Allahabad Bank FD Calculator
Allahabad Bank FD rates: Below Rs. 2 crore
| Tenure | Interest Rates (p.a.) |
| 7 – 45 days | 2.90% |
| 46 – 90 days | 3.25% |
| 91 – 180 days | 3.95% |
| 181 days – less than 1 year | 4.40% |
| 1 year | 5.00% |
| Above 1 year to less than 3 years | 5.10% |
| 3 years to 5 years | 5.25% |
| Above 5 years | 5.15% |
Note: The FD interest rates are effective as of 10 November 2021
Allahabad Bank Bulk Term FD rates: Rs.2 crore to Rs.5 crore
| Tenure | Interest Rates (p.a.) |
| 7 – 45 days | 2.90% |
| 46 – 90 days | 2.90% |
| 91 – 180 days | 2.90% |
| 181 days – less than 1 year | 3.25% |
| 1 year | 3.55% |
| Above 1 year to less than 3 years | 3.25% |
| 3 years to 5 years | 3.25% |
| Above 5 years | 3.25% |
Note: The FD interest rates are effective as of 10 November 2021
Allahabad Bank Tax Saving FD Rates
| Tenure | Interest Rates (p.a.) |
| 5 years | 5.25% |
Allahabad Bank NRE FD Rates
| Tenure | Interest Rates Less than Rs.2 crore (p.a.) | Interest Rates Rs.2 crore to Rs.5 crore (p.a.) |
| 1 year | 5.00% | 3.55% |
| Above 1 year and less than 2 years | 5.10% | 3.25% |
| 2 years to less than 3 years | 5.10% | 3.25% |
| 3 years to less than 5 years | 5.25% | 3.25% |
| 5 years | 5.25% | 3.25% |
| Above 5 years | 5.15% | 3.25% |
Note: The FD interest rates are effective as of 10 November 2021
Allahabad Bank FCNR (B) Interest Rates
| Tenure & Currency | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years |
| USD | 0.85 | 0.89 | 1.07 | 1.29 | 1.45 |
| -0.81 | -0.79 | -0.95 | -1.17 | -1.58 | |
| GBP | 0.59 | 0.79 | 0.92 | 1.03 | 1.11 |
| -0.55 | -0.74 | -0.85 | -1 | -1.1 | |
| EUR | 0.01 | 0.05 | 0.12 | 0.19 | 0.26 |
| 0 | -0.04 | -0.11 | -0.18 | -0.26 | |
| JPY | 0 | 0 | 0.01 | 0 | 0 |
| 0 | 0 | 0 | -0.01 | -0.02 | |
| CAD | 0.63 | 0.89 | 1.14 | 1.36 | 1.51 |
| -0.64 | -0.75 | -1.03 | -1.27 | -1.45 | |
| AUD | 0.28 | 0.44 | 0.65 | 0.88 | 1.09 |
| -0.27 | -0.36 | -0.55 | -0.83 | -1.07 | |
| CHF | 0 | 0 | 0 | 0.04 | 0.14 |
| 0 | 0 | 0 | -0.03 | -0.11 | |
| SGD | 0.56 | 0.76 | 1.02 | 1.22 | 1.33 |
| -0.57 | -0.66 | -0.85 | -1.06 | -1.22 |
Note: The FD interest rates are effective as of 10 November 2021
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Allahabad Bank FD Calculator
Allahabad Bank merged with Indian Bank in 2019. All Indian Bank FD rates will be applicable to Allahabad Bank FDs henceforth. Allahabad Bank fixed deposit interest rates are high and there are special FD schemes such as ‘IND SHAKTI 555 DAYS’ which offers high interest rates for senior and general citizens.
Before investing in FDs, you can calculate the returns to plan your investment accordingly. In this article, you will learn about how you can calculate your return on maturity as per the Allahabad Bank fixed deposit rate of interest and deposit amount with an online FD calculator.
Allahabad Bank Fixed Deposit (FD) Calculator
Allahabad Bank offers interest rates for general citizens that fall between 2.80% and 6.25% as per the revised rates effective from 19th December 2022. It offers a 0.50% additional interest rate over and above the base rate of interest for senior citizen FDs. For IND SHAKTI 555 DAYS scheme, the rate is 7% for general citizens. The investment amount has to be less than ₹2 crore.
Manual calculations can be quite hectic if you are trying to figure out the FD returns. Using an online calculator can be an easier option. You just need to enter the correct figures of the deposit amount, tenure, and interest rate to get an error-free result within seconds.
How Does the Allahabad Bank FD Calculator Work?
You can either do FD maturity calculation manually by using the formula or you can use an online FD calculator.
You should note that fixed deposits accrue either of the two types of interest- simple or compound.
In the case of simple interest, you need to use the following formula:
M= P+ (PXRXT/100)
Here, M denotes maturity amount, P signifies investment amount, R denotes rate of interest and, T is tenure of investment.
You need to use the following formula if you are calculating compound interest rate:
A = P (1 + r/n) ^ n*t
In this formula, “A” denotes the FD maturity amount
“P” means your fixed deposit investment amount
“r” denotes annual Allahabad Bank fixed deposit rate of interest
“n” stands for the frequency of compounding interest
“t” represents investment term or tenure
The following example will help in understanding how the formula works in detail:
Let’s assume a fixed deposit investment of ₹60,000 for 6 years at an annual interest rate of 6%. The interest is compounded annually.
As per the formula:
A = 60,000 (1 + 6%/1) ^ 1*6
A = ₹85,770
Hence, the interest amount accrued will be (A – P), i.e., ₹ 85,770 – ₹60,000 = ₹25,770
The manual calculations are time-consuming and have chances of errors. As a better alternative, you can use the online Allahabad Bank FD Calculator. The tool is easy to use and involves the following few steps:
1. Type your chosen investment amount in the “Total Investment” box
2. Drag the cursor to draw a purple line until reaching the desired tenure. You can also enter the number of years manually in the box provided
3. Lastly, enter the interest rate and check the right side of the page
4. It will display the “Estimated Return”, and “Total Value” you will receive at maturity
You can also alter the figures to compare FD returns for different schemes and investment amounts.
A = P (1 + r/n) ^ n*t
Benefits of an Online Allahabad Bank FD Calculator
Here are some of the remarkable benefits of the Allahabad Bank FD calculator tool which is available online:
- You will get accurate results within seconds.
- As this tool works on machine algorithms, there is zero chance of error.
- By knowing the investment amount beforehand, you can plan your finances in a better way.
- You can use this tool for free-of-cost and as many times as you require.
- There is no hassle of formalities such as registering or signing up and sharing personal details to use this tool.
Upstox Allahabad Bank fixed deposit calculator is completely free and easy to use. Also, it features a user-friendly interface for enhanced user experience. If you are planning to open an FD account with Allahabad Bank, you can consider using the calculator tool to calculate the amount at maturity.
Frequently Asked Questions
What is the highest interest rate on Allahabad Bank FD?
The highest interest rate on Allahabad Bank FD is 6.25% for general citizens and 6.75% for senior citizens. This is applicable for investment of less than ₹2 crore.
What is the minimum amount FD investment under Allahabad Bank?
The minimum amount of investment for FDs under Allahabad Bank is ₹1000.
Do we have a premature withdrawal facility on Allahabad Bank FD?
Yes, Allahabad Bank has the facility of premature withdrawal of FD at an applicable penalty.
In how many years has FD doubled in the Allahabad Bank?
You need to use the Rule of 72 to easily figure out how many years it will take for FD to double in Allahabad Bank. You can get the time taken by diving 72 by the interest rate. For example, if your FD has an interest rate of 6.9%, it will take (72/6.9) 10.43 years for your FD to double.
Can a customer open a term deposit account online in Allahabad Bank?
Yes, a customer can open a term deposit account online in Allahabad Bank through mobile banking if they have a savings account.
Can I deposit an extra amount into an already existing FD?
No, you cannot deposit an extra amount into an already existing FD but you can open another FD account.
Does Allahabad Bank provide an auto-renewal facility for fixed deposits?
Yes, Allahabad Bank provides an auto-renewal facility for fixed deposits.
What is the lock-in period for Tax Saving FD Scheme?
The lock-in period for Tax Saving FD Scheme is 5 years and no premature withdrawal and loan against FD is allowed during this tenure.
Are there any special rates for senior citizens?
Yes, Allahabad Bank offers a 0.50% additional interest rate over and above the base interest rate for senior citizen FDs. For super senior citizens, it is 0.75% over the general citizen rates.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.