Allahabad Bank Increases Interest Rates On Deposit
As a New Year gift to its customers, Allahabad Bank, one of the major nationalized
banks, has announced an attractive increase in the card rates of term deposits with effect
from 1st January, 2007. The New Year Bonanza announced by the Bank cover term deposits of
the time buckets of 181 days and above.
The maximum rate announced by the Bank is 8.50% per annum (previous 8.00%) in the time
bucket of 5 years to 10 years. Interest rate has also been enhanced in the time bucket of
181 days to less than 1 year from 7% to 7.25%, 1 year to less than 3 years from 7.50% to
8%, 3 years to less than 5 years 7.50% to 8.25% and from 5 years upto 10 years 7.50% and
8% to 8.5% per annum.
The Bank during the first half year of the current fiscal i.e.,2006-07 achieved a
deposit growth of 23.58% from Rs. 43,700.55 crores as at 30.9.2005 to Rs. 54,006.20 crores
as at 30.9.2006. The Bank aims to reach Rs,1,00,000 crores business by the end of the
current fiscal.
The revised deposit interest rates applicable from 1.1.2007 are as under:
Domestic Term
Deposit
(Period of Deposit) |
Existing
Interest Rate
(% p.a) |
Revised
Interest Rate w.e.f. 1.1.2007.
(% p.a) |
7 days to 14 days |
4.00 |
4.00 |
15 days to 29 days |
4.50 |
4.50 |
30 days to 45 days |
4.75 |
4.75 |
46 days to 60 days |
5.25 |
5.25 |
61 days to 90 days |
5.50 |
5.50 |
91 days to 180 days |
6.25 |
6.25 |
181 days to less than 1 year |
7.00 |
7.25 |
1 year to less than 2 years |
7.50 |
8.00 |
2 years to less than 3 years |
7.50 |
8.00 |
3 years to less than 5 years |
7.50 |
8.25 |
5 years to less than 7 years |
7.50 |
8.50 |
7 years and upto 10 years |
8.00 |
8.50 |
|
