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Allahabad Bank Fixed Deposit (FD) Interest Rates 2025

Updated on: Apr 16th, 2025

6 min read

Allahabad Bank has been merged under Indian Bank. Visit the Indian Bank FD Interest Rates page for more details.

Allahabad Bank offers a Fixed Deposit (FD) scheme that ensures safety, flexibility, and attractive returns for all investors. The interest rates range from 3.50% to 7.90% p.a., with a minimum deposit of ₹1,000 and a tenure ranging from 7 days to 10 years. Keep reading this blog to know more about Indian Bank Fixed Deposit and its interest rates for 2025.

Highlights for 2025 Fixed Deposit Scheme of Allahabad Bank

Tenure	7 days to 10 years
Public Interest Rates	2.80% – 7.30% p.a.
Senior Citizen Interest Rates	3.30% – 7.80% p.a.
Highest Interest Rate (Public)	7.30% p.a. (400 days)
Highest Interest Rate (Senior Citizens)	7.80% p.a. (400 days)
Premature Withdrawal	Upto 1% penalty
Minimum Deposit Amount	₹1,000

Interest Rates for FD for Allahabad Bank for the Year 2025

The interest rates provided in the table below are effective from 12th May, 2024.

Deposit Tenure	General Public (% p.a.)	Senior Citizens (% p.a.)
7 days to 14 days	2.80%	3.30%
15 days to 29 days	2.80%	3.30%
30 days to 45 days	3.00%	3.50%
46 days to 90 days	3.25%	3.75%
91 days to 120 days	3.50%	4.00%
121 days to 180 days	3.85%	4.35%
181 days to less than 9 months	4.50%	5.00%
9 months to less than 1 year	4.75%	5.25%
1 year	6.10%	6.60%
2 years to less than 3 years	6.70%	7.20%
3 years to less than 5 years	6.25%	6.75%
5 years	6.25%	6.75%
Above 5 years	6.10%	6.60%

Interest rates are subject to change from time to time.

Special Features in Allahabad Bank FD

Nomination facility is available to any family member or spouse who can be nominated to receive the final amount
The minimum deposit period is 7 days and the maximum is 10 years.
An initial deposit of Rs 1,000 needs to be made for a duration of 1 year.
Competitive interest rates are offered against all FD schemes
Easy and fast liquidity options are available.
The facility of account auto-renewal is available upon maturity
You can choose to get interested monthly, quarterly or annually based on your preference.

Is it the best way to save?

When people have excess funds, they often consider fixed deposit schemes. Allahabad Bank offers attractive rates across various tenures, with flexible interest payouts—monthly, quarterly, or at maturity. However, exploring alternative investment options like mutual funds can yield higher returns.

Mutual funds, managed by professional fund managers who track market trends, offer the potential for significantly higher returns compared to fixed deposits. While fixed deposit rates remain constant during the tenure, mutual funds can deliver up to twice the returns in a favorable market, despite carrying some risk.

Eligibility Criteria for Allahabad Bank FD

The following groups and individuals are eligible to open an FD account with Allahabad Bank

Individuals
Joint accounts for 2 or more individuals
Partnership firms
Trusts
Minors
Blind persons
Illiterate persons
Joint Hindu families
Limited companies and partnership firms
Municipalities and panchayats
Charitable, religious, and educational institutions
Associations, societies, clubs etc.
Sole proprietary concerns

Premature Withdrawal of Allahabad Bank

Allahabad bank does not generally allow premature withdrawal of money before the end of tenure. The bank does not charge a penalty on the withdrawal of a unit if the deposit remains with the bank for a period of less than 7 days. However, in case you need to prematurely withdraw funds after 7 days, the applicable penalty amount will be levied.

Tax benefits on Allahabad bank fixed deposit

For tax-saving purposes, Allahabad Bank offers a term deposit scheme under "Single Holder Type Deposits" and "Joint Holder Type Deposits" with a lock-in period of 5 years. Premature withdrawal is not allowed, and the interest rate is 6.25% per annum. This scheme is available to individuals, minors, and HUFs and qualifies for tax benefits under Section 80C of the Income Tax Act, 1961.

However, taxes on fixed deposit interest depend on your tax bracket, regardless of tenure. If interest exceeds Rs. 10,000 annually, 10% TDS is deducted by the bank, which issues a TDS certificate.

Documents required to open Allahabad bank FD account

1. Identity proof

Passport
PAN card
Voter ID card
Driving licence
Government ID card
Photo ration card
Senior citizen ID card

2. Address proof

Passport
Telephone bill
Electricity bill
Bank Statement with Cheque
Certificate/ ID card issued by Post office

Types of Fixed Deposit offered by Allahabad Bank

Fixed/Short Term Deposit– A standard FD scheme offered by Allahabad bank wherein customers are paid fixed interest amounts at regular intervals.
Quarterly/Monthly Term Deposit– In this scheme, customers can choose to receive interest payments at monthly or quarterly intervals
You can also choose to receive payment upon maturity of the account.

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About the Author

Mayashree Acharya

Senior Content Writer

I am an advocate by profession and have a keen interest in writing. I write articles in various categories, from legal, business, personal finance, and investments to government schemes. I put words in a simplified manner and write easy-to-understand articles. Read more

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