Allahabad Bank increases interest rates on deposit

Kolkata, Jan 22 (UNI) City-based Allahabad Bank today announced further increase in the card rates of term deposits with effect from tomorrow.

The increase will cover term deposits in the time buckets of 91 days and above.

Announcing the new rates, Allahabad Bank sources here tonight said the maximum rate would be 8.50 per cent per annum in the time bucket of two years to ten years compared to the previous timeframe of five years to ten years.

Interest rate had also been enhanced in the time bucket of 91 days to 180 days from 6.25 per cent to 6.50 per cent, 181 days to less than one year from 7.25 per cent to 7.50 per cent and one year to less than two years from eight per cent to 8.25 per cent per annum.

The Bank also aimed at reaching Rs 1,00,000 crore mark in terms of business turnover by the end of the current fiscal, the sources added.

UNI