Allahabad Bank, a public sector bank in India, has announced a cut in its fixed deposit rates effective from May 25, 2009. The interest rates have been cut across all deposit terms.

The highest interest rate offered by Allahabad Bank on fixed deposits now is 8.00% for fixed deposit term of 800 days for non-senior citizens (people below 60 years of age). The bank is also offering an interest rate of 7.75% for a term of over 5 years for non-senior citizens.

If you are looking for higher fixed deposit rates, there are several banks offering 9.00% for fixed deposits currently on different fixed deposit terms. These include State Bank of Indore, Karnataka Bank, Catholic Syrian Bank, Development Credit Bank, Tamilnad Mercantile Bank, Karur Vysya Bank and City Union Bank.

A comparison of fixed deposit rates at Ratekhoj can help you quickly find the best fixed deposit rates available in the market currently.

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