|4 years to < 5 years||2.56||1.30||0.23||2.36||1.36|
Note: The above rates are applicable w.e.f. December 1st, 2019.
Types of Allahabad Bank FD Schemes
Allahabad Bank provides various types of fixed deposit schemes to suit varied needs of its customers. These schemes are:
- Allahabad Bank Regular Fixed Deposit
This is a regular FD scheme in which the deposit made is payable at the end of an agreed period along with the interest earned. This is called as the maturity amount. This product is available at all the branches of the bank and can be opened individually or jointly.
|Interest Treatment||Interest fixed depending the period and deposit amount; usually compounded quarterly (can be calculated on monthly basis on depositor’s request)|
|Rates for Senior Citizens||Yes, Preferential rates on top of the default interest rates for regular public|
|Loan against FD||Available|
- Double Deposit Plan
Investing in this scheme shall provide the depositor with dual benefits of fixed deposit as well as recurring deposit. The scheme also provides the option to invest for a fixed period of 333 days for which they can earn good returns at higher Allahabad Bank fixed deposit interest rate.
|Tenure||Up to 120 months|
|Min. Deposit Amount||Rs. 1,000|
|Interest Treatment||Quarterly compounding; paid at maturity|
|Rates for Senior Citizens||Preferential interest rates over regular fixed deposit rates|
|Loan against FD||Available|
- Monthly Income Plan
As the name suggests, investing in this type of FD shall provide one with monthly income. This is ideal for retired persons earning no or low pension or for those who do not have a regular income.
|Tenure||Maximum of 60 months|
|Min. Deposit Amount||Rs. 1000|
|Interest Treatment||Ranging from 6.00% to 15% p.a.; Quarterly compounding|
|Loan against FD||Available on request|
- Allahabad Bank Tax Benefit Term Deposit Scheme
This scheme is specifically designed to avail investors with tax benefits under Section 80C of Income Tax Act, 1961. Deductions of up to Rs. 1.5 lakh can be availed.
|Deposit Amount||Up to Rs. 1.5 lakh|
|Interest Treatment||Quarterly compounding|
|Rates for Senior Citizens||No preferential interest rates|
|Premature Withdrawal||Not Available|
|Loan against FD||Not Available|
Allahabad Bank Premature Withdrawal
Facility to withdraw from the funds of a fixed deposit prior the maturity date is called as premature withdrawal facility. Allahabad Bank along with providing competitive FD rates to the investors also provides this facility in select schemes. 1.00% penal interest shall be charged on deposits below Rs. 1 crore. This facility is not extended for depositors of Tax Benefit Term Deposit Scheme.
Allahabad Bank Loan against FD
Loan against FD or overdraft facility is provided in all types of fixed deposit schemes except for the Allahabad Bank Tax Benefit Term Deposit Scheme. Under this facility, depositors can opt to take loan against their fixed deposit to provide for financial requirements.
Allahabad Bank FD Calculator
While picking a fixed deposit scheme by the bank, it is suggested to make use of the Allahabad Bank FD Calculator available at Paisabazaar.com. Customers can get to know the potential returns they shall get on investing in a particular scheme at prevailing Allahabad Bank FD rates.
Documents Required to Apply for FD Schemes by Allahabad Bank
To open an FD account with Allahabad Bank, customers shall be required to provide the following-mentioned documents:
- Photo ID proof (Aadhaar card, passport, PAN card, etc.)
- Residence proof (Aadhaar card, driving license, voter’s ID card, utility bills, etc.)
- PAN Card
- Passport-sized photograph(s)
Note: This is only an indicative list.
How to Apply for Allahabad Bank FD Schemes?
All the aforementioned fixed deposit schemes can be availed at all the branches of the Allahabad Bank. Customers only need to carry the listed documents to the nearby branch and ask to open an FD account.
Frequently Asked Questions (FAQs)
What is the highest Allahabad Bank FD rate available?
Currently the bank is providing fixed deposits at a maximum of 6.70% for Double Deposit Plan for 333 days.
Does the bank provide premature withdrawal facility in tax benefit term deposit plan?
No. The facility to avail premature withdrawal along with loan against FD is not provided in tax benefit term deposit plan by Allahabad Bank.
Are there any additional interest rates offered by the bank for senior citizen fixed deposits?
No preferential rates are allowed for senior citizens for deposit above Rs. 2 crore.
Is it possible to open tax benefit term deposit plan for less than 5 years?
This scheme comes with a fixed period of 5 years and cannot be availed for lesser period.
Can one transfer account to another branch?
Transfer to any branch of the bank is allowed, however this facility is not provided for branches of other banks.