Allahabad Bank hikes term deposit rates, revises MCLR

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Kolkata: Allahabad Bank has revised upward the Interest Rates on Domestic Retail Term Deposits for different maturities with effect from December 1.

The interest rate for 7 days to 29 days has been enhanced from 4.50% to 5.50%, The rate for 30 days to 45 days is raised from 4.75 to 5.25% while the interest for deposits for 91 days to 179 days has been hiked from 6.00 to 6.25%.

Similarly, the interest rate for deposits for 180 days to 269 days has been increased from 6.25 to 6.50% for, from 6.65 to 6.75% for period of 1 year to less than 2 years and from 6.50% to 6.60% for period of 2 year to less than 3 years.

“This upward revision is expected to help the Bank in garnering fresh deposit from the customers,” a statement issued by the bank said.

The Kolkata-based bank has also revised the Marginal Cost of Funds based Lending rate (MCLR) by 10 basis point across all tenors with effect from December 1. Accordingly, the revised MCLR  will be 8.25% for 1 month , 8.50% for 6 months and 8.65% for 1 year.

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