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| Tenure | Normal RD | Senior Citizen |
| 180 - 269 days | 6.25% | 6.25% |
| 270 days to less than 1 year | 6.50% | 6.50% |
| 1 year to less than 2 years | 6.75% | 6.75% |
| 2 years to less than 3 years | 6.75% | 6.75% |
| 3 years to less than 5 years | 6.50% | 6.50% |
| 5 years to 10 years | 6.50% | 6.50% |
Avail the Highest Interest Rate on Allahabad Bank Recurring Deposit Schemes
Allahabad Bank offers 3 Recurring Deposit schemes, namely, Normal RD Account, All Bank Monthly Plus (Variable RD), and the Monthly Plus scheme. The normal RD account comes with standard range of features and benefits to the depositor with the assurance of a consolidated sum of both the interest accrued on the RD as well as the principal amount, at the end of the deposit term. The AllBank Monthly Plus (Variable RD) offers the flexibility to deposit a monthly amount which can go up to 10 times the value of the initial deposit. In the Monthly Plus recurring deposit scheme you can open an RD account with a minimum deposit of just Rs.500 and you can deposit up to 10 times of the initial deposit throughout the deposit term. In both the AllBank Monthly Plus scheme as well as the Monthly Plus recurring deposit scheme penalty will not be levied if there is a delay or default in depositing the monthly amount.
The interest rates offered on these recurring deposit schemes by Allahabad Bank can range between 7.00% to 7.25% per annum, and this is compounded on a quarterly basis. The tenure of the investment determines the interest rate applicable on the deposit.
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Allahabad Bank’s Short-Term Recurring Deposit Interest Rates
Allahabad offers recurring deposit schemes for a deposit term as short as 180 - 269 Days and 270 Days - Less than 1 Years . The interest rate applicable per annum for a recurring deposit which does not exceed Rs. 1 Crore for a period of 180 - 269 Days is 7.00% and for 270 Days - Less than 1 Years the applicable rate is 7.25%, for regular customers.
Allahabad Bank’s Medium and Long Term Recurring Deposit Interest Rates
Customers can also avail medium term and long term recurring deposit schemes that will offer higher rates of interest on the amount deposited. However, when you opt the maximum tenure for RD, the interest rate will drop since the amount paid out based on compounded interest - including the interest accrued as well as premium, will be much higher. For a medium deposit term ranging from one year to less than two years, the rate of interest applicable on RD is 7.25% and for a long deposit tenure of 5 years to 10 years the interest rate applicable is 7.00%.
Allahabad Bank’s Senior Citizen RD Rates
There is no differential interest rates for Senior Citizens on the regular interest paid-out Hence, for senior citizens who open an RD in Allahabad Bank, the interest rate offered per annum on a deposit which does not exceed Rs. 1 Crore for a period of 180 - 269 Days is 7.00% and for 270 Days - Less than 1 Years the applicable rate is 7.25%. For a medium deposit term ranging from one year to less than two years, the rate of interest applicable on RD is 7.25% and for a long deposit tenure of 5 years to 10 years the interest rate applicable is 7.00%.
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Allahabad Bank’s Other RD Scheme Rates Details
Monthly Plus Scheme - The monthly Plus scheme offers only a long term deposit tenure and customers can either opt for a tenure of 5 years or a tenure of not more than 7 years. The applicable rate of interest for both available tenures is 7.25% for regular customers and 7.25% for senior citizens.
More you need to know about Recurring Deposit
- Allahabad Bank Recurring Deposit
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- Compare Recurring Deposit Rate of Allahabad Bank with Other Banks and Institutions
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News About Allahabad Bank Recurring Deposit
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Allahabad Bank Announces Revised RD Interest Rates
Allahabad Bank recently revised its interest rates on its various recurring deposit schemes. FOr regular citizens, the RD schemes for a deposit tenure of 180-269 days is 7.00%, for a period between 270 days to 1 year and between 1 year to 2 years, the rate stands at 7.25 percent. The same interest rate of 7.25% also holds good for a deposit tenure between 3 to 5 years while for a tenure between 2 years and 3 years, the rate stands at 7.35%. FOr a period greater than 5 years, the interest rate stands at 7%. For senior citizens, the rate is 7.00% for the 180-269 period, 7.25 percent for the 270 days - 1 year period and remains same for the 1-2 year period and 3-5 year period. For the 2-3 year deposit tenure, the rate stands at 7.35% and for a period of greater than 5 years, the rate stood at 7.00%.
2nd September 2016
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Allahabad Bank Revises Recurring Deposit Rates
Allahabad Bank has changed its recurring deposit rates for deposit amounts up to Rs. 1 crore.
Customers holding recurring deposits with the bank will now receive 7.25% interest on deposits with a 6 month tenure. Earlier, this was 7.50% (8% for senior citizens).
Deposits for a tenure ranging from 9 months to 2 years will receive 7.50% interest. Earlier those with a 9 month tenure received 7.755 (8.25% for senior citizens) and those with 1 year- 2 years received 8% (8.50% for senior citizens).
Deposits for tenures from 3 years to 10 years will receive 7.25% interest, for normal as well as senior citizen depositors. Previously the rate was 7.75% (8.25% for senior citizens).
Previously, the bank had 4 tenure bands, one being 6 months, the other 9 months, the third 1-2 years and the fourth 3-10 years. They have now reduced it to three bands, namely 6 months, 9 months to 2 years and 3 years-10 years.
2nd March 2016
