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Allahabad Bank jumps on hiking NRE term deposit rates

05 Jan 2012 Evaluate

Allahabad Bank is currently trading at Rs. 129.00, up by 2.35 points or 1.86% from its previous closing of Rs. 126.65 on the BSE.

The scrip opened at Rs. 127.00 and has touched a high and low of Rs. 129.35 and Rs. 127.00 respectively. So far 33691 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 240.00 on 30-Mar-2011 and a 52 week low of Rs. 113.60 on 29-Dec-2011.

Last one week high and low of the scrip stood at Rs. 129.35 and Rs. 114.30 respectively. The current market cap of the company is Rs. 6143.18 crore.

The promoters holding in the company stood at 58.00% while Institutions and Non-Institutions held 30.21% and 11.79% respectively. 

State-run, Allahabad Bank has raised the interest rate on NRE (Rupee) term deposits of various maturities with effect from January 04, 2012. The bank has raised the interest rates for deposits with a period of one year to less than two years to 9.50% from the existing 7.50%.

Further, the bank has increased the rate to 9.00% from existing 7.00% for period ranging from two years to less than three years while for deposits that are up to a period of three years only, the rates has been hiked to 8.75% from 6.75%.

The Reserve Bank of India (RBI) had deregulated savings deposit rates on October 25, 2011. The bank has taken this step in line with the move taken by RBI and to keep itself ahead of its competitors.

State-run, Allahabad Bank has raised the interest rate on NRE (Rupee) term deposits of various maturities with effect from January 04, 2012. The bank has raised the interest rates for deposits with a period of one year to less than two years to 9.50% from the existing 7.50%.

Further, the bank has increased the rate to 9.00% from existing 7.00% for period ranging from two years to less than three years while for deposits that are up to a period of three years only, the rates has been hiked to 8.75% from 6.75%.

The Reserve Bank of India (RBI) had deregulated savings deposit rates on October 25, 2011. The bank has taken this step in line with the move taken by RBI and to keep itself ahead of its competitors.

Allaha.Bank-Amalgama Share Price

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Company Name CMP
SBI 1080.35
PNB 114.50
Canara Bank 142.35
Bank Of Baroda 280.00
Union Bank Of India 188.90
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