Allahabad Bank strikes 52-week high on hiking interest rate on term deposits
Allahabad Bank is currently trading at Rs. 194, up by 0.35 points or 0.18% from its previous closing of Rs. 193.65 on the BSE.
The scrip opened at Rs. 195 and has touched a high and low of Rs. 195.90 and Rs. 192.30 respectively. So far 89,260 shares were traded on the counter.
The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 195.90 on 30-Jul-2010 and a 52 week low of Rs. 78.30 on 17-July-2009.
Last one week high and low of the scrip stood at Rs. 195.90 and Rs. 182.80 respectively. The current market cap of the company is Rs. 8,715.12 crore.
The promoters holding in the company stood at 55.23% while Institutions and Non-Institutions held 28.02% and 16.75% respectively.
Allahabad Bank has decided to change the interest rate on term deposit which is in line with the move of HDFC bank, Lakshmi Vilas Bank and Central Bank which have also started hiking their deposit rates to attract funds in order to meet accelerating investment and consumption.
Allahabad Bank is now offering 5.75% interest, from earlier 5.50%, on fixed deposits between 91 days and 179 days and 6.50% against existing 6.00% on fixed deposits between 270 days and 364 days, and 7.00% interest, from 6.75%, on fixed deposits kept for 1 year to less than 2 years,. The change of interest rates are applicable to the fixed deposits amounting up to Rs 1 crore but less than 10 crore and is effective from July 29,2010.
These revised rates will be applicable for fresh and renewal deposits. Further, the bank will also pay additional interest of 0.50% over and above rates to Senior Citizens.
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