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 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%|
|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
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.
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.
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.
- Sole Proprietary Concerns
- Partnership Firms
- Associations, Clubs, Societies,etc
- Limited Companies
- Illiterate Persons, Blind Persons
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.
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.
RD Interest Rate Pages
- United Bank RD Interest Rates
- Uco Bank RD Interest Rates
- Allahabad Bank RD Interest Rates
- Central Bank RD Interest Rates
- Federal Bank RD Interest Rates
- Indian Bank RD Interest Rates
- Andhra Bank RD Interest Rates
- Kotak Mahindra RD Interest Rates
- Syndicate Bank RD Interest Rates
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RD Other Pages
- Recurring Deposit Vs. Chit Fund
- Miss to Pay the Recurring Deposit Due
- Difference Between Recurring Deposit and SIP
- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
- Flexi RD
- SBI Flexi RD Schemes