Allahabad Bank Tax saving Fixed Deposit Interest Rate

Allahabad Bank Tax saving Fixed Deposit Interest Rate

The Oldest Joint Stock Bank of the Country, Allahabad Bank was founded on April 24, 1865 by a group of Europeans at Allahabad. At that juncture Organized Industry, Trade and Banking started taking shape in India. Thus, the History of the Bank spread over three Centuries – Nineteenth, Twentieth and Twenty-First.

Our vision is to put the Bank on a higher growth path by building a Strong Customer-base through Talent Management, induction of State-of-the-art Technology and through Structural Re-organization.

Our mission is to ensure anywhere and any time banking for the customer with latest state-of-the-art technology and by developing effective customer centric relationship and to emerge as a world-class service provider through efficient utilization of Human Resources and product innovation.

Deposit Schemes of Allahabad Bank
It has been decided by the Bank to revise the interest rate structure for Domestic Term Deposits of different maturities below Rs. 1.00 Crore with effect from 18.12.12. The revised interest  rates are as under :-

Tenorprevious Interest Rate p.a. (%)Revised Interest Rate p.a. (%) (w.e.f. 18.12.2012)
for below rs 1.00 crfor below rs 1.00 cr
7 days to 14 days5.005.00
15 days to 29 days5.505.50
30 days to 45 days6.006.00
46 days to 60 days7.007.00
61 days to 90 days7.007.00
91 days to 179 days7.307.30
180 days to 269 days8.258.25
270 days to 364 days8.508.50
1 year to less than 2 years9.159.00
2 years to less than 3 years9.009.00
3 years to less than 5 years8.758.75
5 years and upto 10 years8.758.75


For quoting rates for single term deposit of Rs 1.00 cr and above ,branches should contact their respective Zonal Office.


Period of DepositAmount of DepositPenal Rate of Interest
1.Premature closure of term deposits for reinvestment in our bankAny amountNo penal rate to be charged
2.15 days and upto 1 (one) year*Any amountNo penal rate to be charged
3.All othersAll others1 % 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. 


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

PeriodRate % p.a
(w.e.f. 18.12.2012 )
1 year to less than 2 years9.00
2 years to less than 3 years9.00
3 years to less than 5 years8.75
5 years to less than 10 years8.75

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.

Foreign Currency Non-Resident (FCNR (B) Account and 
Resident Foreign Currency( RFC) accounts with effect from 15.08.2013

PeriodRevised Rate % p.a.
(w.e.f. 15.08.2013)
1 year to < 2 years2.672.862.473.374.48
2 years to < 3 years2.482.712.563.554.65
3 years to < 4 years4.784.874.745.786.89
4 years to < 5 years5.175.114.966.037.19
5 years only5.565.415.206.267.42

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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