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 |
| 121 days to 180 days | 3.85 | 4.35 |
| 181 days to less than 9 months | 4.50 | 5.00 |
| 9 months to less than 1 year | 4.75 | 5.25 |
| 300 Days | 7.05 | 7.55 |
| 1 year | 6.10 | 6.60 |
| 400 Days | 7.25 | 7.75 |
| Above 1 year to less than 2 years | 6.30 | 6.80 |
| 2 years to less than 3 years | 6.50 | 7.00 |
| 3 years to less than 5 years | 6.25 | 6.75 |
| 5 years | 6.25 | 6.75 |
| Above 5 years | 6.10 | 6.60 |
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 |
| 121 days to 180 days | 5.50 | 5.50 |
| 181 days to less than 9 months | 5.50 | 5.50 |
| 9 months to less than 1 year | 6.25 | 6.25 |
| 1 year | 6.70 | 6.70 |
| Above 1 year to less than 2 years | 6.65 | 6.65 |
| 2 years to less than 3 years | 6.10 | 6.10 |
| 3 years to less than 5 years | 6.00 | 6.00 |
| 5 year | 6.00 | 6.00 |
| Above 5 years | 6.00 | 6.00 |
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
Fixed Deposit (FD) Calculator
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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.
Check more on FD Interest calculation for different amounts from the links provided below:
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 |
| Nomination Facility | Nomination option is available |
| Auto-Renewal | Fixed deposit can be automatically renewed upon maturity |
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% |
| Bank of India | 7.25% |
| Canara Bank | 7.25% |
| Central Bank of India | 7.25% |
| Bank of Baroda | 7.25% |
| State Bank of India | 7.10% |
| Bank of Maharashtra | 6.50% |
| UCO Bank | 6.50% |
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% |
| Karur Vysya Bank | 7.00% |
| Federal Bank | 6.80% |
| City Union Bank | 6.75% |
| Axis Bank | 6.70% |
| ICICI Bank | 6.70% |
| HDFC Bank | 6.60% |
| IDFC First Bank | 6.50% |
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% |
| Unity Small Finance Bank | 7.85% |
| North East Small Finance Bank | 7.75% |
| AU Small Finance Bank | 7.75% |
| Fincare Small Finance Bank | 7.65% |
| Capital Small Finance Bank Limited | 7.50% |
| Suryoday Small Finance Bank | 6.85% |
| ESAF Small Finance Bank | 6.00% |
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% |
| PNB Housing Finance Ltd. | 7.65% |
| ICICI Home Finance Fixed Deposit | 7% |
| Muthoot Finance Fixed Deposit | 7.21% |
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
Check the best Fixed Deposit interest rates for different FD tenures from below:
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.
Check all bank FD rates from the table below:
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Check out more on FD interest rates below: