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Allahabad Bank FD Calculator

Allahabad Bank Fixed Deposit Calculator 2022

Last Updated 10th Jan 2022

Allahabad Bank FDs have tenures ranging from 3 years to 5 years with maximum rate of interest of 5.25%. Interest rates for senior citizens are higher than the normal rates and ranges upto 5.75%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 14 days 2.80% 3.30% ₹ 1,00,054 - ₹ 1,00,127
15 days to 29 days 2.80% 3.30% ₹ 1,00,115 - ₹ 1,00,262
30 days to 45 days 2.80% 3.30% ₹ 1,00,230 - ₹ 1,00,407
46 days to 90 days 3.25% 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.

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Allahabad Bank Fixed Deposit Calculator

Allahabad Bank fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded 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. Banks may allow a higher interest rate on larger deposits. Allahabad Bank offers a deposit amount in the range of Rs. 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 5.25% for deposit amount Up to Rs. 5 crore corresponding to a deposit tenure of 3 years to 5 years.
  • 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 2.80% for a 3 years FD and a rate of 5.25% for a 5 years 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 - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.80%. 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 a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Allahabad Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- 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.
  • Cumulative- 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.

How is Allahabad Bank FD Rate Calculated?

Allahabad Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Allahabad Bank FD Maturity Calculation for 5 Year

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.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Allahabad Bank FD for a 5-year tenure at an interest rate of 5.25% for depositors below 60 years and 5.75% for senior citizens.The maturity schedule of Allahabad Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.25% for Citizens below 60 years and at 5.75% 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
2022 ₹ 5,354 ₹ 1,05,354 ₹ 5,875 ₹ 1,05,875
2023 ₹ 5,641 ₹ 1,10,995 ₹ 6,220 ₹ 1,12,095
2024 ₹ 5,943 ₹ 1,16,938 ₹ 6,586 ₹ 1,18,681
2025 ₹ 6,261 ₹ 1,23,199 ₹ 6,973 ₹ 1,25,654
2026 ₹ 6,596 ₹ 1,29,795 ₹ 7,382 ₹ 1,33,036

Allahabad Bank FD Calculator Formula

Along with an 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

Other Investment Calculators

FAQs

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

You can earn a maximum interest of 5.25% on Allahabad Bank fixed deposits.

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.You can also use Allahabad Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. 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.

Can I withdraw my premature FD from Allahabad Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1% for deposits less than Rs. 1 crore of FD amount for premature withdrawal.

How can I calculate Allahabad Bank premature FD amount?

To calculate premature FD amount you can use Allahabad Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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Allahabad Bank News - Jan 2022
  • 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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