Allahabad Bank reduces interest rates on deposits

Effective from 16.07.2007, Allahabad Bank has reduced the interest rates on domestic term deposits in some time buckets. The reduction will be applicable on all types of term deposits including Recurring Deposit and Capital Gains Accounts Scheme, 1988.

The reduction in the interest rates will be in the time buckets of 46 days to 60 days from 5.50% per annum to 5% per annum , 91 days to 180 days from 6.50% per annum to 6% per annum and 1 year to less than 2 years from 9.50% per annum to 9% per annum. Interest in other time buckets will, however, remain unchanged.

Thus, the highest interest rates of 9.50% per annum for term deposit in the time bucket of 1 year to less than 2 years will be reduced by 50 basis points to 9% per annum.

The revised rates will be applicable for fresh and renewal of deposits.

The additional interest rates over and above the card rates for domestic term deposits for Senior Citizens remain unchanged as under:

• 1% for the deposit period of 15 days to less than 1 year.

• 0.50% for deposit period of 1 year up to 10 years.

Publicity Department
14th July, 2007

Press Corner