Allahabad Bank cuts term deposit rates by 15 bps

Allahabad Bank on Wednesday said it has decided to cut interest rates on domestic term deposits below Rs 1 crore for the period of one year to less than five years by 15 basis points. The bank will now offer 8.75 per cent interest on these deposits instead of 8.90 per cent.

The rate cut is effective from January 1, 2015.

The bank, however, kept the rates for other buckets of maturity unchanged.