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Allahabad Bank FD - Scheme, Eligibility, Documents

Allahabad Bank Fixed Deposit Highlights

Last Updated 15th Jul 2021

Allahabad Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.90% to 5.25%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 1,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Allahabad Bank FD

    Allahabad Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Allahabad Bank FD offers regular returns on fixed deposits ranging between 2.90% to 5.25%. For senior citizens, the interest rates on fixed deposits range between 3.40% to 5.75%. In addition to that, Allahabad Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Allahabad Bank Fixed Deposit Schemes

    Different type of Allahabad Bank term deposit products offered to the investors are listed as follows:

    Flexi Fixed Deposit

    Description:

    • This account is linked to a base account which may be either a Savings Bank Account or Current Account offering a higher rate of interest on your deposit.
    • No loan against deposit is available
    • Depositors are allowed to make withdrawals in smaller units prior to maturity
    • A tailor made passbook will be issued to the depositor at the time of opening FD account
    • No interest on the deposit will be paid if the deposit remains for a period less than 15 days

    Eligibility:

    • Resident Indians, non resident Indians, senior citizens and hindu undivided family
    Regular Fixed Deposit

    Description:

    • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
    • Easy investment with attractive returns
    • Nomination facility is available
    • Individual with operative account savings or current account

    Eligibility:

    • Resident Indians, non resident Indians, senior citizens and hindu undivided family

    Benefits of Allahabad Bank FD

    Allahabad Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Allahabad Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Allahabad Bank offers FD rates up to 5.25%. The interest rates offered on Allahabad Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Allahabad Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Allahabad Bank fixed deposit allows one to borrow a secured loan against Allahabad Bank FD. Benefits of Loan Against FD of Allahabad Bank are as follow:
      • Loan against FD of Allahabad Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Allahabad Banks flexible repayment options.
      • The processing fee of Loan Against FD in the Allahabad Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Allahabad Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Allahabad Bank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years. Allahabad Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Allahabad Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 1,000. Apart from that, one can invest in the Allahabad Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Allahabad Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Allahabad Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Allahabad Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Allahabad Bank FD

    Allahabad Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Allahabad Bank FD

    Allahabad Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Allahabad Bank FD

    Credit Cards againstAllahabad Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Allahabad Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Allahabad Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Allahabad Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Allahabad Bank?

    Allahabad Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs. 1,000.

    What is the minimum amount for a fixed deposit in Allahabad Bank?

    The minimum amount required for a fixed deposit investment in Allahabad Bank fixed deposit is Rs. 1,000.

    What is the current interest rate on FD in Allahabad Bank?

    Currently, Allahabad Bank offers an interest rate ranging between 2.90% to 5.25% on its fixed deposits.

    What is the penalty for early withdrawal in Allahabad Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Allahabad Bank?

    Allahabad Bank fixed deposit can be opened with a minimum tenure of 7 days . The tenure of the Allahabad Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my Allahabad Bank FD account?

    No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

    Who is eligible for opening an FD account in Allahabad Bank?

    All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

    What documents are required to open an FD account in Allahabad Bank?

    The documents required to open an FD account in Allahabad Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the Allahabad Bank?

    The time Allahabad Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Allahabad Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Allahabad Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Allahabad Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Allahabad Bank safe for FD?

    Yes, the Allahabad Bank is one of the safest avenues for any investments. Allahabad Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Allahabad Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Allahabad Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Allahabad Bank News - Jul 2021
    • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
      The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
    • 2019-09-19 : Allahabad Bank links loans and deposits with external benchmarks
      In order to fulfill the guidelines set by RBI, Allahabad Bank is set to launch retail and business loan products linked with external benchmarks. The retail and MSME loans will be linked to external benchmarks like RBI repo rate and three-month MIBOR. Apart from that, all savings and long term fixed deposit rates will be linked to RBI’s repo rate.
    • 2018-09-03 : Allahabad bank revises FD rates by up to 50 bps
      Allahabad Bank has revised its interest rate on retail fixed deposits or FDs below Rs. 1 crore, for the selected maturities by upto 50 basis points. The Interest rate on FD with a maturity of 7 days to 29 days is increased to 4.50%, which was 4.00% earlier. Similarly, for 30 days to 45 days will fetch an interest rate of 4.75%, which was 4.50% earlier. The new rates are currently effective.
    • 2017-12-12 : Allahabad bank revises FD rates
      Allahabad bank has revised its FD rates for broadly all maturities. These rates range from 4% to 6.50% as the tenure goes up to 10 years. The revised rates would be effective from 01st December, 2017.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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