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Allahabad Bank FD Interest Rates

Allahabad Bank FD Rates 2021

Last Updated 03rd Jan 2021

Allahabad Bank is one of most reliable FD providers amongst a number of FD providers in the market. Allahabad Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Allahabad Bank FD is 5.15%. Latest Allahabad Bank FD interest rate for senior citizens, on the other hand ranges between 3.40% to 5.65%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.90% 3.40%
15 days to 29 days 2.90% 3.40%
30 days to 45 days 2.90% 3.40%
46 days to 90 days 3.05% 3.55%
91 days to 180 days 3.95% 4.45%

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

Earn upto 6.95% on FD APPLY NOW

Allahabad Bank Fixed Deposit Features

Allahabad Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Allahabad Bank Fixed Deposit are:

  • Deposit Amount: Allahabad Bank FD can be opened with an amount as a low to up to No Limit.
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 2.90% p.a. to 5.15% p.a.
  • Senior Citizens FD Rate: 3.40% to 5.65% p.a.
  • Highest Interest Rate: As per today’s rate, Allahabad Bank’s highest interest rate on FD is 5.15% offered for a tenure of 10 years.
  • Safety of Allahabad Bank Deposits: Allahabad Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Allahabad Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Flexi Fixed Deposit, Regular Fixed Deposit

Allahabad Bank Best FD Plan

We need to compare tenure wise latest FD rate of Allahabad Bank to choose the tenure at which it provides the highest interest rate. Allahabad Bank FD rates are best for the deposits with a tenure of 3 years to 10 years, wherein the current FD rate of interest is 5.15% p.a

If one is looking to invest in short term deposits with Allahabad Bank, FD interest rates range from 2.90% p.a. to 4.40% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Allahabad Bank FD rates for senior citizens range from 3.40% to 4.90% p.a.

If one is looking to invest in long term deposits, Allahabad Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.15%. Senior citizens are offered special rates from bank with highest deposit rates of 5.65% p.a. on long term FDs.

Fixed Deposits of Allahabad Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Allahabad Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in Allahabad Bank

  • PAN Card, Aadhar card.
  • 2 Photographs

Allahabad Bank Fixed Deposit Rates – Premature Withdrawal

Premature closure of Term Deposit with Allahabad Bank is along with the lower interest rate of 1% for deposits less than Rs. 1 crore than the contracted rate. The penal provisions for premature closure on Allahabad Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Allahabad Bank

Allahabad Bank offers loan up to 90% against its own deposit. Note that Allahabad Bank will not give you loan against FD of any other bank. Allahabad Bank offers Loan against FD at the rate of 3.9% to 6.15%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Allahabad Bank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at Allahabad Bank

To open a Fixed Deposit account in Allahabad Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Allahabad Bank FD after reading the terms and conditions.

Nomination Facility on Allahabad Bank FD

Allahabad Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Allahabad Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

Allahabad Bank Fixed Deposit Scheme

Flexi Fixed Deposit


  • 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

Who is eligible?

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


  • 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

Who is eligible?

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


What is the highest FD rate for Allahabad Bank?

You can earn a maximum interest of 5.15% on Allahabad Bank fixed deposit.

Are there any special rates for senior citizens FD of Allahabad Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.90% to 5.15%. Compared to this, the rate of senior citizens FD are in the range of 3.40% to 5.65%.

What are the current Allahabad Bank FD interest rates 2021?

Current interest for FD in Allahabad Bank ranges between 2.90% - 5.15%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Allahabad Bank?

The minimum deposit amount required to book an FD with Allahabad Bank is ₹ 1,000.

Can I deposit additional amount in my 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 PAN Card, Aadhar card., 2 Photographs.

Is it possible to change the tenure of my existing fixed deposit account with Allahabad Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Allahabad Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open a FD account online in Allahabad Bank?

Yes, you can submit your application for opening a FD account on the website of Allahabad Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Allahabad Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 5.15%. For Allahabad Bank FD the number of years in which your FD will get doubled is; 72/5.15 = 14

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Allahabad Bank News - Jan 2021
  • 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 subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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