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| Deposit Schemes
It has been decided by the Bank to revise the interest rate structure for Domestic Term Deposits
of different maturities below Rs.5.00 Crore with effect from 14.09.2011. The revised interest
rates are as under:-
Tenor |
Existing Interest Rate p.a. (%) |
Revised Interest Rate p.a. (%) (w.e.f. 14.09.2011) |
| For below Rs.5.00 cr |
For below Rs.5.00 cr |
7 days to 14 days |
4.00 |
4.00 |
15 days to 29 days |
5.00 |
5.00 |
30 days to 45 days |
5.00 |
5.00 |
46 days to 60 days |
5.50 |
5.50 |
61 days to 90 days |
6.00 |
6.00 |
91 days to 179 days |
7.00 |
7.30 |
180 days to 269 days |
8.00 |
8.00 |
270 days to 364 days |
8.00 |
8.00 |
1 year to less than 2 years |
9.50 |
9.50 |
2 years to less than 3 years |
9.00 |
9.00 |
3 years to less than 5 years |
8.75 |
8.75 |
5 years and upto 10 years |
8.50 |
8.50 |
- The existing rates for the fixed periods will remain unchanged.
- The above rates will be applicable for fresh deposits and renewal of deposits and are subject to revision at any time.
- The interest rate for AllBank Baalika Mangal Yojana Deposit Scheme will remain unchanged at 9.01365 % p.a with quarterly rests as per HO. Instruction Circular no. 11357/Dev/2011-12/ 05 dated 06.04.2011
- The rate of interest on Allahabad Bank Tax Benefit Term Deposit Scheme will be @ 8.50% p.a. i.e. card rate for 5 years.
- Existing additional interest rate for senior citizens will be continued as per existing guidelines.
- For interest rates for deposits above Rs. 5 crores:
Branches/Zonal Offices should continue to obtain prior permission from General Manager (IRM) before accepting term deposits of Rs.5.00 crore and above.
PENAL RATE OF
INTEREST FOR PREMATURE WITHDRAWAL OF DOMESTIC TERM DEPOSITS |
| Period of Deposit |
Amount of Deposit |
Penal Rate of Interest |
| 1. |
Premature closure of term deposits for reinvestment in our
bank |
Any amount |
No penal rate to be charged |
| 2. |
15 days and upto 1 (one) year* |
Any amount |
No penal rate to be charged |
| 3. |
All others |
All others |
1 % penal interest to be charged |
*The period of Deposit agreed upon at the time of making the deposit.
Non Resident (External) Rupee Savings Deposit Account (NRE-SB)
Interest Rate % p.a.
|
| 4.00 |
Non Resident (External) Rupee Term Deposit Account (NRE)
Period |
Rate % p.a |
1 year to less than 2 years |
9.50 |
2 years to less than 3 years |
9.00 |
3 years only |
8.75 |
|
|
| |
Non-Resident (Ordinary) Rupee Term Deposits & Saving Bank A/c:
The Interest rates of NRO deposits is at par with the Interest Rates for Domestic Deposits.
Differential Rate of Interest/ Additional Rate for Senior Citizens:
No Differential Rate on interest as also Additional Interest for Senior Citizens is allowed for Non-Resident Deposits as advised vide our Instruction Circular Nos. 6942/Foreign/2001-202/03 & 8144/Foreign/2004-05/04 dt. 03.09.01 & 07.05.2004 respectively.
Foreign Currency Non-Resident (FCNR (B) Account and
Resident Foreign Currency (RFC) accounts with effect from 01.02.2012
| Fixed Deposit |
Existing Rate % p.a.
(w.e.f. 01.01.2012) |
Revised Rate % p.a.
(w.e.f. 01.02.2012) |
| |
USD |
GBP |
EUR |
CAD |
AUD |
USD |
GBP |
EUR |
CAD |
AUD |
1 year to < 2 years |
2.38 |
3.12 |
3.16 |
3.06 |
6.13 |
2.35 |
3.14 |
2.98 |
3.12 |
6.13 |
2 years to < 3 years |
2.00 |
2.59 |
2.57 |
2.39 |
5.14 |
1.78 |
2.49 |
2.42 |
2.44 |
5.09 |
3 years to < 4 years |
2.11 |
2.62 |
2.64 |
2.47 |
5.18 |
1.87 |
2.51 |
2.50 |
2.50 |
5.13 |
4 years to < 5 years |
2.30 |
2.71 |
2.80 |
2.58 |
5.45 |
2.06 |
2.63 |
2.66 |
2.61 |
5.37 |
5 years only |
2.51 |
2.81 |
3.00 |
2.71 |
5.57 |
2.30 |
2.75 |
2.85 |
2.75 |
5.50 |
|
The above rates are applicable to fresh deposits and for renewal of deposits only.
These rates are subject to change without notice and the depositors will be advised of
the current rates on the date of deposit.
Allahabad Bank Tax Benefit Term Deposit
Scheme
"Allahabad Bank Tax Benefit Term Deposit Scheme" offering
the benefit under Sec.80C of Income Tax Act for the depositors (Income Tax assesses).
Investment : Any amount not exceeding Rupees one lakh in a year
commencing on the 1st day of April of respective years. The amount to be deposited shall
be a minimum of Rupees one hundred or multiples thereof.
Types of the Deposit : Can be opened in the following types, namely :
-
- Single holder Type Deposits : Individual for himself or in the capacity
of the "Karta" of a Hindu Undivided Family.
- Joint holder type deposits : Jointly in the name of two or more persons
payable to either of the holders or to the survivor. Deduction from income under section
80C of Income Tax Act shall be available only to the first holder of the deposit.
Tenure of Deposit : Five years.
Encashment option : Premature encashment is not permissible.
Rate of interest : The rate of interest on Allahabad Bank Tax Benefit Term Deposit Scheme will be @ 8.50% p.a. w.e.f. 09.06.2011 for fresh deposits only. No additional rate of interest for Senior Citizens and Staff of the Bank.
TDS on interest : Interest is liable to tax under section 194A or
section 195 of Income Tax Act, on the basis of annual accrual or receipt, depending upon
the method of accounting followed by the assessee.
Pledging of the Deposit : Can not be pledged to secure loan or as
security to any other asset.
Nomination : Available.
Transfer from one branch to another : The deposit may be transferred
from the issuing branch to another branch but not transferable from one bank to another
bank.
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