"...The Bank has decided to revise the interest rate downward by 0.15 per cent i.E., from existing 8.90 per cent to 8.75 per cent on domestic retail term deposits scheme having maturity period of one year to less than five years," the bank said in a filing to the BSE.
The revised interest rate will be effective from January 1, 2015.
Earlier this month, State Bank of India (SBI), the country's largest lender, cut its deposit rates for maturities of over one year by 0.25 per cent.
Shares of Allahabad Bank today closed at Rs 132.75 apiece on the BSE, down 0.19 per cent from their previous close.
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