Allahabad Bank Fixed Deposit
Last Updated : March 22, 2017, 1:08 p.m.
About Allahabad Bank Fixed Deposit
Allahabad Bank, the oldest joint stock bank in India serves its customers with the facility of the fixed deposit . The bank pays the highest interest of 7.35% p.a. on the deposit made. The maturity amount of the deposit is credited to the holder’s account. The bank proffers various schemes under which the customer can invest and they are as follows:
- Allahabad Bank Flexi-Fix Deposit Scheme
- Allahabad Bank Tax Benefit Term Deposit Scheme
- Allahabad Bank Current Plus Deposit Scheme
- Allahabad Bank Double Deposit Plan
Allahabad Bank FD Interest Rates April 2024
| Tenure | Rate of Interest ( % per annum) (On deposit less than ₹2 crore) |
|---|---|
| 7 - 14 days | 4.95 |
| 15 - 29 days | 4.95 |
| 30 - 45 days | 5.20 |
| 46 - 60 days | 5.45 |
| 61 - 90 days | 5.95 |
| 91 - 179 days | 6.20 |
| 180 - 269 days | 6.25 |
| 270 days to less than 1 years | 6.25 |
| 1 years to less than 2 years | 6.45 |
| 2 years to less than 3 years | 6.35 |
| 3 years to 5 years | 6.25 |
| 5 years to 10 years | 6.25 |
Allahabad Bank Fixed Deposit Schemes
Allahabad Bank Flexi-Fix Deposit Scheme
This scheme ensures maximum return without affecting the liquidity. The minimum deposit of ₹25,000 is mandatory to start the fixed deposit. The passbook is issued to the customer and all the records regarding withdrawal, interest credit/debit is maintained.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹25,000 |
| Additional Investment Amount | In multiples of ₹5,000 |
| Passbook Facility | Available |
| Partial Withdrawal | In units of ₹5,000 |
| Loan/Overdraft Facility | Not available |
| TDS | Applicable |
Eligibility: All Indian residents can avail the facility of Flexi-Fix Deposit Scheme.
Allahabad Bank Tax Benefit Term Deposit Scheme
This scheme offers tax benefits under Section 80C of Income Tax Act to the Income Tax assesses. The interest is paid at the rate of 7%p.a and no additional interest is paid to senior citizens.
| Particulars | Details |
|---|---|
| Minimum Tenure | ₹1,00,000 per year |
| Nomination Facility | 5 years |
| Premature Withdrawal | Available |
| Loan/Overdraft Facility | Not allowed |
| Loan/Overdraft Facility | Not allowed |
Eligibility: Any Individual singly or jointly and Karta of Hindu Undivided Family [HUF] can invest under the Tax Benefit Term Deposit Scheme.
Allahabad Bank Current Plus Deposit Scheme
The customer investing under this scheme, simultaneously, enjoys the benefit of both Current Account as well as Fixed Deposit Account. The balance of ₹1,00,000 is to be maintained in the current account and the amount exceeding ₹1,00,000 will be transferred to the fixed deposit account for a period of 15 days in multiples of ₹10,000. The interest accrued on the fixed deposit will be credited to the current account.
| Particulars | Details |
|---|---|
| Minimum Amount | ₹1,00,000 |
| Rate of Interest | As applicable on tenure of 15 days |
| Premature Withdrawal | Allowed |
| TDS | Applicable |
Eligibility: Anyone who is eligible to open Current Deposit Account is eligible to open Current Plus account either singly or jointly with the minimum balance of ₹1,00,000.
Allahabad Bank Double Deposit Plan
It is an amalgamation of fixed deposit and recurring deposit. The minimum investment amount is ₹1,000 and additional investment can be made in multiples of ₹1,000. The interest is quarterly compounded.
| Particulars | Details |
|---|---|
| Minimum Amount | ₹1,000 |
| Additional Investment Amount | In multiples of ₹1,000 |
| Maximum Tenure | 120 months |
| Loan/Overdraft Facility | Available |
Eligibility
Individual – Single Accounts, Two or more individuals – Joint Accounts, Sole Proprietary Concerns, Partnership Firms, Limited Liability Companies, Association, Clubs, Societies, Trusts, etc., Minors, Blind Persons, Illiterate Persons, Joint Hindu Families, Municipalities, Panchayats, Govt. & Quasi Government Bodies, Religious, Educational, Charitable Institutions, etc. are eligible to invest in this scheme
Documentation
| Particulars | Details |
|---|---|
| An Individual, Hindu Undivided Family, Sole Proprietorship Concern | ID Proof, Address Proof, A photograph |
| Trusts | Copy of the Trust Deed, Copy of the registration certificate, Copy of the Resolution of The Trustees, Authorising the members concerned to open and operate the account, Photographs of the members operating the account |
| Associations / Clubs | By-laws of the Association, Copy of the Resolution by the board authorising the members concerned to open and operate the account, Photographs of the members operating the account |
| Partnership Firm | Partnership Deed, Letter from partners approving the persons concerned to open and operate the account, Photographs of the persons operating the account |
| ID Proof | Address Proof |
| Passport | Passport |
| PAN Card | Telephone Bill |
| Driving Licence | Electricity Bill |
| Voter ID | ID Card Issued by Post Office |
| Government ID Card | Bank Statement with Cheque |
| Senior Citizen ID Card | Any other ID proof or address proof document can be submitted subject to bank's satisfaction |
Features And Benefits
- Wide range of tenure
- Multiple investment schemes
- Premature withdrawal permitted
- Interest paid at competitive rates
Allahabad Bank FD Calculator
You can calculate the amount of interest incurred on the amount deposited by you. The fixed deposit calculator helps you to know the maturity value of the policy taking into consideration the amount of deposit, tenure of the deposit and the rate of interest.
How to Apply
To avail the Fixed Deposit facility the customer has to visit the bank branch. The executive will guide regarding the procedure to be followed. The customer representative will help in filing the application for the fixed deposit and tell about the documents required.
Allahabad Bank FD Application Form
The application forms are available at all the branches of Allahabad Bank. To be the customer of the bank you need to fill the KYC form and provide the required documents.