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Allahabad Bank FD Calculator

Allahabad Bank Fixed Deposit Calculator 2020

Last Updated 03rd Sep 2020

Allahabad Bank FDs have tenures ranging from 1 year to 1 year with maximum rate of interest of 5.50%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.00%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 14 days 3.05% to 3.55% ₹ 1,00,058 - ₹ 1,00,136
15 days to 29 days 3.25% to 3.75% ₹ 1,00,134 - ₹ 1,00,298
30 days to 45 days 3.25% to 3.75% ₹ 1,00,267 - ₹ 1,00,462
46 days to 90 days 3.25% to 3.75% ₹ 1,00,410 - ₹ 1,00,925

Allahabad Bank has merged into Indian Bank on April 1, 2020. The interest rates of Indian Bank will now be applicable on Allahabad Bank.

Allahabad Bank FD Maturity Calculator
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Allahabad Bank Fixed Deposit Calculator

Allahabad Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Allahabad Bank. Bank may allow higher interest rate on larger deposits. Allahabad Bank offers deposit amount in the range of 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Allahabad Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Allahabad Bank is 5.50% for deposit amount Up to Rs. 5 crore corresponding to a deposit tenure of 1 year to 1 year.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.05% for a 1 year FD and a rate of 5.50% for a 1 year FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.05%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Allahabad Bank calculates quarterly interest on its fixed deposits. You can also opt for tax saving scheme to save tax on fixed deposit.

Allahabad Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • In a periodic interest payout option, Allahabad Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • In case you opt for a Allahabad Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

The interest earned on a fixed deposit in Allahabad Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Allahabad Bank FD can be calculated monthly, quarterly, half-yearly and annually. The interest rates for senior citizens are higher than normal rates of Allahabad Bank FD.

Suppose if you make an investment of ₹ 1,00,000 in Allahabad Bank FD for a 5-year tenure at an interest rate of 5.40% for depositors below 60 years and 5.90% for senior citizens. The maturity amount for this deposit amount is ₹ 1,30,760 and the total interest earned is ₹ 30,760 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 34,024 which is higher. The maturity schedule of Allahabad Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.40% for Citizens below 60 years and at 5.90% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2020 ₹ 1,804 ₹ 1,01,804 ₹ 1,971 ₹ 1,01,971
2021 ₹ 5,610 ₹ 1,07,414 ₹ 6,151 ₹ 1,08,122
2022 ₹ 5,919 ₹ 1,13,333 ₹ 6,522 ₹ 1,14,644
2023 ₹ 6,245 ₹ 1,19,578 ₹ 6,915 ₹ 1,21,559
2024 ₹ 6,589 ₹ 1,26,167 ₹ 7,332 ₹ 1,28,891
2025 ₹ 4,593 ₹ 1,30,760 ₹ 5,132 ₹ 1,34,023

Allahabad Bank FD Calculator Formula

Along with online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Allahabad Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P – Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

FAQs

What is the highest interest earned on Allahabad Bank fixed deposit?

You can earn a maximum interest of 5.50% on Allahabad Bank fixed deposit.

How is Allahabad Bank FD interest calculated?

The formula to calculate interest on Allahabad Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

How many years FD will double in Allahabad Bank?

The growth of Allahabad Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Allahabad Bank FD. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.35%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.35 = 9.80. So it will take a little more than 14 years for one’s investment to get doubled in Allahabad Bank.

What are the minimum and maximum amounts that I can invest in an Allahabad Bank FD?

The minimum investment limit in Allahabad Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.


Allahabad Bank News - Sep 2020
  • 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.
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