Allahabad Bank Fixed Deposit Interest Rates, Know all about it
Allahabad Bank is one of India’s most popular public sector banks headquartered in Kolkata. With over 2500 branches across India, Allahabad Bank offers users lucrative interest rates for fixed deposits. The bank has developed a number of fixed deposit products including Flexi-Fix deposit schemes that give out maximum returns to the investor without sacrificing the liquidity. Fixed deposit accounts with Allahabad Bank are available for all Indian residents including individuals, Hindu Undivided Families, Partnership companies and other institutions.
Allahabad Bank offers parents to open a fixed deposit account in the name of a dependent child or minor with either of the parents or any relative acting as a legal custodian of the fixed deposit account. Once the minor attains adulthood or crosses 18 years of age, the deposit is transferred in the name of the individual as major. Allahabad Bank fixed deposit accounts can be opened with a small sum of money as low as Rs. 20,000. The bank charges zero penalty fee for any pre maturity closure of fixed deposit accounts and offers users the advantage of opting for a loan facility with 90% of fixed deposit value available as loan.
Allahabad Bank Fixed Deposit Interest rates: Allahabad Bank offers competitive interest rates for all fixed deposit account holders making it an ideal investment for a large number of investors. The final value of the rate of interest offered to the individual depends on the tenure of the deposit as well as the age of the fixed deposit account holder. Senior citizens above the age of 60 years are offered an additional rate of interest irrespective of their loan tenure. Allahabad Bank also operates a tax benefit term deposit scheme offering the benefit under Sec.80C of Income Tax Act for the depositors (Income Tax assesses). The interest rate structure for domestic fixed deposit account of different maturities below Rs. 1.00 Crore with Allahabad Bank is as listed below.
Other Features of Allahabad Bank Fixed Deposits: Allahabad Bank offers a number of benefits for its fixed deposit account holders. The individual investor is free to foreclose any fixed deposit account before the end of its tenure period without any penalties or foreclosure charges. The minimum quantum of investment is fixed at Rs. 20,000 making it ideal for all investors to avail the term deposit facility with Allahabad Bank. The bank offers individual investors the facility to opt for the most suitable route for interest payouts. Users can opt for monthly, quarterly or yearly interest payment options. Nomination facility is available for all fixed deposit accounts with Allahabad Bank. In case of any financial emergency fixed deposit account holders can avail quick loan against their term deposit for as high as 90% of the total term deposit sum in quick time.