Allahabad Bank cuts FD rate by 0.25 per cent on select maturity

• Posted by Sindhuri G August 28, 2012 - Filed in Business - 2,104 views
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  NEW DELHI: State-owned Allahabad Bank today slashed fixed deposit rate by 0.25 per cent for a particular maturity.
  
  The bank has decided to revise the interest rate downward from existing 9.50 per cent to 9.25 per cent on term deposit with maturity period of one year to less than two years, Allahabad Bank said in a BSE filing.
  
  The new rate would be effective from tomorrow, it added. However, interest rates on other maturities remain unchanged.
  
  Earlier this month, another public sector Bank of India (BoI) slashed interest rate on fixed deposits by 0.25 per cent on select maturities.
  
  Interest rate on fixed deposit of BoI for maturity between 2 and 3 years was reduced by 0.25 per cent to 9 per cent. With the revision, BoI's interest rate on 3-10 years fixed deposit would come down to 9 per cent from 9.25 per cent.