Allahabad Bank has launched Retail loans and loans to Micro & Small Enterprise linked with External Benchmark Rates published by Financial Benchmarks India (FBIL), as per the guidelines of Reserve Bank of India (RBI). Presently, the Bank has identified RBI’s Repo Rate and 3 month MIBOR as the Benchmark Rates.
Further, all the Saving Bank Deposits of Rs 40 lakh and above, Long tenure Fixed Deposit, Bulk Deposits and Flexi Fix Deposits will be linked with External Benchmark Rate i.e. RBI’s Repo Rate.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.