Allahabad Bank cuts interest rate on retail deposits by 0.15%

Public sector lender Allahabad Bank today cut by 0.15 per cent the rate of interest on retail term deposits maturing in 1-5-years.

The new rates will be applicable from November 10, 2014, the bank said in a filing to the BSE.

"The Bank has decided to revise the interest rate downward by 0.15 per cent per annum i.E. From existing 9.05 per cent per annum to 8.90 per cent per annum on domestic retail term deposits scheme with maturity period of one year to less than five years," it said.

Shares of Allahabad Bank today closed at Rs 116.15 per piece on the BSE, down 1.44 per cent from the previous close.