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Deposit Schemes

It has been decided by the Bank to revise interest rates on Domestic Term Deposits of below Rs.1.00 crore with effect from 23.11.2009 and Rs.1.00 crore & above with effect from 18.11.2009. The revised interest rates are as under :-

Tenor

Existing Interest Rate p.a. (%)

Revised Interest Rate p.a. (%)

For below Rs. 1 cr

For Rs. 1 cr to less than Rs. 10 cr

For Rs.10 cr & above

For below Rs. 1 cr
(w.e.f. 23.11.09)

For Rs. 1 cr to less than Rs. 10 cr
(w.e.f. 18.11.09)

For Rs.10 cr & above
(w.e.f. 18.11.09)

7 days
to
14 days

NA

1.50

1.50

NA

1.50

1.50

15 days
to
29 days

3.00

2.00

2.00

3.00

2.00

2.00

30 days
to
45 days

3.00

2.25

2.25

3.00

2.25

2.25

46 days
to
60 days

4.00

2.75

2.75

4.00

2.75

2.75

61 days
to
90 days

4.00

2.75

2.75

4.00

2.75

2.75

91 days
to
179 days

5.25

3.25

3.25

5.00

3.25

3.25

180 days to
269 days

6.00

4.25

4.25

5.50

4.25

4.25

270 days to
364 days

6.00

5.00

5.00

5.50

5.00

5.00

1 year
to
less than
2 years

7.00

5.75

5.75

6.50

6.00

6.00

2 years
to
less than
3 years

7.00

5.75

5.75

6.75

5.50

5.50

3 years
to
less than
5 years

7.25

5.50

5.50

7.00

5.50

5.50

5 years and
upto
10 years

7.50

5.50

5.50

7.25

5.50

5.50

The above rates will be applicable for fresh deposits and renewal of deposits and rates are subject to revision at any time.

The existing interest rate for AllBank Baalika Mangal Yojana Deposit Scheme will continue till further instruction.

Existing additional interest rate for senior citizens will be continued.

PENAL RATE OF INTEREST FOR PREMATURE WITHDRAWAL OF DOMESTIC TERM DEPOSITS

Period of Deposit Amount of Deposit Penal Rate of Interest
1. Premature closure of term deposits for reinvestment in our bank Any amount No penal rate to be charged
2. 15 days and upto 1 (one) year* Any amount No penal rate to be charged
3. All others All others 1 % penal interest to be charged

*The period of Deposit agreed upon at the time of making the deposit.

Non Resident (External) Rupee Savings Deposit Account (NRE-SB)

 Interest Rate % p.a.
(unchanged since 18.11.2005)
3.50

Non Resident (External) Rupee Term Deposit Account (NRE)
With effect from 01.02.2010

  
Period Existing rate % p.a.
w.e.f 1st January,
2010
Revised Rate % p.a.
w.e.f 1st February,
2010

1 year to less than 2 years

2.73

2.60

2 years to less than 3 years

3.14

2.91

3 years only

3.79

3.53

  
 

Non-Resident (Ordinary) Rupee Term Deposits & Saving Bank A/c:

The Interest rates of NRO deposits is at par with the Interest Rates for Domestic Deposits.

Differential Rate of Interest/ Additional Rate for Senior Citizens:

No Differential Rate on interest as also Additional Interest for Senior Citizens is allowed for Non-Resident Deposits as advised vide our  Instruction Circular Nos. 6942/Foreign/2001-202/03 & 8144/Foreign/2004-05/04 dt. 03.09.01 & 07.05.2004 respectively.

Foreign Currency Non-Resident (FCNR (B)) Account and Resident Foreign Curency
(RFC) accounts with effect from 01.02.2010

Fixed Deposit

Existing Rate % p.a.
(w.e.f. 01.01.2010)

Revised Rate % p.a.
(w.e.f. 01.02.2010)

 

USD

GBP

EUR

CAD

AUD

USD

GBP

EUR

CAD

AUD

1 year to < 2 years

1.98

2.25

2.22

2.25

6.24

1.85

2.26

2.20

2.26

6.21

2 years to < 3 years

2.39

3.03

2.88

2.52

6.15

2.16

2.75

2.68

2.36

6.02

3 years to < 4 years

3.04

3.68

3.30

3.09

6.43

2.78

3.36

3.08

2.90

6.28

4 years to < 5 years

3.54

4.12

3.57

3.52

6.77

3.29

3.81

3.37

3.31

6.57

5 years only

3.94

4.42

3.82

3.83

6.93

3.71

4.14

3.63

3.62

6.70

The above rates are applicable to fresh deposits and for renewal of deposits only.

These rates are subject to change without notice and the depositors will be advised of the current rates on the date of deposit. The depositors may contact:

FOREIGN DEPARTMENT HEAD OFFICE

14, India Exchange Place,2nd Floor,
Kolkata-700 001.
Telephone:(033)22316703,6704,6706
FAX:(033)2231-702.
E- MAIL ID : hofd.allbank@gmail.com


Allahabad Bank Tax Benefit Term Deposit Scheme

"Allahabad Bank Tax Benefit Term Deposit Scheme" offering the benefit under Sec.80C of Income Tax Act for the depositors (Income Tax assesses).

Investment : Any amount not exceeding Rupees one lakh in a year commencing on the 1st day of April of respective years. The amount to be deposited shall be a minimum of Rupees one hundred or multiples thereof.

Types of the Deposit : Can be opened in the following types, namely : -

  1. Single holder Type Deposits : Individual for himself or in the capacity of the "Karta" of a Hindu Undivided Family.
  2. Joint holder type deposits : Jointly in the name of two or more persons payable to either of the holders or to the survivor. Deduction from income under section 80C of Income Tax Act shall be available only to the first holder of the deposit.

Tenure of Deposit : Five years.

Encashment option : Premature encashment is not permissible.

Rate of interest : The rate of interest on Allahabad Bank Tax Benefit Term Deposit Scheme will be @ 7.25% p.a.. w.e.f. 23.11.2009 for fresh deposits only. No additional rate of interest for Senior Citizens and Staff of the Bank.

TDS on interest : Interest is liable to tax under section 194A or section 195 of Income Tax Act, on the basis of annual accrual or receipt, depending upon the method of accounting followed by the assessee.

Pledging of the Deposit : Can not be pledged to secure loan or as security to any other asset.

Nomination : Available.

Transfer from one branch to another : The deposit may be transferred from the issuing branch to another branch but not transferable from one bank to another bank.

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