Allahabad Bank cuts retail term deposit rate to 9%

Allahabad Bank cut its domestic retail term deposit rate by 0.15 per cent to 9 per cent.

"...the Bank has decided to revise the interest rate downward by 0.15 per cent per annum i.e. from existing 9.15 per cent to 9 per cent on domestic retail term deposits scheme with maturity period of one year to less than two years," it said in a BSE filing.

The new rates would be applicable from December 18, 2012, it said.

Earlier in October, Oriental Bank of Commerce and Bank of India had lowered term deposit rates for select maturities.

Source:Economic Times