Allahabad Bank has announced 25-125 basis points hike in domestic term deposit rates in different time buckets following the hike in key lending and borrowing rates by the Reserve Bank of India.
The increase in rates for term deposits below Rs 1 crore would be effective August 2, while that for term deposits of Rs 1 crore-to-less than Rs 10 crore and for Rs 10 crore and above would be effective July 29, according to a press statement issued by the bank.
For term deposits below Rs 1 crore, the revised rates for various time buckets would be as follows: 91 days-to-179 days at 5.5 per cent (5 per cent), 180 days-to-269 days remains unchanged at 5.5 per cent, 270 days-to-364 days at 6 per cent (5.5 per cent), one year-to-less than two years at 6.75 per cent (6.5 per cent).
For term deposits of Rs 1 crore-to-less than Rs 10 crore and for Rs 10 crore and above, the revised rates across various time buckets would be as follows: 91 days-to-179 days at 5.75 per cent (4.5 per cent), 180 days-to-269 days at 6.25 per cent (5.5 per cent), 270 days-to-364 days at 6.5 per cent (5.5 per cent) and for one year-to-less than two years at 7 per cent (6 per cent).
The existing additional interest rate of 50 basis points for senior citizens would continue as per the existing guidelines, the release said.
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