State-owned Allahabad Bank today slashed fixed deposit rate by 0.25% for a particular maturity.
The bank has decided to revise the interest rate downward from existing 9.50% to 9.25% on term deposit with maturity period of one year to less than two years, Allahabad Bank said in a BSE filing.
The new rate would be effective from tomorrow, it added.
However, interest rates on other maturities remain unchanged.
Earlier this month, another public sector Bank of India (BoI) slashed interest rate on fixed deposits by 0.25% on select maturities.
Interest rate on fixed deposit of BoI for maturity between 2 and 3 years was reduced by 0.25% to 9%. With the revision, BoI's interest rate on 3-10 years fixed deposit would come down to 9% from 9.25%.
