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Deposit Schemes

With effective from 04.05.2015, the retail deposit rates for term deposits of less than Rs 1.00 crore in 1 year time buckets as detailed below.

Tenor previous Interest Rate p.a. (%)
(w.e.f. 13.04.2015 )
Revised Interest Rate p.a. (%) (w.e.f. 04.05.2015 )
for below rs 1.00 cr for below rs 1.00 cr
7 days to 14 days 5.00% 5.00%
15 days to 29 days 5.50% 5.50%
30 days to 45 days 6.50% 6.00%
46 days to 60 days 7.50% 6.75%
61 days to 90 days 7.50% 7.00%
91 days to 179 days 8.50% 7.50%
180 days to 269 days 8.50% 7.75%
270-less than 1 year 8.50% 8.25%
1 year to less than 2 years 8.75% 8.50%
2 years to less than 3 years 8.60% 8.50%
3 years to less than 5 years 8.60% 8.50%
5 years and upto 10 years 8.50% 8.25%

It was also decided to reduce the Interest Rates for ‘Allahabad Bank Tax Benefit Term Deposit Scheme’ from 8.50% to 8.25%. Further, these reductions in rates will be applicable to both Non-Residential (External) Rupee Term Deposit and Non-Residential (Ordinary) Rupee Term Deposits as well.

The revised rates would be effective from 4th May 2015 (Monday).

The interest rates for ‘Allahabad Bank Tax Benefit Term Deposit Scheme’ has been reduced from 8.75% to 8.50%.

Period of Deposit Amount of Deposit Penal Rate of Interest
1. Term Deposits for all periods(Irrespective of the period of deposit agreed upon at the time of making the deposit) less than Rs. 1.00 crore 1 % penal interest to be charged

*The period of Deposit agreed upon at the time of making the deposit.

Rate of Interest on Term Deposits of Rs. 1.00 crore and above

Non Resident (External) Rupee Savings Deposit Account (NRE-SB)

Interest Rate % p.a.

Foreign Currency Non- Resident (FCNR (B) ) Account and Resident Foreign Currency (RFC) accounts with effect from 01.05.2015

Period Revised Rate % p.a.
(w.e.f. 01.05.2015)
1 year to < 2 years 1.47 1.69 1.07 2.02 3.10
2 years to < 3 years 1.83 1.99 1.09 2.07 3.12
3 years to < 4 years 3.13 3.21 2.15 3.18 4.21
4 years to < 5 years 3.38 3.39 2.21 3.30 4.43
5 years only 3.58 3.53 2.29 3.44 4.55

Non Resident (External) Rupee Term Deposit Account (NRE) for below Rs. 1.00 crore

Period Revised Interest Rate % p.a
w.e.f (13th April,2015)
1 year to less than 2 years 8.75
2 years to less than 3 years 8.60
3 years to less than 5 years 8.60
5 years to less than 10 years 8.50

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.

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 : -

  1. Single holder Type Deposits : Individual for himself or in the capacity of the "Karta" of a Hindu Undivided Family.
  2. 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 @ 8.75% p.a. 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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