Allahabad Bank reduces interest rates on term deposits
Allahabad Bank is going to reduce the interest rates on domestic term deposits in some time buckets with effect from 20.08.2007. 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 1 year to less than 2 years from 9.00% per annum to 8.50% per annum (reduced by 50 basis points), 2 years to less than 3 years from 9.25% per annum to 8.50% per annum (reduced by 75 basis points) and 3 years to less than 5 years from 9.25% per annum to 9% per annum (reduced by 25 basis points). Interest in the time bucket of 91 days to 180 days however has been revised from 6% per annum to 6.25% per annum. Interest in other time buckets will remain unchanged.
The rates of interest to be effective from 20.8.2007 vis-à-vis earlier rates on term deposits are given below in tabular form:
Period
of Deposit |
Effective
from
25.06.07 |
Effective
from
16.07.07 |
Effective
from
20.8.07 |
7
days to 14 days (For minimum deposit of Rs.1 lac) |
3% |
3% |
3% |
15
days to 29 days |
3% |
3% |
3% |
30
days to 45 days |
4.75% |
4.75% |
4.75% |
46
days to 60 days |
5.50% |
5% |
5% |
61
days to 90 days |
5.50% |
5.50% |
5.50% |
91
days to 180 days |
6.50% |
6% |
6.25% |
181
days to less than 1 year |
7.50% |
7.50% |
7.50% |
1
year to less than 2 years |
9.50% |
9% |
8.50% |
2
years to less than 3 years |
9.25% |
9.25% |
8.50% |
3
years to less than 5 years |
9.25% |
9.25% |
9% |
5
years and above (up to 10 years) |
9% |
9% |
9% |
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
17th August, 2007
Press Corner
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