Allahabad Bank cuts down term deposit interest

Kolkata, Aug 18 (UNI) Allahabad Bank has announced reduction of interest rates on all domestic term deposits between 0.25 per cent and 0.75 per cent effective from August 20.

The rate of interest will go down to 8.50 per cent from nine per cent in the time bucket of one year to less than two years, while it will be dropped to 8.50 per cent from 9.25 per cent for deposit between two years and less than three years.

The interest rate for deposit in the time bucket between three years and less than five years will also decrease to nine per cent from 9.25 per cent, a press release today said.

However, interest in the time bucket of 91 days to 180 days has been revised to 6.25 per cent from six per cent, it said.

UNI