Overview of Allahabad Bank Fixed Deposit

The merging of Allahabad Bank with Indian Bank has resulted in a wide variety of fixed deposit accounts with attractive interest rates, flexible repayment tenures, and value-added features.

Allahabad Bank FD Interest Rates:

The FD interest rates of Allahabad bank vary according to the tenure and deposit amount. With effect from 5 September 2020, the interest rates for deposit of up to Rs.2 crore range from 2.90% p.a. to 5.25% p.a. For deposits of up to Rs.10 crore, senior citizens are offered up to 0.50% p.a. additional interest.

The interest rates for short-term tenures, from 7 days up to 1 year, ranges from 2.90% p.a. to 5.15% p.a. The medium-term tenures ranging from above 1 year up to 3 years have interest rates of 5.25% p.a. The long-term tenure ranging from 3 years and above 5 years has an interest rate of 5.15% p.a.

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

Types of Fixed Deposits at Allahabad Bank

Allahabad Bank offers the following types of fixed deposit schemes:

  • Fixed Deposit
  • IB Tax Saver Scheme
  • Short-term Deposits
  • Motor Accident Claim Tribunal Deposit Scheme:

Features of Allahabad Bank Fixed Deposit Scheme:

Allahabad Bank Fixed Deposit Scheme has the following features:

  • Minimum deposit of Rs.1,000 with no maximum deposit
  • Tenure between 7 days and 10 years
  • Automatic renewal for equal periods

Features of IB Tax Saver Scheme:

Allahabad Bank IB Tax Saver Scheme has the following features:

  • Maximum deposit of Rs.1.5 lakh
  • Tenure ranging from 5 years to 10 years
  • Tax rebate under Section 80C of the Income Tax Act

Features of Allahabad Bank Short-Term Deposits:

Allahabad Bank Short-Term Deposit Scheme has the following features:

  • Minimum Rs.1000 as deposit and no maximum limit
  • Interest payable is renewed along with the principal amount on maturity
  • Tenure ranges from 7 days to 180 days

Features of Allahabad Bank Motor Accident Claim Tribunal Deposit Scheme:

Allahabad Bank Motor Accident Claim Tribunal Deposit Scheme has the following features:

  • Provides option of EMI (Equated Monthly Instalment) and PED (Principal Equally Distributed with monthly interest)
  • No maximum limit
  • Tenure range between 3 years and 18 years

Allahabad Bank FD for Senior Citizens:

Senior citizens are offered 0.50% p.a. additional interest on fixed deposits of up to Rs.10 crore.

Allahabad Bank FD Eligibility:

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

Allahabad Bank FDs for NRIs

Allahabad Bank offers fixed deposits for Non Resident Indians (NRIs) as well. The tenure ranges from 1 year to 10 years. Loan facility is available against deposits. FCNR (B) and RFC term deposits are also available.

FAQs on Allahabad Bank Fixed Deposit

  1. What is the Minimum/Maximum amount required to open an FD account with Allahabad Bank?

    In case of domestic term deposits, the bank accepts deposits up to Rs.2 crore in a single day with the overall limit of Rs.10 crore being tagged to a single Customer Information File (CIF).

  2. What is the Minimum/Maximum deposit tenures of Allahabad Bank FDs?

    You can open an FD account for a minimum period of 7 days and a maximum period of 10 years.

  3. Will Allahabad Bank provide Loans Against FDs?

    Loan facilities are available against fixed deposits.

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