Public sector lender Allahabad Bank has announced a rise in interest rates of fixed deposits. The revised rates are to come into effect from June 09, 2011.
The interest rates have been raised by as much as 225 bps.
The bank has however said that its 300 days and 450 days deposits will still continue to have the existing interest rates of 8% and 9.25% respectively.
The 7-14 days deposit will now attract interest of 4% to the depositor.
For the deposits having tenor of 1 year to less than 3 years, the bank would be offering interest of 9%, the highest rate in the revised rate structure.
An additional interest of 50 bps would be offered on all deposits to senior citizens.