Allahabad Bank increases lending rates by 50bps

The bank in a statement said that the increase in BPLR has been necessitated in view of the increase in CRR requirement and overall economic scenario.

The bank has also decided to increase simultaneously the term deposit interest in various maturities. Maximum term deposit interest rate will now be 9.50 per cent per annum in the time bucket of 1 year to less than 3 years.

For senior citizens, the rate of interest for the same period would be 10 per cent per annum.