The public sector lender, Allahabad Bank, has slashed its domestic fixed deposits interest rates by 0.15 percent, bringing it down to 9 percent.

Announcing the rate cut, the bank issued a statement which said, "...the Bank has decided to revise the interest rate downward by 0.15 per cent per annum i.e. from existing 9.15 per cent to 9 per cent on domestic retail term deposits scheme with maturity period of one year to less than two years."

The reduced rates would come into effect from December 18, 2012.