Allahabad Bank Cuts Rate on Retail Term Deposits

New Delhi: Allahabad Bank has cut interest rate on retail term deposits having maturity period of one year to less than five years by 0.15 per cent to 8.75 per cent.

"...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 state-run lender 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.

Private peers ICICI Bank and HDFC Bank had also effected cuts in their deposit rates prior to this.

Shares in Allahabad Bank, on Wednesday, ended at Rs 132.75 apiece on the BSE, down 0.19 per cent from the previous close.