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Allahabad Bank FD Interest Rates 2021

Allahabad Bank FD Interest Rates

Last Updated 15th Jul 2021

When it comes to the FD interest rate, the highest rate offered on Allahabad Bank FD is 5.25%. Latest Allahabad Bank FD interest rate for senior citizens, on the other hand ranges between 3.40% to 5.75%.

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 3.25% 3.75%
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 options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Allahabad Bank Fixed Deposit are:

  • Deposit Amount : Allahabad Bank FD can be opened with an amount as a low ₹ 1,000 to up to No Limit.
  • FD Tenure : Ranges between 7 days to 5 years.
  • Interest Rate Range : 2.90% p.a. to 5.25% p.a.
  • Senior Citizens FD Rate : 3.40% p.a to 5.75% p.a.
  • Highest Interest Rate : As per today’s rate, Allahabad Bank’s highest interest rate on FD is 5.25% offered for a tenure of 5 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 FD Interest Rates Today

Interest rates on Allahabad Bank deposits are updated regularly by the Government of India. The following are updated Allahabad Bank FD interest rates 2021:

Tenure Interest Rate
7 days to 14 days 2.90%
15 days to 29 days 2.90%
30 days to 45 days 2.90%
46 days to 90 days 3.25%
91 days to 180 days 3.95%
181 days to 269 days 4.40%
270 days to 364 days 4.40%
1 year 5.00%
1 year 1 day to 1 year 11 months 29 days 5.10%
2 years to 2 years 11 months 29 days 5.10%
3 years to 4 years 11 months 29 days 5.25%
5 years to 10 years 5.15%
5 years 5.25%

Allahabad Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Allahabad Bank offers a higher interest rate to senior citizens than the general public. Listed below are the Allahabad Bank fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 14 days 3.40%
15 days to 29 days 3.40%
30 days to 45 days 3.40%
46 days to 90 days 3.75%
91 days to 180 days 4.45%
181 days to 269 days 4.90%
270 days to 364 days 4.90%
1 year 5.50%
1 year 1 day to 1 year 11 months 29 days 5.60%
2 years to 2 years 11 months 29 days 5.60%
3 years to 4 years 11 months 29 days 5.75%
5 years to 10 years 5.65%
5 years 5.75%

Best FD Plan as per Allahabad Bank FD Rates

To invest in Allahabad Bank fixed deposit, you must compare Allahabad Bank Fixed Deposit Rates for varying tenures. Allahabad Bank FD Interest Rates 2021 are best for the deposits with a tenure of 3 years to 5 years, wherein the current Allahabad Bank Fixed Deposit Interest Rates is 5.25 p.a.

If you are looking to invest in short term deposits with Allahabad Bank, the interest rate of Allahabad Bank for FD ranges from 2.90% p.a. to 4.40% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term Allahabad Bank Fixed Deposit Rates for senior citizens range from 3.40% to 4.90% p.a.

If you want to invest in long term deposits, Allahabad Bank Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.15%.Allahabad Bank Senior citizens FD Rates are offered at special rates with the highest deposit rates of5.65% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in Allahabad Bank:

  • Interest on deposit is paid only at the time of the maturity
  • Allahabad Bank also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is 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
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

Allahabad Bank Fixed Deposit Rates – Premature Withdrawal

You can close your Allahabad Bank FD account prematurely, however Allahabad Bank charges a penalty of 1% for deposits less than Rs. 1 crore for premature withdrawal. Also, 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 loans 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 6.25%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Allahabad Bank. The borrower later decided to take a 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 available 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 an Allahabad Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Allahabad Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Allahabad Bank FD after reading the terms and conditions.

To open a Fixed Deposit account in Allahabad Bank, you can visit the official website and login to your account. Choose the 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 also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Allahabad Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

Allahabad Bank Fixed Deposit Scheme

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

Who is eligible?

  • 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

Who is eligible?

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

FAQs

What is the highest fixed deposit interest rate for Allahabad Bank?

You can earn a maximum interest of 5.25% 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 5.25%. Compared to this, Allahabad Bank senior citizens FD are in the range of 3.40% to 5.75%.

What are the current Allahabad Bank FD interest rates 2021?

Current interest for FD in Allahabad Bank ranges between 2.90% - 5.25%.

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.

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

  • Your 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 an FD account online in Allahabad Bank?

Yes, you can submit your application for opening an FD account on the website of Allahabad Bank. After submitting the application, you will be contacted by the bank’s representative for the 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 the 5.25%. For Allahabad Bank FD the number of years in which your FD will get doubled is; 72/5.25 = 14

What is the interest of 1 lakh in the Allahabad Bank?

The interest on Allahabad Bank fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the Allahabad Bank FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 14 days 2.90%
15 days to 29 days 2.90%
30 days to 45 days 2.90%
46 days to 90 days 3.25%
91 days to 180 days 3.95%
181 days to 269 days 4.40%
270 days to 364 days 4.40%
1 year 5.00%
1 year 1 day to 1 year11 months 29 days 5.10%
2 years to 2 years 11 months 29 days 5.10%
3 years to 4 years 11 months 29 days 5.25%
5 years to 10 years 5.15%
5 years 5.25%


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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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