Allahabad Bank cuts rates on deposits less than Rs 5 cr

Allahabad Bank has slashed interest rates on term deposits of less than Rs 5 crore in the time band of one to less than two years. The interest rate has been reduced by 25 basis points to 9.25 per cent effective July 24, said a bank statement. Senior citizens will get additional interest rate of 50 basis points. The revised rate will be applicable for fresh deposits as well as those which come up for renewal.