A recent press report said that State-run Allahabad Bank has 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 bank has planned 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.
Allahabad Bank was the first Nationalized bank in Eastern India to launch Depository Participant Services from Kolkata with its own Server attached to the Premier Depository, National Securities Depository Services Limited (NSDL).
The Bank is now offering the Depository Services through both NSDL and CDSL. The bank has extended its Depository Functions through major cities like Lucknow, Varanasi, Kanpur, Mumbai and New Delhi which was recently added to its growing list.
The bank also offers a variety of loans including home loan, personal loans, vehicle loan, business loans, educational loan etc.