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Allahabad Bank Recurring Deposit Interest Rates 2021

Allahabad Bank which has merged with Indian Bank with effect from 1 April 2020. You can open a recurring deposit with the bank for a period that ranges between 6 months and 10 years with the interest rate offered being quite attractive. An account can be opened for a minimum monthly instalment of Rs.100 and it comes with loan, foreclosure, and nomination facilities.

Listed below are the various deposit tenures and rate of interest offered to you by Allahabad Bank when it comes to RDs with deposit amount being less than Rs.2 crore:

Deposit Tenure Interest Rate for General Citizens (p.a.) Interest Rate for Senior Citizens (p.a.)
181 days to less than 9 months 4.40% 4.90%
9 months to less than 12 months 4.40% 4.90%
12 months 5.00% 5.50%
12 months 1 day to less than 24 months 5.10% 5.60%
24 months 1 day to less than 36 months 5.10% 5.60%
36 months to less than 60 months 5.25% 5.75%
60 months 5.25% 5.75%
Above 60 months 5.15% 5.65%

Note: The interest rates mentioned above are effective 5 February 2021.

Note: No additional rates for senior citizens

Allahabad Bank Short-Term Recurring Deposit Interest Rates

The short-term RDs offered by Allahabad Bank are those which have deposit tenures as 181 days to less than 12 months. The returns offered to general public by the bank on RDs opened for such tenures is 4.40% 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 5 years and more. The rate of interest offered by the bank is in the range of 5.00% p.a. to 5.25% 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 above 5 years or more. Allahabad Bank offer interest of 5.15% p.a for investing money in such tenures.

Allahabad Bank Senior Citizen RD Rates

Senior citizens are offered additional interest of 0.50% p.a. on all RD tenures. The rate of interest offered ranges between 4.90% p.a. and 5.75% p.a.

FAQ’s on Allahabad Bank Recurring Deposit Interest Rates 2021

  1. How can I open an RD account with Allahabad Bank?

    Ans: You can open a recurring deposit account with Allahabad Bank by visiting the nearest branch of the lender along with all the relevant documents. A representative from the bank will help you with the process of opening a recurring deposit account.

  2. What is the minimum amount I will have to deposit in order to open a recurring deposit account?

    Ans: You will have to deposit a minimum of Rs.100 in order to successfully open a recurring deposit account with Allahabad Bank.

  3. Who can open a recurring deposit account at Allahabad Bank?

    Ans: The following can open a recurring deposit at Allahabad Bank:

    • Individual - In his/her name
    • Two or more Individuals - Joint Accounts in their names.
    • Minors
    • Sole Proprietary Concerns
    • Partnership Firms
    • Associations, Clubs, Societies,etc
    • Limited Companies
    • Illiterate Persons, Blind Persons
  4. What is the maximum tenure for which I can open a recurring deposit account?

    Ans: The maximum tenure for which you can open a recurring deposit account at Allahabad Bank is 10 years. The minimum period is 6 months.

  5. Will there be TDS applied on recurring deposit?

    Ans: As per the Finance Act,2015, TDS will be applicable on the recurring deposits and the rate of interest you will be eligible to earn.

News About Allahabad Bank Recurring Deposit

  • 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

  • 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

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