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    Overview of Allahabad Bank Fixed Deposit

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    4.5% - 7.35% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    7% - 7.35% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Fixed Deposit BYTES FROM OUR KITCHEN

    About Allahabad Bank:

    Established in 1865 by a group of Europeans at Allahabad, Allahabad Bank is the oldest joint stock bank in the country. It is a nationalized bank headquartered in Kolkata, India. The bank has completed 150 years since its establishment in 2014. Allahabad Bank offers Personal Banking, Social Banking, MSME Banking, Retail Credit Products, Corporate Banking and many other services.

    Allahabad Bank Fixed Deposits:

    Allahabad Bank offers both flexi-fixed deposits and normal fixed deposits. You can get attractive returns by investing in these fixed deposits. Customers can apply for Allahabad Bank’s fixed deposits for different tenures at different interest rates. However, the interest rates of Allahabad Bank may vary depending on the changes in the market and the bank’s internal liquidity requirements.

    Features of Allahabad Bank Flexi-Fixed Deposit:

    A fixed deposit account enables to you get maximum returns on your savings than a normal savings account. Under the bank’s fixed deposit schemes, a fixed rate of interest is paid on your savings over a specific period of time. Generally, you are not allowed to withdraw your money before the date of maturity. However, if you do make early withdrawals or prematurely close your fixed deposits, you will have to pay an amount of penalty fee.

    Salient features of Allahabad Bank Flexi-Fixed Deposits are:

    • Depositors are free to take out any amount of the principal in multiples of ₹ 5,000 at any time prior to maturity.
    • A tailor-made passbook will be issued to the depositor wherein all the particulars regarding deposits, withdrawals and interest credited will be recorded.
    • There will be no penalty fee for the premature withdrawal of deposit units.
    • A depositor needs to make an initial deposit of ₹ 25,000 as fixed deposit or double deposit for a fixed period of one year.
    • The bank will pay no interest for premature withdrawals of a unit if the deposit remains with the bank for a period less than 15 days.
    • No loan will be allowed against this deposit.

    Features of Allahabad Bank Normal Fixed Deposits:

    • With Allahabad Bank, you can invest in FDs for a minimum period of 7 days and a maximum period of 10 years.
    • Senior citizens are allowed to open an FD account with Allahabad Bank.
    • The bank offers NRE term deposits for the NRIs.
    • An amount of 1% is charged as penalty fee on premature withdrawal.

    Allahabad Bank FD Eligibility:

    Indian residents, NRIs and senior citizens can open their fixed deposit accounts with Allahabad Bank.

    Minimum/Maximum amount required to open an FD account with Allahabad Bank:

    In case of domestic term deposits, the bank accepts deposits up to ₹ 1 crore. However, if it is a single term deposit for Rs 1 crore, the branch needs to contact the zonal office for permission. Under its Flexi-Fixed Deposit scheme, a depositor is required to make an initial deposit of ₹ 25, 000 as fixed deposit or double deposit for a fixed period of one year.

    Minimum/Maximum deposit tenures of Allahabad Bank FDs:

    The deposit tenure for normal fixed deposits at Allahabad Bank starts from 7 days and goes up to 10 years. You can open an FD account for a minimum period of 7 days and a maximum period of 10 years.

    Allahabad Bank FD Interest Rates:

    The FD interest rates of Allahabad bank vary based on the tenure and the amount of investment. On deposits of amounts less than Rs 1 crore, interest rates vary between 5% and 8.5% for short-term deposits from 7 days to 1 year and are set at 8.75% on deposits held for periods between 1 and 10 years.

    Interest rates on FD schemes are subject to change at the bank’s discretion. Investors are always advised to check rates prior to making deposits or renewing existing deposits

    Are loans provided against FDs at Allahabad Bank?

    Usually Allahabad Bank does not provide any loan against its fixed deposits. However, the bank may consider issuing a loan against deposits held in the name of minors.

    Does Allahabad Bank charge for premature withdrawals of FD amounts?

    The bank charges a minimum of 1% interest as penalty charge for premature withdrawal of FDs. However, it is not applicable for the Flexi-Fixed Deposit schemes where premature withdrawal is free, based on the terms and conditions.

    Does Allahabad Bank allow pre-mature renewal of FD?

    The bank allows premature renewal of term deposits. The depositor can renew his/her deposits by requesting for premature closure of an existing term deposit account. The bank will permit the renewal at the rate effective on the date of renewal; however, the deposit needs to be renewed for a period longer than the balance period of the original sum.

    Allahabad Bank FD for Senior Citizens:

    Senior citizens are allowed to open their FD accounts with Allahabad Bank. However, the bank does not provide any special rates for them.

    Does Allahabad Bank provide Tax Saver FDs?

    The bank provides tax benefits under its Allahabad Bank Term Deposit scheme for “Single holder Type Deposits" and “Joint holder Type Deposits” in which case the tenure of the deposit needs to be 5 years, and no premature withdrawal is allowed. The rate of interest on Allahabad Bank Tax Benefit Term Deposit scheme is 8.75% per year. This rate is applicable for fresh deposits only.

    Does Allahabad Bank charge for premature withdrawals of FD amounts?

    The bank charges a minimum of 1% interest as penalty charge for premature withdrawal of FDs. However, it is not applicable for the Flexi-Fixed Deposit schemes where premature withdrawal is free, based on the terms and conditions.

    Does Allahabad Bank offer FDs for NRI?

    Yes, non-resident Indians (NRI) can also invest in term/fixed deposits offered by Allahabad Bank. The bank offers FCNR, NRE, NRO fixed deposits for NRIs. The NRE term deposits offered by Allahabad Bank can be opened for a maximum period of 10 years. The highest rate of interest offered for this deposit is 8.75%. For NRO term deposits, the rate of interest is similar with the rate of interest offered for the domestic term deposits. A FCNR fixed deposit can be opened with a FCNR (B) account for a minimum period of 1 year and a maximum period of 5 years. The deposit can be opened by using multiple currencies like USD, GBP, EURO, CAD and AUD. The rate of interest offered for FCNR term deposits vary depending on different currencies.

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