Allahabad Bank Fixed Deposit Rate

Allahabad Bank’s fixed deposit

Allahabad Bank’s fixed deposit is repayable after the agreed period fixed at the time of the deposit. This ranges from 7 days to 10 years. Loan facility is available against the pledge of FDR receipts by following the mentioned procedure for such loans. TDS is applicable on such deposits as per guidelines issued by Government of India from time to time. Interest is generally computed at quarterly or larger rests and not on a monthly basis. But if the depositor insists that interest is to be paid monthly, it can be done so at the discretion of the bank. This can be opened in the name of an individual, joint names, clubs, associations, limited companies and minors under guardianship.

Monthly income plan

Allahabad Bank’s monthly income plan is to provide a fixed monthly income by way of interest to the customer who has deposited an amount for a duration leaving the amount intact. This is beneficial for retired people who earn no pension. The monthly instalment is payable at the discounted rate as TDS is applicable. Generally, no advance is given against the deposit in the monthly income plan, but exceptions are made in some cases at the discretion of the bank. The minimum deposit should be Rs.1,000/- and in multiples of Rs.1,000/- above the minimum deposit, for the maximum period of 60 months. The deposit can be either in cash or cheque.

Sishu Mangal deposit scheme

Allahabad Bank’s Sishu Mangal deposit scheme is for the welfare of children. Here, the account is opened for the minor under guardianship. A certain amount has to be deposited as per the chart provided from time to time and will grow to Rs.5000 or its multiples. This deposit does not continue after the child turns 21 years old. There is no maximum limit for investment under this scheme. Any Indian citizen being a minor in the age group 1-15 years can open an account under guardianship for this scheme.

Flexi fix deposit scheme

Allahabad Bank’s flexi fix deposit scheme gives maximum return along with liquidity. It is a running account that has many units of simple and compound interest from term deposit accounts like a normal fixed deposit or double deposit plan. A passbook is given for this scheme. The account under this scheme is linked to a base account, which may be a savings bank or a current account. No loan is allowed against this deposit. An initial deposit of Rs.25,000 or more in multiples of Rs.5,000 is to be made as Fixed Deposit or Double Deposit Plan for a fixed period of one year.

Allahabad Bank tax benefit deposit scheme

Allahabad Bank tax benefit term deposit scheme offers the customer the benefit under Section 80C of Income tax act. A minimum of Rs.100 can be deposited and multiples thereafter. The tenure is fixed for 5 years. Premature withdrawal is not allowed. Nomination facility is available. This cannot be used to get loans.

Interest Rate on Allahabad Bank’s Fixed Deposit

The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Allahabad Bank’s Interest Rates typically ranges from 4% to 6.50% per annum.

The defining criteria for a fixed deposit is that the money cannot be withdrawn before maturity, unless on payment of a penalty. Once the deposit matures, the bank credits the original amount plus the interest earned to the bank account specified when the FD is opened.

Allahabad Bank’s Fixed Deposit rates

Following is an overview of Allahabad Bank’s Fixed Deposit Rates as of 01.12.2018

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the bank. For the latest rates, it is advisable to check with the Allahabad Bank directly.)

Retail term deposits for less than 1 crore:

How to Calculate Allahabad’s Bank Fixed Deposit Interest?

Withdrawal penalty

Term deposits for all periods less than 1 crore are subject to 1% penal interest for premature withdrawal of domestic term deposits.

Allahabad Bank Fixed Deposit Rate FAQ