Allahabad Bank on Monday had hiked the domestic term deposits interest rates. The new rates which were between 50-120 base points, were applicable for the term deposits of various maturities which were lower than Rs.1 cores.
In a statement made by the leader of the state of the bank, the increase in the deposits rates was like a Diwali bonanza. After the decision of the Reserve Bank of India on October 29, 2013, to increase the repo rate by 25 base points, Out of the few banks that have increased the interest rates, Allahabad Bank was one of them.
There has been no official announcement made by this public sector bank regarding its lowest lending rate or base rate. As of now, the base rate of the bank stands at 10.20%. On the below Rs.1 crore of domestic term deposits, the interest rate provided by Allahabad Banks is now 5-9%. An additional 0.50% on the rate, will be given to Senior citizens