Allahabad Bank, one of the oldest banks in India, has announced a Festival Bonanza for its customers in various buckets of Term Deposits.

The lender stated in a official release that the rate of interest on Term Deposits for Senior Citizens will be 11% per annum for a period of one year up to three years, however for others, it will be 10.50% per annum.

The bank has also hiked interest rates on Term Deposits ranging from 25 basis points to 75 basis points. As the latest scheme is special Diwali bonanza, so it will be valid for limited period starting from 28.10.2008.

Kolkata-based Allahabad Bank has recently reported nearly 83 per cent fall in net profit to Rs 41.68 crore for the second quarter ended September 2008 against Rs 239.78 crore in the corresponding period last year.