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Expert Guide For Allahabad Bank Deposits | Types of Bank Deposits in India

Allahabad Bank provides a wide range of Allahabad Bank Deposits schemes to their Allahabad Bank Account holders with really attractive offers, benefits and low rate of interest.

Allahabad Bank Types of Deposits

Fixed Deposit

Fixed deposit is repayable after an agreed fixed period at the time of deposit. The account includes both deposits made for a fixed period and deposits made subject to withdrawal at notice. The fixed deposit facility is available at all the Allahabad Bank.

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Monthly Plus Recurring Deposit Account

One can open a monthly plus deposit account with just a minimum core deposit of rupee 500. The option of flexibility in payment of further installation (it varies from nil to maximum 10 times of the initial deposit). Other banks like IndusInd Bank Deposits and Union Bank Of India Deposits also providing different type of Deposits same as the Allahabad Bank.

 Allahabad Bank Deposit Interest Rates

The rate of interest on fixed deposit and the recurring deposit account is determined with reference to the period of deposit and amount of deposit and also subjected to guidelines issued from time to time by the reserve bank of India. HDFC Bank DepositsSouth Indian Bank Deposits and Axis Bank Deposits are also providing the best interest rates for different deposit schemes depends on the period of deposit.

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FAQ’s Related to Allahabad Bank Deposits

  1. What are the income tax applicable on fixed deposit interest?
View Answer
TDS is applicable on such fixed deposits as per guidelines issued by the government of India from time to time.
  1. What will be the maturity value of fixed deposit?
View Answer
The maturity value is calculated as per the rate of interest applicable on the date of fixed deposit.
  1. What is the minimum yearly deposit?
View Answer
Minimum yearly deposit is rupee 6000.
  1. What can be the period of deposit for recurring deposit account?
View Answer
 The period of recurring deposit account can be 5 to 7 years. 

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