Allahabad Bank raises interest rate on term deposits

MUMBAI: State-run Allahabad Bank today hiked interest rates on deposits for less than Rs 5 crore with term ranging from one year to less than two years by 50 basis points to 9.5 per cent.

The increased rates will come into effect from September 5.

"...the Bank has decided to revise the interest rate upward by 0.50 per cent per annum on domestic term deposits scheme for the period from one year to less than two years of below Rs 5 crore...," the bank said in a filing to the Bombay Stock Exchange (BSE).

The bank's shares closed at Rs 175.80, down 1.62 per cent from its previous close on the BSE.

Source: Economic Times