Foreign Currency Non-Resident FCNR (B) Account and Resident Foreign Currency( RFC) accounts with effect from 01.10.2017
|Period||Revised Rate % p.a. |
|1 year to < 2 years||2.79||1.85||1.02||3.10||3.13|
|2 years to < 3 years||2.96||2.07||1.09||3.17||3.27|
|3 years to < 4 years||3.08||2.18||1.21||3.28||3.43|
|4 years to < 5 years||3.15||2.26||1.35||3.35||3.72|
|5 years only||3.22||2.35||1.49||3.41||3.84|
NON-RESIDENT (EXTERNAL) RUPEE TERM DEPOSIT ACCOUNT (NRE–TERM DEPOSIT)
|Period||Revised Interest Rate (w.e.f. 31.07.2017)|
| ||For below Rs. 1.00 Crore|
|1 year to less than 2 years||6.60|
|2 years to less than 3 years||6.50|
|3 years to less than 5 years||6.50|
|5 years & upto 10 years||6.50|
NON-RESIDENT (EXTERNAL) RUPEE SAVINGS DEPOSIT ACCOUNT (NRE–SB)
Savings Bank Deposits
Existing Rates % p.a
Revised Rates % p.a
Balances of Less than Rs.40.00 Lakhs
Balances of Rs.40.00 Lakhs & Above
Non-Resident (Ordinary) Rupee Term Deposits & Saving Bank A/c :
The Interest rates of NRO deposits is at par with the Interest Rates for Domestic Deposits.
Differential Rate of Interest/ Additional Rate for Senior Citizens :
No Differential Rate on interest as also Additional Interest for Senior Citizens is allowed for Non-Resident Deposits.
The above rates are applicable to fresh deposits and for renewal of deposits only.
These rates are subject to change without notice and the depositors will be advised of the current rates on the date of deposit.
Allahabad Bank Tax Benefit Term Deposit Scheme
"Allahabad Bank Tax Benefit Term Deposit Scheme" offering the benefit under Sec.80C of Income Tax Act for the depositors (Income Tax assesses).
Investment :Any amount not exceeding Rupees one lakh in a year commencing on the 1st day of April of respective years. The amount to be deposited shall be a minimum of Rupees one hundred or multiples thereof.
Types of the Deposit : Can be opened in the following types, namely : -
- Single holder Type Deposits : Individual for himself or in the capacity of the "Karta" of a Hindu Undivided Family.
- Joint holder type deposits : Jointly in the name of two or more persons payable to either of the holders or to the survivor. Deduction from income under section 80C of Income Tax Act shall be available only to the first holder of the deposit.
Tenure of Deposit : Five years.
Encashment option : Premature encashment is not permissible.
Rate of interest : The rate of interest on Allahabad Bank Tax Benefit Term Deposit Scheme will be @ 6.50% p.a. for fresh deposits only. No additional rate of interest for Senior Citizens and Staff of the Bank.
TDS on interest : Interest is liable to tax under section 194A or section 195 of Income Tax Act, on the basis of annual accrual or receipt, depending upon the method of accounting followed by the assessee.
Pledging of the Deposit : Can not be pledged to secure loan or as security to any other asset.
Nomination : Available.
Transfer from one branch to another :The deposit may be transferred from the issuing branch to another branch but not transferable from one bank to another bank.