The Hindu Business Line : Allahabad Bank hikes deposit rates

Kolkata-headquartered Allahabad Bank has announced an increase in rate of interest on domestic term deposits up to Rs 1 crore by 25 basis points with effect from August 21. The revised rate of interest would stand at 10 per cent (9.75 per cent) per annum in the time bucket of one year to less than two years, said a press statement issued by the bank. The interest rate for senior citizens for the same period would be 10.50 per cent per annum. For domestic term deposits abov e Rs 1 crore, the rate of interest for contractual period of one year to less than two years would be 9.75 per cent per annum, the release said.

— Our Bureau

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