Allahabad Bank FD Rates


The merger of Allahabad Bank into the Indian Bank Scheme 2020 was initiated by the Government of India on 4th March 2020, with the approval of the Reserve Bank of India (RBI). This amalgamation scheme became operational on 1st April 2020.

As a result, customers, including fixed depositors of Allahabad Bank, were considered customers of Indian Bank starting from 1st April 2020. Consequently, individuals who held fixed deposit accounts in Allahabad Bank were transferred to Indian Bank.


Allahabad Bank has been merged under Indian Bank and offers the highest FD interest rate slab of 7.25% to 7.75% p.a. for a tenure of 400 days.

Allahabad Bank FD Interest Rates

Allahabad Bank FD Rates on Domestic/NRE/Capital Gains Type B/Tax Saver Fixed Deposits of less than ₹3 crore.

FD Tenure Interest Rates (% p.a.) for Regular Citizens Interest Rates (% p.a.) for Senior Citizens
7 days to 14 days 2.80 2.80
15 days to 29 days 2.80 3.30
30 days to 45 days 3.00 3.50
46 days to 90 days 3.25 3.75
91 days to 120 days 3.50 4.00

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Note: The interest rates are subject to change as per lenders descreition.

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Allahabad Bank Special Fixed Deposit Interest Rate

Allahabad Bank (Indian Bank) offers two new FD schemes with an opportunity to get higher returns.

Tenure Interest Rates (p.a)
General Public
Interest Rates (p.a)
Senior Citizen
Interest Rates (p.a)
Super Senior Citizen
IND SUPER 400 Days 7.25 7.75 8
IND SUPREME 300 days 7.05 7.55 7.8

Note:

  • For the IND SUPER 400 days Scheme, the minimum deposit is ₹10,000 and the max is ₹ 3 Crores for 400 days in the form of FD/MMD with callable options (with premature withdrawal facility).
  • For the IND SUPREME 300-Day Scheme, the minimum deposit is ₹5,000 and max is ₹ 3 Crores for 300 days in the form of FD/MMD with callable options (with premature withdrawal facility).

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Allahabad FD Interest Rates for Bulk Term Deposits ( ₹3 Cr – ₹5 Cr)

Here are the interest rates for Allahabad FD for deposits from ₹3 Crores to ₹5 Crores

Period Interest rate for Callable (% per annum) Interest rate for Non- Callable (% per annum)
7 days to 14 days 5.00 5.00
15 days to 29 days 5.00 5.00
30 days to 45 days 6.00 6.00
46 days to 90 days 5.25 5.25
91 days to 120 days 5.25 5.25

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Note: The revised interest rates for domestic term deposits apply to fresh deposits and renewals of maturing deposits only. These interest rates also apply to NRE term deposits, the Tax Saver Scheme, and the Capital Gains Scheme Type B (Term Deposits) 1988 Scheme.

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FD Calculator

%
Maturity Date :  
Invested Amount :  ₹10,000
Interest Amount :  ₹666
Maturity Amount :  ₹10666


A FD calculator helps you calculate the maturity amount for your Fixed Deposit (FD) investment.

Just enter the following:

  • Principal Amount: The sum you deposit into the FD.
  • Interest Rate: The rate provided by the Allahabad Bank.
  • Tenure: The duration for which your FD will be held.
  • Interest Payout Frequency: The frequency at which you wish to receive interest payments: monthly, quarterly, half-yearly, or at maturity.

Features of Allahabad Bank FD Rates

The table below shows the overview of the Allahabad Bank FD Rates:

Feature Details
Tenure Range Minimum tenure of 7 days, with a maximum of 10 years
Minimum Deposit Amount Starts at ₹1,000
Senior Citizen Benefit Additional 0.5% interest rate above the standard rates
Interest Payout Options Available as quarterly and monthly payouts
Loan Facility Loans can be availed against the fixed deposit

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FD Interest Rates of Allahabad Bank vs Other Banks

The table below provides a clear comparison of FD interest rates on ₹1 Crore FDs:

Allahabad Bank FD vs. Public Sector Bank FD

Public Sector Banks Interest Rates
Indian Bank or Allahabad Bank 7.25%
Punjab & Sind Bank 7.40%
Indian Overseas Bank 7.30%
Punjab National Bank 7.25%
Union Bank of India 7.25%

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Note- Please note that the interest rates are subject to change. Please check the official website for the latest information.

Allahabad Bank FD vs. Private Sector Bank FD

Private Sector Banks Interest Rates
IndusInd Bank 7.75%
RBL Bank 7.50%
Bandhan Bank 7.25%
DCB Bank 7.15%
Kotak Mahindra Bank 7.10%

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Note- Please note that the interest rates are subject to change. Please check the official website for the latest information.

Allahabad Bank FD vs. Small Finance Bank FD

Small Finance Banks Interest Rates
Shivalik Small Finance Bank 8.70%
Jana Small Finance Bank 8.50%
Ujjivan Small Finance Bank 8.25%
Equitas Small Finance Bank 8.20%
Utkarsh Small Finance Bank 8.00%

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Note- Please note that the interest rates are subject to change. Please check the official website for the latest information.

Allahabad Bank vs. NBFC Fixed Deposits

NBFCs Interest Rates
Shriram Finance 8.6%
Bajaj Finance Ltd. 8.05%
Mahindra Finance Ltd. 8.05%
Sundaram Finance 7.95%
LIC Housing Finance 7.75%

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Note- Please note that the interest rates are subject to change. Please check the official website for the latest information.

Allahabad Bank FD Account Eligibility

The eligibility for FD in Indian Bank is as follows:

  • An individual can open a single account or a joint account.
  • Non-residential Indians can deposit in NRE and NRO accounts.
  • Hindu Undivided Families (HUF) are eligible.
  • Minors are eligible to invest with the help of their parents or guardians.
  • Trusts, Public and Private Limited Organisations, Sole Proprietorships, and Partnerships are eligible to open an Indian Bank FD account.

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Documents Required to Open Allahabad Bank FD

Minimal documents are required to open an FD account in the Indian Bank of India, these requirements are:

  • Proof of identity:Voter ID, Passport, Aadhaar card, PAN card, Senior citizen ID, etc.
  • Proof of address: Electricity bill, Telephone bill, Rental Agreement, etc
  • Recent passport photographs

Tax Implications of Allahabad Bank FD

The investment made in a Fixed Deposit for 5 years with Allahabad Bank qualifies for tax deduction under Section 80C of the Income Tax Act. However, the interest gained on the investment is subject to taxation.

If the annual interest earned exceeds ₹10,000, the applicable tax will be automatically deducted at the source by Allahabad Bank.

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Frequently Asked Questions

The current FD interest rate at Allahabad Bank is 7.25% p.a. and varies based on the tenure and amount. It's best to check the official Allahabad Bank website for the latest rates.

Allahabad Bank typically revises its FD interest rates quarterly, but it may change them more frequently based on market conditions.

Yes, Allahabad Bank offers higher FD interest rates for senior citizens compared to regular rates.

The minimum deposit required for an FD at Allahabad Bank is usually ₹1,000, which can vary based on the specific scheme.

Yes, Allahabad Bank offers flexible tenures for FDs, typically ranging from 7 days to 10 years.

Yes, Allahabad Bank has special FD schemes that may offer higher interest rates, especially for specific tenures or categories like senior citizens.

FD interest at Allahabad Bank is calculated every quarter, using the simple interest method or compound interest method, depending on the scheme chosen.

Generally, Allahabad Bank offers slightly higher interest rates for FDs made through online channels compared to branch deposits.

You can check the FD interest rates by visiting the official Allahabad Bank website or by contacting their customer service.

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