Allahabad Bank offer two different RD schemes. One is the Normal RD Account scheme and the other is the AllBank Monthly Plus (Variable RD) schemes. Both the schemes offer attractive returns. The rate of interest offered for various deposit tenures under the schemes can go up to 6.75% p.a. for general citizens and 7.25% p.a. for senior citizens.
Under the normal RD account scheme is there no minimum or maximum limit on the amount of each instalment. However, for opening an RD account under the AllBank Monthly Plus (Variable RD) scheme, the minimum investment must be Rs.500.
Listed below are the various deposit tenures and rate of interest offered to you by Allahabad Bank when it comes to RDs:
| Deposit Tenure | Interest Rate for General Citizens (p.a.) | Interest Rate for Senior Citizens (p.a.) |
|---|---|---|
| 180 days to 269 days | 6.50% | 7% |
| 270 days to less than 12 months | 6.50% | 7% |
| 12 months to less than 24 months | 6.75% | 7.25% |
| 24 months to less than 36 months | 6.60% | 7.10% |
| 36 months to less than 60 months | 6.50% | 7% |
| 60 months to 84 months | 6.50% | 7% |
Note: The interest rates mentioned above are for deposits less than Rs.2 crore
Allahabad Bank Short-Term Recurring Deposit Interest Rates
The short-term RDs offered by Allahabad Bank are those which have deposit tenures as 180 days to 270 days and 270 days to less than 12 months. The returns offered to general public by the bank on RDs opened for such tenures is 6.50% p.a.
Allahabad Bank Medium-Term Recurring Deposit Interest Rates
The bank also offers you the option of opening medium-term RDs with them. Medium-term RDs can be opened for a tenure that ranges from 12 months to 60 months. The rate of interest offered by the bank is in the range of 6.50% p.a. to 6.75% p.a. The highest interest rate offered by Allahabad Bank when it comes to RDs falls under medium-term RDs.
Allahabad Bank Long-Term Recurring Deposit Interest Rates
Long-term recurring deposits are those which are opened for a period of 5 years or more. Allahabad Bank offer interest of 6.50% p.a. for investing money in such tenures.
Allahabad Bank Senior Citizen RD Rates
If you are above the age of 60 years you are entitled for an additional interest on 0.50% p.a. on all investment tenures. Given this fact, the rates offered by the bank on various RD tenures is higher for senior citizens as compared to general citizens.
More you need to know about Recurring Deposit
- Allahabad Bank Recurring Deposit
- Recurring Deposit
- Compare Recurring Deposit Rate of Allahabad Bank with Other Banks and Institutions
