Allahabad Bank to increase term deposit rates

Abhishek Law
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Subhalakshmi Panse, CMD, Allahabad Bank
Subhalakshmi Panse, CMD, Allahabad Bank

State-owned Allahabad Bank has, from Monday, decided to hike term deposit rates. Hikes have been in the range of 0.25 percentage point to 1.2 percentage points, for deposits below Rs 1 crore.

The 1.2 percentage point hike came on deposits between 91 days and 179 days. Revised interest rates in this category stood at 8.5 per cent.

Most hikes were for term deposits having a tenor below one year. For example, interest rates were hiked by 0.50 percentage points for deposits maturing between 30 days to 45, 46 days to 60 days and 61 days to 90 days (0.5 percent point).

In case of deposits maturing between 180 days and 269 days, the hike was by 0.25 percentage point.

In case of deposits ranging between 3 and 5 years, interest rates have been hiked to 9.05 per cent (a 0.30 percentage point increase).

Senior citizens will get an additional interest rate of 0.50 percentage point, the bank said in a press release.

(This article was published on November 4, 2013)
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