Fixed Deposit or FD is a good interest rate investment option. Allahabad Bank offers a Fixed Deposit Account with a high interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank.
Benefits of Allahabad Bank Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- Allahabad Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on Allahabad Bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the Allahabad Bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Allahabad Bank.
Allahabad Bank Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
Allahabad Bank Fixed Deposit Interest Rate
|7 – 14 days||
|15 – 29 days||
|30 – 45 days||
|46 – 60 days||
|61 – 90 days||
|91 – 179 days||
|180 – 269 days||
|270 days to less than 1 year||
|1 year to less than 2 years||
|2 years to less than 3 years||
|3 years to less than 5 years||
|5 years to 10 years||
|Bank FDD (155 Days) – FDR|
|All Bank FDD (333 Days) – DDP||
Interest Rate on Term Deposits of Rs. 2.00 Cr and Above with effect from Date 02.12.2019
|Maturity Period||Interest Rates (%) p.a.|
|Rs 2.00 Cr to
less than Rs 5.00 Cr
|Rs 5.00 Cr to
less than Rs 10.00 Cr
|Rs 10.00 Cr to
less than Rs 50.00 Cr
|Rs 50.00 Cr
|7 to 14 days||4.90||4.90||4.90||4.90|
|15 to 29 days||4.90||4.90||4.90||4.90|
|30 to 45 days||5.15||5.15||5.15||5.15|
|46 to 60 days||5.15||5.15||5.15||5.15|
|61 to 91 days||5.15||5.15||5.15||5.15|
|92 to 120 days||5.15||5.15||5.15||5.15|
|121 to 179 days||5.15||5.15||5.15||5.15|
|180 to 269 days||5.15||5.15||5.15||5.15|
|270 days to less than 1 year||5.15||5.15||5.15||5.15|
|More than 1 year to less than 2 years||5.15||4.75||4.75||4.75|
|2 years to less than 3 years||5.15||4.75||4.75||4.75|
|3 years to less than 5 years||5.15||4.75||4.75||4.75|
|5 years and up to 10 years||5.15||4.75||4.75||4.75|
Foreign Currency Non-Resident FCNR (B) Account and Resident Foreign Currency (RFC) Accounts with Effect from 01.02.2020.
|Period||Revised Rate % p.a.
|1 year to < 2 years||2.59||1.18||0.15||2.53||1.21|
|2 years to < 3 years||2.45||1.19||0.14||2.25||1.15|
|3 years to < 4 years||2.40||1.18||0.16||2.22||1.15|
|4 years to < 5 years||2.36||1.18||0.19||2.20||1.28|
|5 years only||2.37||1.18||0.23||2.18||1.32|
NON-RESIDENT (EXTERNAL) RUPEE TERM DEPOSIT ACCOUNT(NRE-TERM DEPOSIT)
|Period||Revised Rate % p.a.
|For below Rs. 2.00 Crore|
|1 year to less than 2 years||6.45|
|2 years to less than 3 years||6.35|
|3 years to less than 5 years||6.25|
|5 years & up to 10 years||6.25|
NON-RESIDENT (EXTERNAL) RUPEE SAVINGS DEPOSIT ACCOUNT (NRE-SB)
|Savings Bank Deposits||Interest Rate|
|Revised Rates % p.a
|Balances of Less than Rs.40.00 Lakhs||3.50%|
With effect 01.11.2019 interest rate on the Saving bank deposits(40 lakhs & above) is as under:
|Rating of the Borrower||Benchmark(-)Spread||Effective Rate of Interest|
|Saving Bank Deposits(40 lakhs & above)||3.50%|
Other Banks Servies:
Link Aadhaar with Allahabad Bank Account and Aadhaar Updation form