Allahabad Bank cuts term deposit rate by 15 bps

Allahabad Bank on Wednesday said it has decided to revise interest rates on domestic term deposits below Rs 1 crore for one year to less than five years to 8.9% from 9.05% earlier.

The rate cut will be effective from November 10, 2014.

Senior citizens will continue to get additional interest rate of 0.5%, the bank said in a statement.