Allahabad Bank hikes interest rates on deposits

Kolkata, Apr 3 (UNI) Public sector Allahabad Bank today announced upward revision of interest rates of all term deposits ranging from seven days to ten years with effect from April two.

Allahabad Bank sources here said following the revision,the maximum annual interest rate being offered by the Bank had now gone upto 9.50 per cent for deposits of one year but less than two years.The previous rate in this time bracket was 8.25 per cent per annum.

Moreover, the sources said, the deposits of senior citizens would now attract 0.5 per cent to one per cent additional interest over and above the card rates for all domestic term deposits on the basis of their durations.

As such,senior citizens would now be able to earn an interest income up to ten per cent per annum on their term deposits in specified time buckets, the sources added.

UNI